Protean eGov Technologies Ltd launches Rs 490 cr IPO

Mr. Suresh Sethi, Managing Director & Chief Executive Officer, Protean eGov Technologies Limited addressing the gathering at the IPO Conference.

(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).

MUMBAI, 1st NOVEMBER, 2023 (TGN): Protean eGov Technologies Limited is launching its Initial Public Offering (IPO) — priced at Rs 752 to Rs 792 per equity share and aggregating Rs 490 crores – from November 6 to November 8, 2023.

Describing the company’s creation of digital public infrastructure for the national population scale projects in taxation, Suresh Sethi, MD & CEO, Protean eGov Technologies Limited, told media here recently that it had enabled 19 national-level e-Government projects across 7 government ministries and was presently diversifying from three stacks to six stacks.

“We are building on the database business from our present business and taking these also to developing countries,” he said while highlighting the company’s success in creating 446 million ‘PAN’ cards, 800 million Aadhar authentication and 6 billion online PAN verifications.

“We are the only organization providing a full bouquet of eGovt services for identity and authencity alongside managing PAN database and pension database,” he said, adding that its new businesses would be in infrastructure and innovation that would be expected to provide higher margins.While the company has 166,000 points of services nationally, we are expanding our footprint in various sectors as the macro-economy grows,” he said, adding that “Cloud-hosted infrastructure is the ‘need of the hour’ as it is scalable and cost-efficient.”

The company is also focusing on expansion into global markets, indigenous Cloud offerings and Cyber security advisory.

The Equity Shares are proposed to be listed on the BSE.

ICICI Securities, Equirus Capital, IIFL Securities and Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue. Ends

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