Protean eGov Technologies IPO
Protean eGov Technologies IPO — date, price band, lot size & details 2023
Protean eGov Technologies listed on 13 Nov 2023 at ₹792, flat to the ₹792 issue price.
Protean eGov Technologies is an IT-enabled solutions company that builds and runs population scale digital public infrastructure and e-governance services. Its total income was Rs 783.87 crore in FY2023.
Stock price
Protean eGov Technologies is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 06 Nov 2023
- Close 08 Nov 2023
- Allotment 13 Nov 2023
- Refund/credit 15 Nov 2023
- Listing 13 Nov 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 6 to 8 Nov, 2023 |
|---|---|
| Price Band | ₹752 – ₹792 |
| Face Value | ₹10 |
| Lot Size | 18 Shares |
| Issue Size | ₹489.95 Cr |
| Sale Type | OFS only |
| Listing On | BSE |
| Employee Discount | Rs 75.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,256 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 18 shares at the ₹792 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 18 | ₹14,256 |
| Retail (max) | 14 | 252 | ₹1,99,584 |
| S-HNI (min) | 15 | 270 | ₹2,13,840 |
| S-HNI (max) | 70 | 1,260 | ₹9,97,920 |
| B-HNI (min) | 71 | 1,278 | ₹10,12,176 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 4
- 01Total income rose from Rs 652.03 crore in FY2021 to Rs 783.87 crore in FY2023.
- 02The source puts the PAT margin at 14.42%.
- 03Net worth grew from Rs 667.46 crore on 31 March 2021 to Rs 888.10 crore on 30 June 2023.
- 04It runs population scale e-governance platforms with the government, a business that is hard to replicate. Return on net worth was 12.49%.
Risks · 5
- 01The whole Rs 489.95 crore issue was offer for sale, so no money went to the company.
- 02Profit after tax fell from Rs 143.94 crore in FY2022 to Rs 107.04 crore in FY2023.
- 03Much of its income depends on government mandates and contracts, which can change or be re-tendered, and income grew only from Rs 770.18 crore in FY2022.
- 04The pre-issue P/E was 29.91 at the upper band of Rs 792, as per the source.
- 05The company has no identifiable promoter, and profit was Rs 32.21 crore in the three months to 30 June 2023.
Three years of numbers
All figures in ₹ crore, as reported in the Protean eGov Technologies offer document.
| Metric | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 1,133.86 | 1,104.10 | 988.14 | 862.39 |
| Total Income | 233.17 | 783.87 | 770.18 | 652.03 |
| Profit After Tax | 32.21 | 107.04 | 143.94 | 92.19 |
| NET Worth | 888.10 | 856.94 | 788.00 | 667.46 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Protean eGov Technologies RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Protean eGov Technologies IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| P/E Ratio (x) | 29.91 | 24.86 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹792 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the Protean eGov Technologies IPO will be updated shortly.
About the company
It works with the government on digital public infrastructure and citizen-centric e-governance solutions across several sectors of the Indian economy.
As per CRISIL, it was among the leading Indian e-governance companies by profitability, operating income and operating margin in Fiscal 2023. The company has no identifiable promoter.
The IPO was Rs 489.95 crore and was entirely an offer for sale by existing shareholders, including 360 One Special Opportunities Fund series, so the company received none of the money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Protean eGov Technologies IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Equirus Capital Pvt.Ltd.
34 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Metro Brands (-12.6%).
IIFL Capital Services Limited
116 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: Rategain Travel Technologies (-15.3%).
Nomura Financial Advisory & Securities (India) Pvt. Ltd
24 issues handledBest listing: Happiest Minds Technologies (+110.8%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Protean eGov Technologies?
The current Grey Market Premium is ₹80, or 10% over the issue price.
What is the Protean eGov Technologies IPO price band?
₹752 to ₹792, on a face value of ₹10.
When is the allotment?
The basis of allotment is 13 November 2023, with listing on 13 November 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
