BLS E-Services, a digital service provider, witnessed robust investor interest on the first day of its Rs 310.91-crore IPO. The subscription reached 1.33 times, with retail investors showing significant enthusiasm, oversubscribing their portion by 5.46 times. The IPO, open until February 1, features a price band of Rs 129-135 per share.
The public issue, consisting entirely of a fresh offering of 2.3 crore shares, includes a reserved portion of 23,03,000 equity shares for shareholders of promoter BLS International Services. Eligible shareholders will enjoy a discount of Rs 7 per share to the final issue price.
Ahead of the IPO, BLS E-Services secured Rs 126 crore from anchor investors, including Sixteenth Street Asian Gems Fund and Saint Capital Fund. The net proceeds of the fresh issue, amounting to Rs 97.58 crore, will be allocated for enhancing technology infrastructure, funding organic growth initiatives, setting up BLS stores, and pursuing inorganic growth through acquisitions.
The IPO, managed by Unistone Capital and with Kfin Technologies as the registrar, has generated significant buzz, evidenced by a 117 percent premium in the grey market. This unofficial market provides insights into potential listing prices, and investors often track the grey market premium (GMP) for indications.
BLS E-Services specializes in business correspondence services for major banks, assisted e-services, and grassroots-level e-governance services in India. Its merchant network includes BLS touchpoints and BLS stores, contributing to its digital service offerings.