BLS International's subsidiary, BLS E-Services, is set to launch its initial public offering (IPO) on January 30, with the subscription window open until February 1.
Priced in the range of Rs 129-Rs 135 per share, the IPO is expected to be worth Rs 311 crore. The anchor book for the issue will open on January 29. The IPO consists of a fresh equity issue of 2.3 crore shares, aiming to raise around Rs 311 crore. There is no offer-for-sale segment in the public offer. The minimum lot size for an application is set at 108 shares, requiring a minimum investment of Rs 14,580 for retail investors.
IPO reservation
The allocation for the public issue is 75 per cent for qualified institutional buyers (QIB), 15 per cent for non-institutional investors (NII), and 10 per cent for retail investors. A discount of Rs 7 per equity share is offered to BLS International shareholders in the reservation portion, as BLS International holds over 93 per cent stake of the company.
Proceeds from the issue will be used for various purposes, including financing the establishment of BLS Stores, acquiring businesses for inorganic growth, and strengthening technology infrastructure.
About the company
Established in April 2016, BLS-E Services is a digital service provider offering business correspondence services to major banks in India, assisted e-services, and e-governance services at the grassroots level in India.
For the period ended on September 30, 2023, the company posted a net profit of Rs 14.68 crore with a revenue of Rs 158.05 crore. The financial year ended on March 31, 2023, saw a bottom line of Rs 20.33 crore with a revenue of Rs 246.29 crore.
Unistone Capital is the sole book-running lead manager for the IPO, while Kfin Technologies is the registrar. The shares are expected to be listed on both exchanges, with a tentative listing date of February 6, 2024.
