Protean eGov Technologies files IPO paperwork with Sebi

Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering.

The public issue is purely an offer of sale (OFS) of 1.2 crore equity shares, according to the draft red herring prospectus (DRHP).

Those offering shares in the OFS are IIFL Special Opportunities Funds, NSE Investments, Administrator of the Specified Undertaking of the Unit Trust of India, HDFC Bank, Axis Bank, Deutsche Bank A.G., Punjab National Bank and Union Bank of India.

Protean eGov Technologies is one of the key IT-enabled solution companies in India engaged in conceptualizing, developing and executing nationally critical and population scale greenfield technology solutions.

The company collaborated with the government and have extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

Originally setup as a depository in 1995, it created a systemically important national infrastructure for capital market development in India.

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

The equity shares are proposed to be listed on BSE and NSE.