BLS E-Services IPO: Total Issue Booked 123 Times; Retail Portion Subscribed 236 Times on Day 3

BLS E-Services opened its initial public offer (IPO) for subscription on January 30, 2024. The issue closes on February 1, 2024. The company has set the price band for each equity share of face value of Rs 10 in the range of Rs 129 to Rs 135. The subscription period will close on February 1, 2024. The IPO lot size is 108 equity shares, and investors can subscribe in multiples of 108 equity shares thereafter. The subsidiary of the listed business, BLS International Services, is issuing 2,30,30,000 crore fresh equity shares as part of the IPO. Notably, there is no offer-for-sale component in the BLS E-Services IPO.

About the company

BLS-E Services, a digital service provider, delivers Assisted E-Services, E-Governance Services at the grassroots level in India, and provides Business Correspondence services to major banks in the country. The company focuses on three key areas: business correspondent services, assisted e-services, and e-government services.

At 6:23 PM, the total subscription of the issue was 162.40 times as against 1.37 crore shares. Investors booked the retail portion 236 times, and subscribed to the NII portion 300 times. The Qualified Institutional Buyers (QIBs) portion was booked 123 times against 62.18 lakh shares.

Also read: Stock Market on Budget Day: Sensex, Nifty Close in Red; Key Takeaways from FM’s Speech

Price Band

The company has set the price band for each equity share of face value of Rs 10 in the range of Rs 129 to Rs 135.

Issue Size

The IPO lot size is 108 equity shares, and investors can subscribe in multiples of 108 equity shares thereafter.

IPO Reserve Portion

• Qualified institutional buyers (QIB): Not less than 75% of the shares in the public issue
• Non-institutional Institutional Investors (NII): Not more than 15%
• Retail Investors: Not more than 10% of the offer is reserved.
  BLS International is offering a discount of Rs 7 per equity share to shareholders in the reservation portion.

Objectives of the Issue

The company plans to utilize the net proceeds for several purposes, including financing the establishment of BLS Stores to foster organic growth, acquiring businesses to achieve inorganic growth, addressing general corporate needs, and reinforcing the technology infrastructure to develop new capabilities and consolidate existing platforms.

Disclaimer: The content of this blog post is intended solely for informational purposes and should not be interpreted as investment or trading advice. The author does not assure the accuracy or completeness of the information presented. Any decisions or actions taken based on the content of this blog post are undertaken at your own risk.