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BLS E-Services IPO: Issue fully subscribed within minutes of opening, gets 15.63 times subscription

The IPO has a price range of Rs 129-135 per share and consists of a fresh issue of up to 2,30,30,000 equity shares, amounting to Rs 311 crore.

Akshit Tyagi Edited By: Akshit Tyagi New Delhi Published on: January 30, 2024 18:40 IST
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Image Source : PIXABAY Stock market graph

The Initial Public Offering (IPO) of BLS E-Services Ltd witnessed overwhelming demand, getting fully subscribed within minutes of opening for bidding on Tuesday. The IPO ended the day with 15.63 times subscription, receiving bids for 21,41,26,416 shares against 1,37,02,904 shares on offer, according to NSE data.

The Retail Individual Investors (RIIs) category was subscribed 49.15 times, the non-institutional investors category was subscribed 29.66 times, and the Qualified Institutional Buyers (QIBs) category received 2.19 times subscription.

The IPO, with a price range of Rs 129-135 per share, consists of a fresh issue of up to 2,30,30,000 equity shares, amounting to Rs 311 crore. BLS E-Services mobilized Rs 126 crore from anchor investors on Monday.

The company plans to use the net proceeds from the fresh issue to strengthen its technology infrastructure, develop new capabilities, consolidate existing platforms, fund initiatives for organic growth through the establishment of BLS Stores, achieve inorganic growth through acquisitions, and for general corporate purposes. Unistone Capital is the manager to the offer.

BLS E-Services is a company engaged in providing 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. It is the only listed company in India operating in this domain.

As of March 31, 2023, the merchant network of BLS E-Services had expanded to 92,427, aiming to serve underserved and unserved populations in hard-to-reach areas. The company has a total of 3,071 employees, including 2,413 contract employees, as of June 30, 2023.

For the period ended on September 30, 2023, BLS E-Services reported a net profit of Rs 14.68 crore with a revenue of Rs 158.05 crore. The company achieved a bottom line of Rs 20.33 crore with a revenue of Rs 246.29 crore for the financial year ending March 31, 2023.

 (With PTI inputs)

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