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According to media reports, Protean eGov Technologies may raise Rs 1,300-1400 via the initial stake sale, valuing the company in the range of Rs 4,500-5,000 crore. The initial public offering (IPO) will be an entirely for sale (OFS) exercise and no fresh funds will be raised from the issue, the report added.
The company offers various kinds of e-governance solutions, to both public and private entities. e-Governance is the use of technology for better governance and administration.
The solutions have efficiently made use of information and communication technologies as a tool for delivering public services and benefits to society at large.
Incorporated in 1995, Protean eGov Technologies works closely with various government agencies for designing, managing and implementing e-governance projects.
The company is backed by many institutions and banks including Axis Bank, Bank of Baroda, Citicorp Finance, Canara Bank, Deutsche Bank AG, HDFC Bank, HSBC, SBI, Standard Chartered, NSE Investments.
For the financial year ended on March 31, 2021, the company’s total income declined about 14 per cent to Rs 650 crore whereas the profit tanked 24 per cent to Rs 92 crore.
As per the initial reports, the company is eyeing the valuations of 54 times price to earning (P/E) ratio of FY 21. The company has not listed peers.
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Source: The Economic Times
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