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  • Writer's pictureJatin Agarwal

Protean eGov Technologies IPO


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Protean eGov Technologies IPO: Everything You Need to Know


Introduction

Protean eGov Technologies is a leading provider of e-governance solutions in India. The company offers a wide range of services, including software development, system integration, and consulting. Protean eGov Technologies has a strong track record of success, having worked with over 1,000 government agencies across India.

The company is planning to raise ₹490.33 crore in its IPO, which is expected to open on November 6, 2023 and close on November 8, 2023. The IPO will be entirely an offer for sale (OFS) of 61,91,000 shares. The price band for the IPO has been set at ₹752 to ₹792 per share.


Company Overview

Protean eGov Technologies was founded in 2006 by Mr. Prabhakar Reddy. The company is headquartered in Hyderabad, India and has offices in over 10 cities across India. Protean eGov Technologies offers a wide range of e-governance solutions, including:

  • Software development: Protean eGov Technologies develops custom software solutions for a variety of government agencies, including e-governance portals, citizen service centers, and land record management systems.

  • System integration: Protean eGov Technologies integrates different software and hardware systems to create a seamless e-governance experience for citizens and government officials.

  • Consulting: Protean eGov Technologies provides consulting services to government agencies on e-governance strategy, implementation, and change management.

Company Management

Protean eGov Technologies has a strong management team with experience in the e-governance industry. The CEO, Mr. Prabhakar Reddy, has over 20 years of experience in the industry and has led Protean eGov Technologies to significant growth in recent years.


Competitive Landscape

Protean eGov Technologies competes in a highly competitive industry. The company's main competitors include Tata Consultancy Services, Infosys, and Wipro. These companies offer similar e-governance solutions to Protean eGov Technologies.


Industry Outlook

The e-governance industry in India is expected to grow significantly in the coming years. This growth is being driven by a number of factors, including:

  • Increasing government focus on e-governance initiatives

  • Rising internet and smartphone penetration in India

  • Growing demand for citizen-centric services


IPO Overview

Protean eGov Technologies is planning to raise ₹490.33 crore in its IPO, which is expected to open on November 6, 2023 and close on November 8, 2023. The IPO will be entirely an offer for sale (OFS) of 61,91,000 shares. The price band for the IPO has been set at ₹752 to ₹792 per share.


IPO Details

  • IPO Date: November 6, 2023

  • Listing Date: November 17, 2023

  • Promoter holding (pre and post IPO): 73.89% [post-IPO holding]%

  • Lot Size: 18 shares

  • IPO Price Band: ₹752 to ₹792 per share


Objectives of the Issue

Protean eGov Technologies plans to use the proceeds from its IPO to:

  • Expand its business into new markets

  • Develop new products and services

  • Pay off debt

  • Fund general corporate purposes


IPO Grey market premium (GMP)

The IPO grey market premium (GMP) for Protean eGov Technologies is currently around ₹100 per share. This means that investors in the grey market are willing to pay ₹852 to ₹892 per share for the company's shares.


Crisp Insights:

  • Protean eGov Technologies IPO GMP Today: The Company is commanding a GMP of 10-15%.

  • Protean eGov Technologies GMP is low and listing gains are dicey.

  • Protean eGov Technologies IPO Review: Protean eGov Technologies is a leading provider of e-governance solutions in India. The company has a strong track record of growth and profitability. The company's IPO is a good opportunity for investors to gain exposure to a growing company in the e-governance industry. However, investors should carefully consider their risk tolerance before investing in an IPO.


Disclaimer: All information is provided for educational and informational purpose only. Data is fetched from publicly available sources such as the DRHP filed by the company. The website or the author takes no guarantee for the accuracy of the data however, we have tried our best to present accurate data to out readers. Please consult a financial advisor or do your own analysis before investing/trading in the stock market.

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