Protean eGov , Balaji Speciality get Sebi approval for IPOs

November 23, 2022

Protean eGov Technologies and Balaji Speciality Chemicals have entered blessing from the capital requests controller Sebi to go ahead with IPO plans. The proposed IPO of Protean, formerly known as NSDLE-Governance structure, comprises only an offer for trade of 1.2 crore shares by numerous dealing shareholders, while the original public immolation of Balaji Speciality Chemicals consists of a fresh issue of Rs 250 crore and an offer for trade of 2.6 crore shares by promoters.

Protean entered Sebi’s final observation letter on November 17 and Balaji Speciality on November 15, with respect to draft red herring prospectus filed in December last time and August this time, independently. As per the controller, getting an observation letter implies that the company can float its IPO, and the proposed IPO can be launched for subscription by the company within a period of 12 months from the allocation of the letter.

Protean eGov Technologies

In the offer for trade of Protean eGov Technologies, IIFL Special openings Fund, IIFL Special openings Fund Series 2, Series 3, Series 4, and Series 5, director of the Specified Undertaking of the Unit Trust of India, NSE Investments, HDFC Bank, Axis Bank, Deutsche Bank A.G., Punjab National Bank, and Union Bank of India together will vend 1.2 crore shares.


Hence, the company won’t admit any plutocrat from the offer as all the plutocrat will go to above dealing shareholders. ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India) are the trafficker bankers to the issue of Protean, the IT- enabled result company having collaboration with the government.

The company is primarily engaged in conceptualizing, developing and executing nationally critical and population scale greenfield technology results. As per CRISIL report, it was among the leading Indian companies in thee-governance sector in terms of profitability, operating income, operating profit and operating profit periphery in FY20.

Balaji Speciality Chemicals

Balaji Speciality Chemicals Limited (BSCL) formerly known as Balaji Speciality Chemicals Private Limited (BSCPL) is a subsidiary of Balaji Amines Limited (BAL), one of the leading manufacturers of aliphatic amines in India BAL specialize in manufacturing of methylamines, ethylamines, derivatives of specialty chemicals and pharma excipients. BSCL is the sole manufacturer in India of niche chemicals such as Ethylene Diamine (EDA), Diethylenetriamine (DETA), Aminoethyl ethanolamine (AEEA) and Aminoethyl Piperazine (AEP), using the Monoethanol Amine (MEA) process.


The chemicals we manufacture are import substitute and are used in various end-use industries such as speciality chemicals, agrochemicals, and pharmaceuticals. We have commenced the commercial production in June 2019 from our manufacturing facility located at E-8/1 MIDC Chincholi, Taluka Mohol, Solapur, Maharashtra and have since scaled our operations, grown our brand and customer base to become one of the fastest growing speciality chemicals companies in India. The total installed production capacity is 30,000 MTPA. Our Ethylene Diamine (EDA), Diethylenetriamine (DETA) products are REACH certified, which enable our products to be exported into European Union and certain other geographies.

Balaji Speciality Chemicals, the attachment of Balaji Amines, is the sole manufacturer in India of niche chemicals similar as ethylenediamine, piperazine (anhydrous), diethylenetriamine, amino ethyl ethanol amines and amino ethyl piperazine, using the monoethanol amine (MEA) process.

These chemicals are being used by sectors like thing chemicals, agrochemicals, and medicinal. The fresh issue proceeds will be utilised by the company for repaying debts and working capital conditions, besides general commercial purposes.