BLS Electronic Services IPO Listed: Shares of BLS E-Services made their stock market debut on Tuesday, trading at a 128.9% premium to the IPO price. The stock opened at Rs 309 on the BSE and Rs 305 on the NSE, against the issue price of Rs 135.
Listing gains were in line with analysts’ expectations, as the stock traded at a gray market premium of 114%.
BLS E-Services’ initial public offering (IPO) was subscribed as much as 162.48 times on the last day of bidding on Thursday. The IPO, which raised Rs 311 crore, received bids for 2,22,63,80,472 shares, while the number of shares to be quoted was 1,37,02,904 shares.
The non-institutional investor portion was subscribed 300.14 times, and the retail individual investor (RII) portion was subscribed 237 times. The Qualified Institutional Buyer (QIB) category received 123.30 subscriptions. BLS E-Services Ltd’s maiden share sale was fully subscribed within minutes of bidding opening on Tuesday.
The IPO resulted in the fresh issue of as many as 2,30,30,000 shares at a price range of Rs 129-135 per share. BLS E-Services Ltd on Monday raised Rs 126 crore from major investors.
The company is a leading provider of technology-enabled digital services, providing commercial agency services, ancillary e-services; and grassroots e-government services to major banks in India. BLS E-Services is a subsidiary of BLS International Services Ltd and provides visa and consular services.
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 acquisition.
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