Avendus Capital advises NSE Investments on their 20.3% stake sale worth USD 165 million through Offer for Sale in Protean eGov Technologies

Overview

NSE Investments sold a 20.3% stake worth USD 165 million through Offer for Sale (OFS) in Protean eGov Technologies Limited. The deal was priced at a premium of 9% to the floor price and the offer was subscribed ~3x with significant interest from a diverse group of investors, demonstrating healthy appetite for the stock.

Avendus Capital acted as the advisor to NSE Investments on the transaction.

Deal Value

USD 165 mn

Service

Equity Capital Markets | OFS

Sector

Digital, Technology & Consumer

Date

Dec 2024

This deal holds special significance for us, as we navigated through volatile market conditions to ensure a seamless transaction. Market infrastructure companies are seeing interest from a diverse set of investors due to the growing need for reliable infrastructure to support transactions, manage risk and compliance with regulations. We truly believe that there is immense potential in this segment and are delighted to have led this notable transaction.

Gaurav Sood

Managing Director & Head, Equity Capital Markets, Avendus Capital

About Protean eGov Technologies

Protean eGov Technologies Ltd. is an IT enabled solutions company playing a key role in India’s digital transformation, creating digital public infrastructure and innovative e-governance solutions. NSE Investments was one of the incubators of Protean.