BLS E-Services IPO ends with stellar subscription

Published on Feb 05, 2024 13:47

The initial public offer (IPO) of BLS E-Services received bids for 2,22,63,68,484 shares as against 1,37,02,904 shares on offer. The issue was subscribed 162.47 times.

The Non Institutional Investors (NIIs) category was subscribed 300.14 times. The Retail Individual Investors (RIIs) category was subscribed 237 times. The Qualified Institutional Buyers (QIBs) category was subscribed 123.30 times.

The issue opened for bidding on 30 January 2024 and it closed on 1 February 2024. The price band of the IPO was fixed at Rs 129-135 per share.

The IPO consisted of a fresh issue of 2,30,30,000 equity shares. From the fresh issue, the company has reserved 10% (23,03,000 equity shares) to BLS International Services shareholders.

Ahead of the IPO, BLS E-Services on Monday, 29 January 2024, raised Rs 125.91 crore from anchor investors. The board allotted 93.27 lakh shares at Rs 135 each to 10 anchor investors.

BLS E-Services is a digital service provider. The Delhi-based company offers services such as business correspondence services to major banks, assisted e-services and e-governance services at grassroots levels. It also provides the delivery of essential public utility services, healthcare, financial, agricultural, educational, and banking services for governments in urban, semi-urban, rural and remote areas.

The company being a subsidiary of BLS International Services provides visa, passport, consular, and other citizen services to state and provincial governments across Asia, Africa, Europe, South America, North America, and the Middle East through its technology-enabled platform.

The firm reported a net profit of Rs 14.68 crore and sales of Rs 156.18 crore for the six months ended on 30 September 2023.