Protean eGov Technologies
Book Building issueMainboard₹490 Cr issue
0.00%
Listing gain over issue price
Issue size
₹490 Cr
1 lot at cut-off
₹14,256
Lot size
18shares
Open
06 Nov 2023
Close
08 Nov 2023
Allotment
13 Nov 2023
Listing
13 Nov 2023
Listing performance
Issue price
₹792
Listed at
₹792
Listing-day close
₹883
Latest price
₹589.55
Close on 23 Oct 2026
Listing gain
0.00%
Return since issue
-25.56%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 06 Nov 2023 – 08 Nov 2023
- Listing date
- 13 Nov 2023
- Face value
- ₹10 per share
- Issue price
- ₹792 per share
- Lot size
- 18 shares
- Issue type
- Book Building issue
- Total issue size
- ₹490 Cr
- Market cap at offer price
- ₹3,203 Cr
- ISIN
- INE004A01022
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- Times Tower, 1st Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 18,12,300 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 18 shares per lot, in multiples, at ₹792
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 18 | ₹14,256 |
| Retail (max) | 14 | 252 | ₹1,99,584 |
| S-HNI (min) | 15 | 270 | ₹2,13,840 |
| S-HNI (max) | 70 | 1,260 | ₹9,97,920 |
| B-HNI (min) | 71 | 1,278 | ₹10,12,176 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
18,12,300
Anchor portion
₹144 Cr
at ₹792 per share
Valuation and performance
Valuation at offer price
₹792 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 26.48 | — |
| P/E (×) | 29.91 | — |
| Market cap | — | ₹3,203 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 12.49%
- ROCE
- 16.13%
- PAT margin
- 14.42%
- NAV per share
- ₹212
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Protean eGov Technologies
Protean eGov Technologies Limited (formerly NSDL e-Governance Infrastructure Limited) is one of the key IT-enabled solutions companies in India engaged in conceptualizing, developing and executing nationally critical and population scale greenfield technology solutions. The company collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions. The company was originally incorporated as 'National Securities Depository Limited' on December 27, 1995, and following a scheme of arrangement in 2012, its name was changed to 'NSDL e-Governance Infrastructure Limited'. Subsequently, on December 8, 2021, the company's name was changed to 'Protean eGov Technologies Limited' to represent the full gamut of products and service offerings in information technology solutions. The company generates revenue through IT-enabled e-governance services, providing solutions to central and state governments, regulators, and financial and non-financial institutions, achieving revenue of ₹7,422.06 million in Fiscal 2023.
Company Analysis
from RHPProtean eGov Technologies Limited is an IT-enabled solutions company engaged in conceptualizing, developing, and executing nationally critical greenfield technology solutions, primarily in e-governance and digital infrastructure sectors.
Protean eGov Technologies Limited (formerly NSDL e-Governance Infrastructure Limited) is one of the key IT-enabled solutions companies in India engaged in conceptualizing, developing and executing nationally critical and population scale greenfield technology solutions. The company collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions. The company was originally incorporated as 'National Securities Depository Limited' on December 27, 1995, and following a scheme of arrangement in 2012, its name was changed to 'NSDL e-Governance Infrastructure Limited'. Subsequently, on December 8, 2021, the company's name was changed to 'Protean eGov Technologies Limited' to represent the full gamut of products and service offerings in information technology solutions. The company generates revenue through IT-enabled e-governance services, providing solutions to central and state governments, regulators, and financial and non-financial institutions, achieving revenue of ₹7,422.06 million in Fiscal 2023.
e-governanceinformation technologydigital infrastructurepublic digital servicesinformation technology enabled services (ITES)
Objects of the Issue
- Achieving benefits of listing the Equity Shares on the Stock Exchange p.23
- Carrying out the Offer for Sale by Selling Shareholders Up to ₹[●] million p.23
- General corporate purposes p.62
- Achieve the benefits of listing the Equity Shares on the Stock Exchange p.95
- Offer for Sale of Equity Shares by Selling Shareholders up to 6,191,000 Equity Shares aggregating up to ₹[●] million p.95
- Not specified in this part - Offer for Sale by Selling Shareholders p.269
Issue Structure
- Total Issue
- Up to 6,191,000 Equity Shares aggregating up to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 6,191,000 Equity Shares aggregating up to ₹[●] million
- Price Band
- Floor Price of ₹[●] per Equity Share and Cap Price of ₹[●] per Equity Share (not yet finalized)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company earns revenue primarily through IT-enabled e-governance services and related solutions provided to government entities, central and state authorities, regulators, and financial institutions. Revenue is generated through contracts and licenses sourced from government clients/bodies, which constituted 72.51% of revenue from operations in Fiscal 2023. The company uses various pricing structures including cost/project-based pricing, transaction or services-based pricing, and hybrid models with milestone-based fee payments upon completion of defined activities.
Business Segments
Conceptualizing, developing and executing nationally critical and population scale greenfield technology solutions including system integration services, data management, recordkeeping services, business process re-engineering, development of solutions architecture, data centre co-location services, managed services, digital design and analytics services, cloud related services, application development and maintenance, consulting and security and infrastructure management.
Provides nationally critical large-scale greenfield technology solutions for government agencies across sectors including finance, education, information technology, communications and broadcasting
An initiative of the Government of India under the aegis of RBI to facilitate aggregation of customers' assets and deliver reporting services for financial information providers
Provides PAN issuance and Tax Information Network (TIN) services including Online Tax Accounting Systems (OLTAS) for modernizing direct tax infrastructure in India
Acts as Central Recordkeeping Agency for National Pension System (NPS) and Atal Pension Yojana (APY), strengthening old age security and universal social security systems
Provides Aadhaar-based identity authentication, e-KYC services, e-Sign services as a licensed certifying authority, and digital infrastructure for open networks including ONDC
Management of Tax Information Network (TIN), PAN processing and verification, online PAN verification services, OLTAS (Online Tax Accounting System), TDS return filing. As of June 30, 2023, operates 7,121 TIN facilitation centres across 1,652 locations and maintains 45% market share in PAN processing.
Central Recordkeeping Agency for National Pension System managing subscriber records, administration and customer service. As CRA for both NPS and APY, manages 16.56 million NPS subscribers (as of June 30, 2023) and 47.75 million APY subscribers with 98% market share in NPS subscribers, 98% in NPS AUM and 99% in pension wealth.
Aadhaar authentication services, e-KYC (electronic Know Your Customer) services, e-Sign digital signature services. In Fiscal 2023, processed 276.76 million Aadhaar authentications, 246.01 million e-KYC transactions, and 101.07 million e-Sign transactions.
Vidya Lakshmi education loan aggregation portal connecting students with 43 banks offering 80 education loan schemes (192,630 registered students as of June 30, 2023). Vidyasaarathi scholarship management platform with 1.46 million registered students. Vidya Kaushal platform for skill development loans.
Protean Cloud Services - AI-powered private cloud offering launched in August 2022, providing Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS) with enterprise-grade security. Developed in collaboration with Vigyanlabs Innovations Private Limited.
Protean InfoSec Services Limited subsidiary provides cyber security consulting, advisory and assessment services including gap assessment, security architecture design, security audit, awareness training, governance and compliance processes development, and data privacy consulting.
Protean Account Aggregator Limited (RBI regulated subsidiary) provides account aggregation services enabling data collection for financial information users. Enables lenders faster access to consented customer data for credit assessment and digital lending.
Revenue from transaction fees on e-Governance services
Revenue from accounts maintenance fees on e-Governance services
Other revenue from operations
Provides services including PAN issuance (over 446 million PANs issued since commencement) and TIN (Tax Information Network) systems where 2.10 million deductors filed TDS returns electronically in Fiscal 2023
Acts as Central Recordkeeping Agency (CRA) for National Pension System (NPS) with 16.56 million subscribers and AUM of ₹90,85,774 million as of June 30, 2023, and for Atal Pension Yojana (APY) with 47.75 million subscribers and AUM of ₹2,95,825 million
SWOT Analysis
Strengths
- • Leading position in e-governance sector by profitability metrics(p.23)
- • Key IT solutions provider with critical national infrastructure experience(p.23)
- • Extensive experience in public digital infrastructure and e-governance(p.23)
- • Professionally managed company without promoter concentration risk(p.23)
- • Zero debt with strong net worth position(p.25)
- • Established risk management framework with dedicated policies and procedures(p.40)
- • Board and Risk Management Committee oversight of risk management policies(p.40)
- • Significant resource allocation to risk management development and implementation(p.40)
- • Pioneer and market leader in population-scale e-governance with 19 projects across 7 ministries(p.140)
- • Dominant market position in critical government services (45% PAN, 100% APY)(p.117)
- • Debt-free company with strong profitability and positive operating cash flows since Fiscal 1998(p.97)
- • Established marquee institutional shareholder base including government bodies and major banks(p.141)
- • Diversified revenue across multiple government services and annuity-based transaction model(p.97)
- • Large pan-India service delivery network spanning 79,374 centres as of June 30, 2023(p.97)
- • Experienced senior management team with deep industry tenure(p.97)
- • Pioneer and market leader in e-governance with demonstrated scale across seven ministries(p.143)
- • Market-leading position in key services with high transaction volumes(p.151)
- • Secure, scalable technology infrastructure enabling efficient operations(p.143)
- • Vast pan-India physical infrastructure enabling financial inclusion(p.144)
- • Diversified, granular, annuity-based revenue model with low concentration risk(p.144)
- • Strong financial track record with debt-free operations and consistent profitability(p.145)
- • Experienced senior management with deep expertise in e-governance and fintech(p.146)
- • Support from marquee institutional investors including government and public sector banks(p.146)
- • Professionally managed company with no identifiable promoter, ensuring professional governance(p.197)
- • Experienced management team with long tenure and deep expertise(p.193)
- • Strong financial position with no outstanding bank borrowings(p.247)
- • Significant institutional investor backing(p.197)
- • Leading profitability and operating metrics in e-governance sector(p.272)
- • Substantial and growing NPS asset base with near-complete market dominance(p.274)
- • 100% market share in APY subscribers and assets under management(p.274)
- • Consistent profitability and dividend history(p.274)
- • Strong cash generation from operations(p.274)
- • Zero debt structure providing financial flexibility(p.301)
- • 45% market share in PAN issuance(p.274)
Weaknesses
- • High dependency on government projects (72-75% of revenue)(p.30)
- • Significant tax litigation exposure (71 tax proceedings against company)(p.25)
- • Material civil litigation amount of ₹1,792.74 million against company(p.25)
- • High trade receivables relative to revenue (28-100% of quarterly revenue)(p.35)
- • Lengthy sales cycles creating revenue volatility(p.35)
- • Concentration of revenue from limited number of government clients(p.40)
- • Risk management processes not fully automated, subject to human error(p.40)
- • Risk management methods based on historical market behavior may not predict future exposures(p.40)
- • High employee attrition rates in Fiscal 2022 and 2023(p.46)
- • Negative cash flows from operating activities in recent quarter(p.47)
- • Dependency on contract labor with potential wage payment obligations(p.47)
- • Contingent liabilities not provided for in financial statements(p.50)
- • Incomplete corporate records and missing RoC filings from early years(p.51)
- • High customer concentration with single government agency as primary client
- • Significant portion of assets and operations concentrated in key data centers and facilities
- • High dependence on government contracts and regulatory framework(p.145)
- • Vulnerability to government policy changes and contract termination/non-renewal(p.171)
- • Recent decline in profitability despite revenue growth(p.145)
- • Limited diversification outside government e-governance services(p.144)
- • Small employee base limiting capacity for rapid scaling(p.164)
- • Earlier termination of key government projects(p.157)
- • Concentrated customer base with revenue concentration risk(p.246)
- • Significant aged receivables outstanding for extended periods(p.227)
- • High allowance for expected credit loss indicating collectability concerns(p.246)
- • Significant contingent liabilities from tax and regulatory disputes(p.255)
- • Significant reliance on government clients creating concentration risk(p.275)
- • Declining cash position and negative operating cash flow in recent quarter(p.298)
- • Diminished profits due to non-recurring Bangalore data centre sale in prior year(p.295)
- • Deteriorating return metrics on annualized basis for current quarter(p.274)
- • High provision for doubtful debts indicating credit risk exposure(p.293)
- • Processing charges consume over 50% of total expenses(p.276)
- • Multiple outstanding tax disputes creating contingent liabilities(p.308)
Opportunities
- • Expansion of service offerings across new sectors and geographies(p.38)
- • Growth in e-governance initiatives by central and state governments(p.23)
- • Diversification into emerging technologies (AI, blockchain, IoT, machine learning)(p.33)
- • Expanding breadth of service offerings beyond e-governance(p.31)
- • Leverage e-governance experience for sustainable development goals(p.42)
- • Expansion into new sectors with growth potential(p.42)
- • Development of emerging technologies for competitive advantage(p.47)
- • Account aggregation business opportunity under RBI initiative(p.47)
- • Expansion of PAN issuance driven by rising taxpayer base and financial inclusion schemes(p.118)
- • Growth in NPS and APY subscribers with significant under-penetration opportunity(p.124)
- • Digital payments growth creating expanded demand for e-KYC and authentication services(p.127)
- • Account Aggregator ecosystem expansion enabling access to pension and financial data(p.129)
- • ONDC and open digital infrastructure providing new service expansion opportunities(p.141)
- • Healthcare digitization through ABDM and Ayushman Bharat initiatives(p.134)
- • Expansion into healthcare through National Digital Health Mission infrastructure(p.147)
- • Capturing education and skill development market through NDEAR implementation(p.147)
- • Growing NPS and pension scheme penetration with aging demographics(p.154)
- • Expanding taxpayer base and PAN issuance opportunities(p.152)
- • Account Aggregator platform enabling digital lending disruption and financial inclusion(p.148)
- • Cloud services market growth with 22-28% CAGR through 2026(p.149)
- • Cyber security consulting market expansion with strong CAGR(p.149)
- • International expansion through CoWIN and Development Partnership Framework(p.149)
- • Building open digital ecosystems and becoming key contributor to India Stack evolution(p.150)
- • Growth in e-Governance services market with digital transformation initiatives(p.248)
- • Expansion into new service areas through subsidiary companies(p.206)
- • International expansion through overseas subsidiaries(p.206)
- • Expansion into new verticals and geographies beyond core e-governance(p.276)
- • Growing digital transformation demand from public and private sectors(p.275)
- • Expansion of addressable market through distribution partnerships(p.294)
- • Growth in accounts maintenance fees from increasing NPS subscribers(p.292)
- • Opportunity in emerging fintech and digital infrastructure sectors(p.273)
- • Revenue growth from transaction fee increases in taxation services(p.292)
Threats
- • Changes in government policies and budgetary allocation affecting revenues(p.30)
- • Delays in government contract execution and payment cycles(p.30)
- • Competitive pressure from lowest-bidder tender processes(p.30)
- • Rapid technological change requiring continuous service innovation(p.33)
- • Data protection regulation complexity (DPDPA Act)(p.37)
- • Cyber threats and data breach risks(p.32)
- • Government clients may not renew contracts or change policy(p.40)
- • Changes in government policy or budgetary allocation affecting client performance(p.40)
- • Complexity and inexperience in executing nationally critical large-scale greenfield projects(p.41)
- • Risk of significant upfront investment with inability to recoup if services fail(p.41)
- • Competitive pricing and new technologies may render services obsolete(p.41)
- • Increased regulatory scrutiny due to handling sensitive personal data(p.41)
- • COVID-19 impact on clients' demand and business operations(p.41)
- • Restrictions on travel affecting service delivery and client meetings(p.41)
- • Limited ability to determine or revise service prices(p.42)
- • Escalation clauses may not align with inflation-linked costs(p.42)
- • Intense and increasing competition from global and Indian enterprises(p.43)
- • New entrants may increase competition and reduce market share(p.44)
- • Competitors may have significantly greater resources and capabilities(p.44)
- • Inability to obtain required regulatory permits, licenses and approvals(p.44)
- • Regulatory changes may require increased compliance costs(p.44)
- • Loss of key suppliers could disrupt operations(p.45)
- • Supplier regulation changes could impact supply chain(p.45)
- • Internet infrastructure reliability in India is beyond company control(p.54)
- • Economic slowdown in India could harm business(p.55)
- • Inflation in India may not be passable to clients(p.56)
- • Changes in taxation laws or their interpretation(p.54)
- • Natural disasters or global pandemics could disrupt operations(p.55)
- • Risks from account aggregation business regulatory uncertainty(p.47)
- • Reliance on government budgetary allocations and policy changes affecting service demand
- • Competition from alternative PAN service providers and new market entrants(p.117)
- • Technological disruption and rapid changes in digital infrastructure standards
- • Cybersecurity risks and data breach vulnerabilities given critical infrastructure role(p.135)
- • Regulatory and compliance risks in highly regulated government-facing business
- • Regulation and compliance requirements for data privacy and IT security(p.166)
- • Intense competition from established players in e-governance sector(p.164)
- • Dependence on government initiatives and policy continuation(p.146)
- • Technology obsolescence and need for continuous investment in new platforms(p.160)
- • Regulatory risk from RBI supervision of Account Aggregator subsidiary(p.148)
- • Cyber security threats and data breach risks given volume of sensitive personal data handled(p.149)
- • Dependence on government customer for significant revenue(p.232)
- • Risk of changes in government policies and regulatory frameworks affecting e-Governance services(p.246)
- • Exposure to delays in government receivables and payment cycles(p.227)
- • Government policy changes affecting service delivery models and pricing(p.275)
- • Collection delays from government clients(p.275)
- • Intense competition from better-resourced competitors(p.276)
- • Pricing pressure from competitive pressures(p.276)
- • Regulatory compliance and taxation disputes with authorities(p.301)
- • Input cost inflation affecting processing charges(p.276)
- • Customer concentration risk in social security and pension services(p.275)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| 360 One Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund) | Selling Shareholder | 7.16% | — |
| NSE Investments Limited | Selling Shareholder | 24.77% | — |
| Administrator of the Specified Undertaking of the Unit Trust of India | Selling Shareholder | 6.75% | — |
| HDFC Bank Limited | Selling Shareholder | 4.94% | — |
| Axis Bank Limited | Selling Shareholder | 4.94% | — |
| Deutsche Bank A.G. | Selling Shareholder | 4.94% | — |
| Union Bank of India | Selling Shareholder | 2.78% | — |
| 360 One Special Opportunities Fund (formerly IIFL Special Opportunities Fund) | Selling Shareholder | — | — |
| 360 One Special Opportunities Fund – Series 2 (formerly IIFL Special Opportunities Fund – Series 2) | Selling Shareholder | — | — |
| NSE Investments Limited | Selling Shareholder | — | — |
| HDFC Bank Limited | Selling Shareholder | — | — |
| Axis Bank Limited | Selling Shareholder | — | — |
| NSE Investments Limited | Shareholder (Selling Shareholder) | 10,018,000 shares (24.77%) | — |
| 360 One Special Opportunities Fund (formerly IIFL Special Opportunities Fund) | Shareholder Group | 2,894,507 shares (7.16%) | — |
| Administrator of the Specified Undertaking of the Unit Trust of India | Shareholder | 2,732,000 shares (6.75%) | — |
| NSE Investments Limited | Shareholder | — | — |
| 360 ONE Special Opportunities Fund (formerly IIFL Special Opportunities Fund) | Shareholder | — | — |
| NSE Investments Limited | Principal Shareholder | 24.77% | — |
| 360 One Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund) and related series | Principal Shareholders | 29.67% | — |
| Not specified in this part | Not specified in this part | — | — |
| 360 One Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund) | Selling Shareholder | — | — |
| 360 One Special Opportunities Fund – Series 2 | Selling Shareholder | — | — |
| 360 One Special Opportunities Fund – Series 3 | Selling Shareholder | — | — |
| 360 One Special Opportunities Fund – Series 4 | Selling Shareholder | — | — |
| 360 One Special Opportunities Fund – Series 5 | Selling Shareholder | — | — |
| NSE Investments Limited | Selling Shareholder | — | — |
| Administrator of the Specified Undertaking of the Unit Trust of India | Selling Shareholder | — | — |
| HDFC Bank Limited | Selling Shareholder | — | — |
| Axis Bank Limited | Selling Shareholder | — | — |
| Deutsche Bank A.G. | Selling Shareholder | — | — |
| Union Bank of India | Selling Shareholder | — | — |
Leadership
Suresh Kumar Sethi · Managing Director and Chief Executive Officer
Jayesh Waman Sule · Whole-time Director and Chief Operating Officer
Sudeep Bhatia · Chief Financial Officer
Maulesh Kantharia · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Protean eGov Technologies IPO FAQs
What is the lot size of Protean eGov Technologies IPO?
The minimum lot size of Protean eGov Technologies IPO is 18 shares. One lot costs ₹14,256 at the cut-off price.
When does Protean eGov Technologies IPO open and close?
Protean eGov Technologies IPO opened for subscription on 06 Nov 2023 and closed on 08 Nov 2023.
What is the listing date of Protean eGov Technologies IPO?
Protean eGov Technologies IPO listed on 13 Nov 2023.