BLS E-Services Makes Stellar Stock Market Debut, Lists At 128% Gains On Bourses

BLS E-Services IPO Listing: Shares of BLS E-Services on Tuesday made a bumper stock market debut, listing at a 128.9 per cent premium over the IPO price. The stock opened at Rs 309 on the BSE and Rs 305 on the NSE, compared with its issue price of Rs 135.

The listing gains are in line with the analysts expectations as the stock was trading at a 114 per cent premium in the grey market.

The Initial Public Offer (IPO) of BLS E-Services received a whopping 162.48 times subscription on the last day of bidding on Thursday. The Rs 311 crore IPO received bids for 2,22,63,80,472 shares against 1,37,02,904 shares on offer.

The part for non-institutional investors fetched 300.14 times subscription and the portion for Retail Individual Investors (RIIs) got subscribed 237 times. The category for Qualified Institutional Buyers (QIBs) received 123.30 times subscription. The initial share sale of BLS E-Services Ltd was fully subscribed within minutes of opening for bidding on Tuesday.

The IPO of fresh issue of up to 2,30,30,000 equity shares had a price range of Rs 129-135 a share. BLS E-Services Ltd on Monday mobilised Rs 126 crore from anchor investors.

The company is a leading technology-enabled digital service provider, offering business correspondent services to major banks in India, assisted e-services; and e-governance services at grass-root levels in the country. BLS E-Services is a subsidiary of BLS International Services Ltd, which offers visa and consular services.

The company proposes to utilise net proceeds from the fresh issue to strengthen its technology infrastructure to develop new capabilities and consolidate its existing platforms, among others. The money will also be used to fund initiatives for organic growth by setting up BLS Stores, achieve inorganic growth through acquisitions and for general corporate purposes.

Unistone Capital was the manager to the offer.