PROTEAN eGOV TECHNOLOGIES LIMITED ANNOUNCED ITS INITIAL PUBLIC OFFERING (IPO) TO OPEN ON NOVEMBER 06th, 2023, Sets Price Band fixed at ₹ 752 to ₹ 792 per Equity Share of face value of ₹ 10 each

Mumbai, 01st November 2023 (GNI): Mr. Suresh Sethi, Managing Director & Chief Executive Officer, Protean eGov Technologies Limited addressing the gathering at the IPO Conference, in Mumbai – photo by Sumant Gajinkar GNI

Mumbai, 01st November 2023 (GNI): L to R: Mr. Jayesh Sule, Whole Time Director & Chief Operating Officer, Protean eGov Technologies Limited; Mr. Suresh Sethi, Managing Director & Chief Executive Officer, Protean eGov Technologies Limited and Mr. Sudeep Bhatia, Chief Financial Officer, Protean eGov Technologies Limited at the press conference in connection to their Initial public Offer (IPO), in Mumbai – photo by Sumant GNI

PROTEAN eGOV TECHNOLOGIES LIMITED INITIAL PUBLIC OFFERING TO OPEN ON NOVEMBER 06^th, 2023

·         Price Band fixed at ₹ 752 to ₹ 792 per Equity Share of face value of ₹ 10 each (“Equity Share”);

·         The Floor Price is 75.20 times and the Cap Price is 79.20 times the face value of the Equity Shares;

·         The Price / Earnings ratio based on diluted EPS for financial year 2023 for the company at the higher end of the price band is 29.91 times and at the lower end of price band is 28.40 times;

·         Bid/ Offer will open on Monday, November 06^th, 2023 and close on Wednesday, November 08^th, 2023. The Anchor Investor Bidding date shall be Friday, November 03^rd , 2023;

·         Bids can be made for a minimum of 18 Equity Shares and in multiples of 18 Equity Shares thereafter.

·         A discount of ₹ 75 per Equity Share is being offered to eligible employees bidding in the employee reservation portion.

·         RHP Link: https://www.icicisecurities.com/Upload/ArticleAttachments/Protean%20eGOV%20Technologies%20Limited.pdf

National, November 01, 2023 (GNI): Protean eGov Technologies Limited (formerly known as NSDL e-Governance Infrastructure Limited) shall open its initial public offering of Equity Shares on Monday, November 06, 2023. The total offer size of initial public offering comprises of offer for sale up to 6,191,000 Equity Shares by the Selling Shareholders (“The Offer”) 

The Anchor Investor Bidding Date shall be Friday, November 03, 2023.  The Offer will open on Monday, November 06, 2023 for subscription and will close on Wednesday, November 08, 2023.

The Price Band of the Offer has been fixed at ₹ 752 to ₹ 792 per Equity Share. Bids can be made for a minimum of 18 Equity Shares and in multiples of 18 Equity Shares thereafter.

The Offer for Sale comprises of up to 459,617 Equity Shares by 360 One Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund), up to 320,177 Equity Shares by 360 One Special Opportunities Fund –Series 2 (formerly known as IIFL Special Opportunities Fund -Series 2), up to 148,197 Equity Shares by 360 One Special Opportunities Fund –Series 3 (formerly known as IIFL Special Opportunities Fund – Series 3), up to 396,843 Equity Shares by 360 One Special Opportunities Fund –Series 4 (formerly known as IIFL Special Opportunities Fund – Series 4), up to 309,225 Equity Shares by 360 One Special Opportunities Fund –Series 5 (formerly known as IIFL Special Opportunities Fund – Series 5), up to 1,783,395 Equity Shares by NSE Investments Limited, up to 243,175 Equity Shares by Administrator of the Specified Undertaking of the Unit Trust of India, up to 705,674 Equity Shares by HDFC Bank Limited, 712,077 Equity Shares by Axis Bank Limited, up to 712,077 Equity Shares by Deutsche Bank A.G. and 400,543 Equity Shares by Union Bank of India. (The “Selling Shareholders”), (“The Offer for Sale”)

The Offer includes an employee reservation of up to 150,000 Equity Shares, available for allocation to Eligible Employees, on a proportionate basis  (The Employee Reservation Portion”). A discount of ₹ 75 per Equity Share is being offered to eligible employees bidding in the Employee Reservation Portion.

The Equity Shares offered through this Red Herring Prospectus are proposed to be listed on the BSE. Our Company has received ‘in-principle’ approval from BSE for the listing of the Equity Shares pursuant to the letter dated January 18, 2022. For the purposes of the Offer, the Designated Stock Exchange shall be BSE.

This Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (“SEBI ICDR Regulations”). The Offer is being made in accordance with Regulation 6(1) of the SEBI ICDR Regulations and through a Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”). Our Company and the Selling Shareholders may, in consultation with the Book Running Lead Managers, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), out of which at least one-third shall be available for allocation to domestic Mutual Funds only, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion.

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders such that: (a) one-third of the portion available to Non-Institutional Investors, shall be reserved for applicants with application size of more than ₹200,000 and up to ₹1,000,000 and (b) two-thirds of the portion available to Non-Institutional Investors, shall be reserved for applicants with application size of more than ₹1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Investors, subject to valid Bids being received at or above the Offer Price and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.

All potential Bidders, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank account (including UPI ID (defined hereinafter) in case of RIBs) which will be blocked by the SCSBs, to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, see “Offer Procedure” beginning on page 330.

ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the Offer.

All capitalized terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the RHP.

The RHP shall be available on the website of SEBI at www.sebi.gov.in, website of BSE Limited at www.bseindia.com, website of the Company at www.proteantech.in and is available on the websites of the BRLMs, i.e. ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited at www.icicisecurities.com, www.equirus.com, www.iiflcap.com and www.nomuraholdings.com/company/group/asia/india/index.html, respectively.ends GNI SG