Protean eGov Technologies Limited | Globe Capital Market LTD.
Protean eGov Technologies Limited
Price Band
₹752 to ₹792 per share
IPO Issue Period
Nov 6, 2023 to Nov 8, 2023
Issue Size
₹490.33 Cr
Face value
₹10 per share
Fresh issue
Offer for sale
₹490.33 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Nov 17, 2023

ICICI Securities Limited
Equirus Capital Private Limited
Iifl Securities Ltd
Nomura Financial Advisory And Securities

Incorporated in December 1995, Protean eGov Technologies Limited was previously known as NSDL e-Governance Infrastructure Limited. The company is engaged in the business of developing citizen-centric and population-scale e-governance solutions for more than 2 decades.

Protean eGov Technologies has played a vital role in developing national infrastructure for capital market development in India. The company has developed & implemented some of the most crucial technological infrastructure in India.

Since December 2022, the company has implemented and managed 19 projects spread across several ministries.

The company’s vital role in developing digital infrastructural solutions has led to the achievement of multiple milestones. Key amongst them are

Mordernizing direct tax infrastructure through the introduction of projects like PAN issuance.
The company has enabled the universal social security system for all Indians, in particular for workers in the unorganized sector, by creating technology infrastructure as a CRA for the Atal Pension Yojana.
The company has also been instrumental in improving accessibility to education and skill financing through the development of efficient digital marketplaces. This has led to the discovery of financial resources through platforms such as Vidya Lakshmi and Vidyasaarathi.
The company has contributed to and supported open digital building blocks such as Open Network for Digital Commerce (ONDC) for use-cases across sectors like e-commerce, mobility, healthcare, agriculture, and education. It is worth mentioning that Protean eGov Technologies Limited is one of the key and early contributors to the open-source community and protocols that power ONDC.

For year/ period ended ( in Cr.)

H1FY23 FY22 FY21
Total Revenue 783.87 770.18 652.03
Profit After Tax 107.04 143.94 92.19
EPS 26.5 35.78 23.02
OPM (%) 17.9% 24.1% 17.8%
PATM (%) 13.7% 18.7% 14.1%


  • Pioneer and market leader in universal, citizen centric and population scale e-governance solutions
  • Secure, scalable and advanced technology infrastructure
  • Large physical infrastructure with pan-India network and scale resulting in inclusion
  • Diversified, granular and annuity based service offerings
  • Track record of healthy financial performance
  • Experienced senior management team backed by strong corporate governance standards and supported by marquee investors

The company will not receive any proceeds from the Offer and all the Offer Proceeds will be received by the Selling Shareholders, in proportion to the Offered Shares sold by the respective Selling Shareholders as part of the Offer.

PETL has established itself as a niche player in e-Governance projects and expanding its reach to neighboring countries. With the rising importance of e-Governance globally, this company is set for bright prospects ahead. Investors may park fund for the medium to long-term perspective.

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