BLS E-Services Ltd.'s Initial Public Offering (IPO) witnessed full subscription within minutes of opening for subscription on Tuesday. The Rs 311 crore IPO received bids for 5,83,39,440 shares against 1,37,02,904 shares on offer, translating into a 4.26-time subscription as per NSE data until 11:57 hours.
The quota for retail individual investors (RIIs) saw a 14.21-time subscription, while the category for non-institutional investors was subscribed to 4.71 times. The portion for qualified institutional buyers (QIBs) received a 2.04-time subscription.
The IPO includes a fresh issue of up to 2,30,30,000 equity shares with a price range of Rs 129-135 per share. On the previous day, BLS E-Services Ltd. mobilised Rs 126 crore from anchor investors.
The company plans to use the net proceeds from the fresh issue to strengthen its technology infrastructure, develop new capabilities, and consolidate its existing platforms. Additionally, the funds will be utilised for initiatives supporting organic growth, setting up BLS stores, achieving inorganic growth through acquisitions, and for general corporate purposes. Unistone Capital is the manager of the offer.
Established in April 2016, BLS-E Services is a digital service provider that provides business correspondence services to major banks in India. Additionally, the company offers assisted e-services and e-governance services at the grassroots level in the country.
For the period ending on September 30, 2023, BLS-E Services reported a net profit of Rs 14.68 crore, accompanied by a revenue of Rs 158.05 crore. The financial year ending on March 31, 2023, showed a bottom line of Rs 20.33 crore, with a revenue of Rs 246.29 crore.
Unistone Capital serves as the sole book-running lead manager for the IPO, and Kfin Technologies is the registrar. The shares are expected to be listed on both exchanges, with a tentative listing date of February 6, 2024.
(With PTI inputs)
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