BLS E-Services Ltd’s initial public offering (IPO) was fully subscribed within minutes of opening for subscription on Tuesday.

The IPO, which raised Rs 311 crore, received bids for 5,83,39,440 shares against 1,37,02,904 shares for sale, equivalent to a subscription multiple of 4.26 times, according to NSE data as of 11:57.

The subscription multiple for the retail individual investor (RII) category was 14.21 times, and the subscription multiple for the non-institutional investor category was 4.71 times. The Qualified Institutional Buyer (QIB) portion was subscribed 2.04 times.

The number of new shares issued in this initial public offering shall not exceed 2,30,30,000 shares. Its price range per share is Rs 129-135.

BLS E-Services Ltd on Monday raised Rs 126 crore from major investors.

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.

Unistone Capital is the manager of the offer.

(This story has not been edited by News18 staff and is published from associated news agency – PTI)