BLS E-Services IPO was oversubscribed 1.33 times at launch, while the retail segment was oversubscribed 5.4 times

BLS E-Services IPO: The Rs 310.91 crore public issue of BLS E-Services was subscribed 1.33 times so far on January 30, the first day of the auction, receiving bids for 1.82 crore shares against a volume of 1.37 crore shares. Retail investors bid 5.46 times and high net worth individuals (HNI) increased 1.97 times the quota received.

The price band for the issue, which will close on February 1, has been fixed at Rs 129-135 per share. The public offering is all a fresh issue of 2.3 crore shares. The company has reserved 23,03,000 shares for the promoter shareholders of BLS International Services. Eligible shareholders will get these shares at a discount of Rs 7 each on the last issue price. BLS International Services, Diwakar Aggarwal and Shikhar Aggarwal are the promoters of the company.

Earlier, the company had raised Rs 126 crore from anchor investors on January 29. Sixteenth Street Asian Gems Fund, Saint Capital Fund, Silver Stride India Global Fund, Aries Opportunities Fund and Aidos India Fund are among the anchor investors that have been allocated. shares.

The net proceeds from the fresh issue worth Rs 97.58 crore will be used for strengthening the technological infrastructure to develop new capabilities and integration of existing platforms and Rs 74.78 crore for funding initiatives for organic growth by setting up BLS stores. The company will also spend Rs 28.71 crore to achieve inorganic growth through acquisitions. The remaining money will be used for the general purpose of the company.

The lead manager running the book of the IPO is Unistone Capital, while Kfin Technologies is the underwriter. Shares are trading at 117 percent on the gray market, an informal ecosystem where shares start trading before the IPO allotment and until the listing day. Most investors follow the gray market premium (GMP) to get an idea of ​​the list price.

BLS-E Services is a digital service provider providing business liaison services to major banks in India, e-services support and e-governance at the grassroots level in India. The company’s stores are divided into two categories: BLS touchpoints and BLS stores.