Protean eGov Technologies Limited

About  Protean eGov Technologies Limited

Incorporated in 1995, Protean eGov Technologies Limited is one of the key IT-enabled solutions providers in India. The company is engaged in the development and execution of critical national-level greenfield technology projects. As of 30 June 2023, the company has implemented and managed 19 projects across seven ministries and autonomous bodies. It collaborates with the government to create digital public infrastructure and citizen-centric e-governance solutions. 

Some of the company’s projects include a Permanent Account Number or PAN, a Tax Information Network or TIN, building the core IT infrastructure for the National Pension System or NPS, Atal Pension Yojana, National Pension Scheme, Aadhar Authentication, e-KYC and E-sign. It works with the Ministry of Finance, the Ministry of Education, the Ministry of Information and Broadcasting, Ministry of Electronics and Information Technology, the Ministry of Skill Development and Entrepreneurship. It operates a phygital (physical + digital) model with a pan-India physical network of 1,67,000 centres. 

Between FY21 and FY23, it has seen a CAGR rise of 7% in its revenue from operations and 5% in its profit. Moreover, India’s taxpayer base is expected to expand at a CAGR of 9-10% to reach 170 million by FY26. In addition, some government schemes, such as Pradhan Mantri Jan Dhan Yojana and Pradhan Mantri Mudra Yojana, require a PAN card as proof of identity. These factors necessitate the issuance of PAN cards, which could be beneficial for the company. 

And now, Protean eGov Technologies Limited is coming out with its initial public offer (IPO). The entire IPO will be an offer for sale and the money raised through this IPO will be received by the selling shareholders. Its shares will be listed on the BSE.

Here are key details about the Protean eGov Technologies Limited IPO:

Financial snapshot

Here’s a quick look at Protean eGov Technologies Limited IPO’s strengths, weakness, opportunities and risks (SWOT analysis)

Strengths and opportunities

1. India’s top IT-enabled e-governance service provider in terms of profitability and operating income in FY23, according to a CRISIL report. 
2. Secure, scalable and advanced technology infrastructure wherein its ONDC (Open Network for Digital Commerce) platform is live in 400+ cities, its TIN project has handled 1,56,132 e-tax transactions per hour on a day in FY23 along with over 3.22 million PAN applications on average per month.
3. Its PAN and TIN facilitation centres cover over 12,000 pincodes across 700+ districts in India as of 30 June 2023.
4. Diversified offerings that cater to various sectors such as tax administration, pension record keeping solutions, national identity and identity authentication solutions, and education and skill financing solutions. 
5. Track record of healthy financial performance with EBITDA margins of 14%, 17% and 15% in FY21, FY22 and FY23 respectively.  
6. Backed by marquee investors such as NSE Investments, IIFL, SUUTI, Citicorp Finance, State Bank of India, Punjab National Bank, Union Bank of India, Bank of Baroda, Canara Bank, HDFC Bank, Axis Bank, Deutsche Bank A.G, The Hong Kong and Shanghai Banking Corporation, Standard Chartered Bank etc.

Risks and threats

1. Substantially dependent on projects awarded by government entities and agencies. Also, these contracts can be terminated from clients once the project is completed. 
2. Witnessed an attrition rate of 3%, 17% and 16% in FY21, FY22 and FY23, respectively, in its employees.
3. Subjected to selection criteria set for high value contracts by the Government. 
4. Faces competition from CDSL Ventures, CMS Computer, Computer Age Management Services, CSC E-Governance Services, Karvy Data Management Services, Kfin Technologies Private, 
5. Total trade receivables stood at ₹208 crore in FY23. Any delay in the collection of receivables from clients could impact its business operations. 
6. Derives a significant portion of its revenue from a limited number of clients.

Protean eGov Technologies Limited IPO details

|Protean eGov Technologies Limited IPO date

According to the offer document filed by the company with the SEBI, the Protean eGov Technologies IPO’s opening date – in other words, the Protean eGov Technologies IPO launch date – will be 6th November 2023. The Protean eGov Technologies IPO closing date is 8th November 2023. After this, investors will be updated about the allotment status on 13th November 2023.

Investors, who have been allotted shares, can expect them to be credited to their demat account on 16th November 2023. The Protean eGov Technologies IPO listing date is 17th November 2023. The listing date is the date on which the shares of a company get listed on BSE

|Protean eGov Technologies Limited IPO Price Band

The entire IPO is an offer for sale. The Protean eGov Technologies IPO price band has been set between ₹752 and ₹792 per share. Interested investors can choose a price within this band to apply for the IPO. 

The Protean eGov Technologies IPO listing price will be determined on 17th November 2023. The listing price is the price at which a company’s shares debut on the stock exchanges.

|Protean eGov Technologies Limited IPO Lot size

The Protean eGov Technologies IPO details have been declared. The Protean eGov Technologies IPO lot size is set at 18 shares and an investor can apply for a minimum of 1 lot. Meanwhile, the Protean eGov Technologies IPO issue size is approx ₹490 crore. 

How to pre-apply for the Protean eGov Technologies Limited IPO?

You can pre-apply for the Protean eGov Technologies Limited IPO on Upstox. The pre-application for this IPO, which means pre-apply open date, usually begins a day before the IPO opens for subscription. 

Follow these steps to pre-apply for the IPO: 

1. Login to your Upstox account, using your six-digit PIN
2. After successfully logging in, click on ‘Discover’
3. On the Discover tab, you will find the ‘Invest in IPO’ section
4. Under the Invest in IPO section, look for the ‘Protean eGov Technologies Limited IPO’ tab and click on it
5. Now fill in all the required information, like ‘bid price’ and ‘lot size’
6. Confirm and click on ‘Pre-Apply’
7. Accept the mandate on your UPI app

How to apply for the Protean eGov Technologies Limited IPO?

If you are interested in this investment opportunity but unsure how to apply for the Protean eGov Technologies Limited IPO, here we are listing out the steps for you. 

When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Protean eGov Technologies Limited IPO on Upstox: 

1. Login to your Upstox account, using your six-digit PIN
2. After successfully logging in, click on ‘Discover’
3. On the Discover tab, you will find the ‘Invest in IPO’ section
4. Under the Invest in IPO section, look for the ‘Protean eGov Technologies Limited IPO’ tab and click on it
5. Now fill in all the required information, like ‘bid price’ and ‘lot size’
6. Confirm and click on ‘Apply’
7. Accept the mandate on your UPI app

How to check the Protean eGov Technologies LimitedIPO allotment status?

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally done around five to six days after an IPO closes. 

Here’s a step-by-step guide on how to check the Protean eGov Technologies Limited IPO allotment status:

1. Login to your Upstox account, using your six-digit PIN
2. After successfully logging in, click on ‘Discover’
3. On the Discover page, you will find the ‘Invest in IPO’ section
4. Under the Invest in IPO section, you will find the ‘View all’ option
5. Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
6. In the ‘IPO’ tab, click on ‘My applications’ 
7. In ‘My applications’, under the History section, your Protean eGov Technologies Limited IPO allotment status will be mentioned

Check Allotment Status

Open a demat account with Upstox to apply for the Protean eGov Technologies Limited IPO

To apply for the Protean eGov Technologies Limited IPO, you need to mandatorily have a demat account. A demat account helps you hold the shares you buy in a dematerialised format. If you don’t have a demat account yet, you can open one with Upstox by visiting our website or by downloading the app.

Here is a step-by-step guide on how to open a demat account with Upstox:

1. Click here to visit the demat account opening page on the Upstox website. 
2. Enter your phone number and other essential details to begin opening a demat account.
3. Upload the scanned copies of your PAN, Aadhaar card, a cancelled cheque, and your bank statement as needed. 
4. Complete the e-verification using the OTP sent to your registered mobile number. 

This is all it takes to open a demat account with Upstox. Easy and quick, right? 

Open Demat Account

Upstox – trading app to apply for the Protean eGov Technologies Limited IPO

Applying for IPOs with Upstox is extremely easy. The user-friendly interface and top-notch security make Upstox one of the leading trading apps in India.

You can apply for the Protean eGov Technologies Limited IPO on Upstox, provided you have a demat account. As mentioned in the previous section, you can simply follow the steps to open a demat account with Upstox. The biggest advantage is that when you apply for an IPO using your Upstox account, the brokerage charges are zero.

In fact, courtesy of its robust features and minimal charges, Upstox is among the most preferred trading apps. Lakhs of Indians trust Upstox as it is a reliable trading platform that makes IPO applications easy.