IPO Reservation

As per the document filed with the SEBI, the company has reserved up to 50% of the net issue for qualified institutional buyers (QIB), up to 35% for retail investors, and remaining 15% for non-institutional investors (NII). The company has also reserved 1.5 lakh equity shares for employees at a discount of ₹75 per share to the final offer price.

Financial performance

The company reported profit after tax (PAT) at ₹32.21 crore and revenue at ₹233.17 crore for the quarter ended June 30, 2023. For the financial year ending March 31, 2023, Protean posted PAT at ₹107.04 crore, down 25.6% from ₹143.94 crore in FY22. The revenue increased marginally by 1.8% to ₹783.87 crore from ₹770.18 crore in the previous fiscal.

IPO GMP 

Protean shares are available at a premium of ₹120 per equity share in the grey market today. With the price band of ₹792, the stock is seen listing at ₹912 (cap price + today’s GMP), a potential premium of 15.15% over issue price.

About Protean eGov Technologies

Established in December 1995, Protean eGov Technologies is involved in developing citizen-centric and population-scale e-governance solutions. Since December 2022, the company has developed 19 projects across seven ministries in India, while it is a market leader in the provision of e-governance services such as management of PAN (Permanent Account Number) processing, NPS (National Pension System), TIN (e Tax Information Network), and Atal Pension Yojana. The company generates around 95% of revenues from taxation, CRA pension and ID services. Tax Services was the largest component of contribution, which was around 58% in FY23.

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