When are the Balaji Specialty Chemicals and Protean eGov Technologies IPO launching?

Balaji Specialty received the final observation letter on November 15 and Protean eGov Technologies on November 17.

Balaji Specialty Chemicals and Protean eGov Technologies

The two companies filed their red herring prospectus in December 2021 and August 2022. Protean eGov Technologies was previously called NSDL E-Governance Infrastructure and has many shareholders looking to sell. Its offer for sale comprises 1.2 crore shares. Balaji Speciality Chemicals' IPO comprises Rs. 250 crores fresh issue and 2.6 crore shares for an offer for sale by its promoters. 

Also Read: How do you decide IPO prices?

Protean eGov Technologies

 Protean is an IT-enabled solution company and has a government collaboration. It conceptualizes, develops, and executes population-scale greenfield tech solutions which are nationally critical. A CRISIL report suggested that Protean was a leading Indian company in e-governance regarding operating profit margin, operating profit, operating income, and profitability in FY20. 

Union Bank of India, Punjab National Bank, Deutsche Bank A.G., Axis Bank, HDFC Bank, NSE Investments, Administrator of the Specified Undertaking of the Unit Trust of India, IIFL Special Opportunities Fund Series 2, Series 3, Series 4, and Series 5, and Special Opportunities Fund will sell 1.2 crore shares together. The money will directly go to these shareholders, and the company will not receive money. 

The merchant bankers for the issue will be  Nomura Financial Advisory and Securities (India), IIFL Securities, Equirus Capital, and ICICI Securities.

Balaji Speciality Chemicals

Balaji Speciality Chemicals is a Balaji Amines subsidiary and the sole manufacturer of niche chemicals like amino ethyl piperazine, amino ethyl ethanol amines, diethylenetriamine, piperazine (anhydrous), ethylenediamine, using mono ethanol amine process, in India.  

Pharmaceuticals, agrochemicals, and specialty chemicals sectors use these chemicals. The company will use the proceeds for working capital and repaying debt, apart from general corporate purposes. The book-running lead managers are J.M. Financial and HDFC Bank to the public issue. 

Also Read: Yatra Online IPO approved. Here are the details.

SEBI has given the green light to Balaji Specialty Chemicals and Protean eGov Technologies to launch their IPOs after receiving the final observation letter on November 15 and 17, respectively. The regulator says that once a company receives the observation letter, it can float its IPO within 12 months from its issuance.  

The two companies filed their red herring prospectus in December 2021 and August 2022. Protean eGov Technologies was previously called NSDL E-Governance Infrastructure and has many shareholders looking to sell. Its offer for sale comprises 1.2 crore shares. Balaji Speciality Chemicals' IPO comprises Rs. 250 crores fresh issue and 2.6 crore shares for an offer for sale by its promoters. 

Also Read: How do you decide IPO prices?

Protean eGov Technologies

 Protean is an IT-enabled solution company and has a government collaboration. It conceptualizes, develops, and executes population-scale greenfield tech solutions which are nationally critical. A CRISIL report suggested that Protean was a leading Indian company in e-governance regarding operating profit margin, operating profit, operating income, and profitability in FY20. 

Union Bank of India, Punjab National Bank, Deutsche Bank A.G., Axis Bank, HDFC Bank, NSE Investments, Administrator of the Specified Undertaking of the Unit Trust of India, IIFL Special Opportunities Fund Series 2, Series 3, Series 4, and Series 5, and Special Opportunities Fund will sell 1.2 crore shares together. The money will directly go to these shareholders, and the company will not receive money. 

The merchant bankers for the issue will be  Nomura Financial Advisory and Securities (India), IIFL Securities, Equirus Capital, and ICICI Securities.

Balaji Speciality Chemicals

Balaji Speciality Chemicals is a Balaji Amines subsidiary and the sole manufacturer of niche chemicals like amino ethyl piperazine, amino ethyl ethanol amines, diethylenetriamine, piperazine (anhydrous), ethylenediamine, using mono ethanol amine process, in India.  

Pharmaceuticals, agrochemicals, and specialty chemicals sectors use these chemicals. The company will use the proceeds for working capital and repaying debt, apart from general corporate purposes. The book-running lead managers are J.M. Financial and HDFC Bank to the public issue. 

Also Read: Yatra Online IPO approved. Here are the details.

SEBI has given the green light to Balaji Specialty Chemicals and Protean eGov Technologies to launch their IPOs after receiving the final observation letter on November 15 and 17, respectively. The regulator says that once a company receives the observation letter, it can float its IPO within 12 months from its issuance.  

NEWSLETTER

Related Article

Premium Articles