BLS E-Services Limited IPO: The subscription date for the IPO of BLS E-Services is scheduled for Tuesday, January 30th and closes on Thursday, February 1st. The allocation to anchor investors for the IPO of BLS E-Services is scheduled to take place on Monday, January 29th. The price range for the IPO of BLS E-Services Limited has been set at the range of ₹129 to ₹135 per share of par value of ₹10. The lot size of the IPO of BLS E-Services is 108 shares and thereafter a multiple of 108 shares.
BLS E-Services Limited IPO has reserved not less than 75% of the shares of the public issue for Qualified Institutional Buyers (QIB), not more than 15% for Non-Institutional Institutional Investors (NII) and not more than 10% of the offering is Reserved for private investors. A discount of ₹7 per share, a reservation share will be offered to BLS International shareholders.
BLS-E Services Limited is a digital service provider that provides supported e-services, grassroots level e-governance services in India and business correspondence services to major banks in the country. The three areas of focus are business correspondent services, supported e-services and e-government services.
Also Read: BLS E-Services Limited IPO: Price Range Set at ₹129-135 per share; Check GMP, important dates, issue details and more
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Operating revenue for the six months ended September 30, 2023 for fiscal years 2023, 2022 and 2021 was ₹15,617.88 Lakhs, ₹24,306.07 Lakhs, ₹9,669.82 Lakhs and ₹6,448.72 Lakhs, as per the company's Red Herring Prospectus (RHP). The company said this was primarily due to an expansion of services offered through BCs and BLS touchpoints.
As of September 30, 2023, the company operated BLS touchpoints in more than most districts in India. As of September 30, 2023 and over the past three fiscal years, 96,162 new merchants have joined the network. The company aims to establish itself as the “go-to-market platform” for a range of industries, including digital platforms and finance.
The company's listed competitor is EMudhra Ltd with a P/E ratio of 56.27.
Let's look at what works BLS E-Services IPO GMP today Signaling before the subscription is opened;
BLS E-Services IPO GMP or gray market premium is +142, similar to the previous session. So far the GMP has increased. This suggests that BLS E-Services' share price was trading at a premium of ₹142 on the gray market, according to investorgain.com.
Taking into account the upper end of the IPO price range and the current premium on the gray market, the estimated listing price of the BLS E-Services share has been included ₹277 per piece, which is 105.19% higher than the IPO price of ₹135.
Based on the last four sessions of gray market activity, IPO GMP is pointing upwards today and expects a strong listing, according to analysts at investorgain.com. The lowest GMP is ₹60, while the highest is GMP ₹142. On Tuesday was the GMP ₹60, and it rose ₹110 at Wednesday's meeting.
“Gray market premium” indicates investors’ willingness to pay more than the issue price.
Also Read: EPACK Durable IPO Allotment Completed; GMP Drops, Steps to Check EPACK IPO Allotment Status
Details about the IPO of BLS E-Services
The IPO of BLS E-Services consists solely of fresh issue of shares worth ₹2,30,30,000 crore by the subsidiary of the listed company BLS International Services. There is no offering component to the IPO of BLS E-Services.
In consultation with the Book Running Lead Manager (BRLM), BLS E-Services IPO conducted a pre-IPO placement through a private placement of 11,00,000 shares for cash at a price of ₹125 per share, total ₹1,375 Lakhs. The scope of newly issued shares was reduced to 2,30,30,000 shares.
The Company intends to use the net proceeds to fund the establishment of BLS Stores as a means of driving organic growth, acquiring companies to achieve inorganic growth, general corporate purposes and to strengthen the technology infrastructure to develop new capabilities and consolidate current platforms.
The registrar of BLS E-Services IPO is Kfin Technologies Limited while the book running lead manager is Unistone Capital Pvt Ltd. is.
Also read: BLS E-Services increased ₹13.75 crore in the pre-IPO phase. Revises the issue size of the upcoming IPO
Important dates for the IPO of BLS E-Services
Tentatively, the allotment basis for the IPO of BLS E-Services will be completed on Friday, February 2nd and the company will issue refunds on Monday, February 5th while the shares will be deposited in the demat account of the company on the following day Reimbursement will be credited to allottees. BLS E-Services share price is expected to list on the BSE and NSE on Tuesday, February 6.
Review of BLS E-Services' IPO
“BLS E-Services is a one-point technology-based digital service provider that offers almost all related services under one roof. Given the government's Digital India initiative, this company has very bright future prospects. Based on FY24 annualized earnings, the issue appears to be fully priced in, but with key infrastructure in place, the outlook is good. “Investors can invest funds for medium to long-term returns,” said Dilip Davda, Editor, Chittorgarh.
Also Read: Popular Vehicles and Services gets final approval from SEBI to raise funds via IPO
Disclaimer: The above views and recommendations are those of individual analysts, experts and brokerage firms, not Mint. We recommend investors consult certified experts before making an investment decision.
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