Protean eGov Technologies sets price band at ₹752-792 to raise ₹490.3 crore; to open on November 6

livemint.com:

Protean eGov Technologies IPO, formerly known as NSDL E-Governance Infrastructure has set the price band for its issue at ₹752-792 per share to raise ₹490.3 crore. The company is set to launch its three-day initial public offer on November 6 and close on November 8. Meanwhile, the anchor investors bidding for the IPO will start on 3 November.

Protean eGov IPO received the Securities and Exchange Board of India (SEBI) nod last November. It has filed preliminary papers with markets regulator SEBI in December 2021 to raise funds via IPO. The IPO is a complete offer for sale (OFS) by its existing promoters and shareholders.

Hence, all the money raised through the issue will go to its selling shareholders. The firm has cut its OFS size to 61.9 lakh shares from 1.28 crore as planned earlier. The OFS consists of upto 4.60 lakh shares by 360 One Special Opportunities Fund, upto 3.21 lakh shares by 360 One Special Opportunities Fund Series 2, upto 1.48 lakh shares by 360 One Special Opportunities Fund Series 3, upto 3.97 lakh shares by 360 One Special Opportunities Fund series 4, upto 3.09 lakh shares by 360 One Special Opportunities Fund series 5.

Meanwhile, NSE Investments will offload 17.8 lakh shares, HDFC Bank will sell 7.06 lakh shares whereas Axis Bank and Deutsche Bank AG will also offload 7.12 lakh shares each in the OFS. Furthermore, UTI and Union Bank of India will sell around 2.43 lakh shares and 4 lakh shares respectively. 50 percent of the net issue has been reserved for qualified institutional buyers, 15 percent for high net-worth individuals, and the remaining 35 percent for retail investors.