BLS e-Services IPO launches today: Here’s what you need to know

BLS Electronic Services IPO Details: The subscription period for the initial public offering (IPO) of BLS E-Services Ltd (BESL) is scheduled to begin on Tuesday, January 30, and end on February 1, 2024.

Prior to the opening of subscriptions, there was significant gray market demand for BLS E-Services shares, which were priced at a premium of twice the IPO price.

BLS Electronic Services IPO

The offer consists entirely of 230 million newly issued shares.

The price range for the issue is Rs 129-135 per share. At the upper end of the price band, the IPO will raise Rs 311 crore.

The company plans to use the net proceeds from the new offering to strengthen its technology infrastructure to develop new capabilities and consolidate its existing platform, among other things.

The funds will also be used to fund organic growth initiatives through the establishment of BLS stores, inorganic growth through acquisitions and for general corporate purposes.

BLS Electronic Services IPO GMP

The gray market premium (GMP) of BLS E-Services is around Rs 158, an increase of 117% from the issue price of Rs 135. However, it must be emphasized that gray GMP is a measure of a company’s holdings in unlisted companies. markets and are susceptible to rapid changes.

Meanwhile, the company on Monday raised Rs 126 crore from major investors a day ahead of its IPO.

According to a notification uploaded on the BSE website, the company has allotted 93.27 million shares to 10 funds at a price of Rs 135 per share, which is also the upper end of the price band.

Major investors who received allotments include Sixteenth Street Asian Gems Fund, Saint Capital Fund, Silver Stride India Global Fund, Aries Opportunities Fund, Aidos India Fund, etc.

BLS electronic service list

The allotment basis is expected to end on February 2 and the shares will be credited to the demat account on February 5. The stock is scheduled to be listed on NSE and BSE on February 6.