National, November 01, 2023: Protean eGov Technologies Limited (formerly known as NSDL e-Governance Infrastructure Limited) shall open its initial public offering of Equity Shares on Monday, November 06, 2023. The total offer size of initial public offering comprises of offer for sale up to 6,191,000 Equity Shares by the Selling Shareholders (“The Offer”)
The Anchor Investor Bidding Date shall be Friday, November 03, 2023. The Offer will open on Monday, November 06, 2023 for subscription and will close on Wednesday, November 08, 2023.
The Price Band of the Offer has been fixed at ₹ 752 to ₹ 792 per Equity Share. Bids can be made for a minimum of 18 Equity Shares and in multiples of 18 Equity Shares thereafter.
The Offer for Sale comprises of up to 459,617 Equity Shares by 360 One Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund), up to 320,177 Equity Shares by 360 One Special Opportunities Fund –Series 2 (formerly known as IIFL Special Opportunities Fund -Series 2), up to 148,197 Equity Shares by 360 One Special Opportunities Fund –Series 3 (formerly known as IIFL Special Opportunities Fund – Series 3), up to 396,843 Equity Shares by 360 One Special Opportunities Fund –Series 4 (formerly known as IIFL Special Opportunities Fund – Series 4), up to 309,225 Equity Shares by 360 One Special Opportunities Fund –Series 5 (formerly known as IIFL Special Opportunities Fund – Series 5), up to 1,783,395 Equity Shares by NSE Investments Limited, up to 243,175 Equity Shares by Administrator of the Specified Undertaking of the Unit Trust of India, up to 705,674 Equity Shares by HDFC Bank Limited, 712,077 Equity Shares by Axis Bank Limited, up to 712,077 Equity Shares by Deutsche Bank A.G. and 400,543 Equity Shares by Union Bank of India. (The “Selling Shareholders”), (“The Offer for Sale”)
The Offer includes an employee reservation of up to 150,000 Equity Shares, available for allocation to Eligible Employees, on a proportionate basis (The Employee Reservation Portion”). A discount of ₹ 75 per Equity Share is being offered to eligible employees bidding in the Employee Reservation Portion.
The Equity Shares offered through this Red Herring Prospectus are proposed to be listed on the BSE. Our Company has received ‘in-principle’ approval from BSE for the listing of the Equity Shares pursuant to the letter dated January 18, 2022. For the purposes of the Offer, the Designated Stock Exchange shall be BSE.
This Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (“SEBI ICDR Regulations”). The Offer is being made in accordance with Regulation 6(1) of the SEBI ICDR Regulations and through a Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”). Our Company and the Selling Shareholders may, in consultation with the Book Running Lead Managers, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), out of which at least one-third shall be available for allocation to domestic Mutual Funds only, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion.
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders such that: (a) one-third of the portion available to Non-Institutional Investors, shall be reserved for applicants with application size of more than ₹200,000 and up to ₹1,000,000 and (b) two-thirds of the portion available to Non-Institutional Investors, shall be reserved for applicants with application size of more than ₹1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Investors, subject to valid Bids being received at or above the Offer Price and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.
All potential Bidders, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank account (including UPI ID (defined hereinafter) in case of RIBs) which will be blocked by the SCSBs, to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, see “Offer Procedure” beginning on page 330.
ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the Offer.
All capitalized terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the RHP.
Disclaimer:
PROTEAN eGOV TECHNOLOGIES LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP dated October 30, 2023 with RoC on October 31, 2023 read with any corrigenda and addenda thereto. The RHP shall be available on the website of SEBI at www.sebi.gov.in, website of BSE Limited at www.bseindia.com, website of the Company at www.proteantech.in and is available on the websites of the BRLMs, i.e. ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited at www.icicisecurities.com, www.equirus.com, www.iiflcap.com and www.nomuraholdings.com/company/group/asia/india/index.html, respectively. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP filed with the RoC, including the section titled “Risk Factors” on page 24 of the RHP. Potential investors should not rely on the DRHP read with the addendum dated April 27, 2022 and addendum dated April 25, 2023 instead investors shall rely on RHP filed with the RoC.
The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act, “Rule 144A”) in transactions exempt from, or not subject to, registration requirements of the Securities Act, and (ii) outside the United States in offshore transactions in reliance on Regulation S under the Securities Act and pursuant to the applicable laws of the jurisdictions where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.
