BLS E-Service Ltd.'s initial public offering was fully subscribed within 30 minutes of opening on Tuesday.
The firm aims to raise up to Rs 310.9 crore via a fresh issue. The firm is offering 2.3 crore equity shares, excluding the pre-IPO placement in the offering.
The company has plans to utilise the net proceeds from the fresh issue to strengthen its technology infrastructure, develop new capabilities, consolidate its existing platforms, funding initiatives, acquisitions and general corporate purposes.
The price band is fixed at Rs 129–135 per share and investors can bid for minimum 108 equity shares and in multiples of 108.The three-day IPO closes on Thursday.
Of the total issue size, 75% is reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail individual investors. BLS E-Services has raised Rs 125.9 crore from anchor investors a day ahead of its IPO.
The company allotted 93.27 lakh shares at Rs 135 apiece to 10 funds. It included investors like Sixteenth Street Asian Gems Fund, Saint Capital Fund, Silver Stride India Global Fund, Aries Opportunities Fund and Aidos India Fund.
Issue Details
Issue opens: Jan. 30.
Issue closes: Feb. 1.
Total issue size: Rs 310.9 crore.
Face value: Rs 10 apiece.
Fixed price band: Rs 129–135 per share.
Minimum lot size: 108 shares.
Listing: NSE and BSE.
Business
BLS E-Services is the only listed company in India to be operating in the visa and passport services sector. It is a technology-enabled digital service provider that offers business correspondence services to major banks in India. It also offers assisted e-services and e-governance services across the country.
The company's merchants are divided into BLS touchpoints and BLS stores. Starfin India, Zero Mass and BLS Kendras are the subsidiaries of the company.
Subscription Status: Day 1
The IPO was subscribed 15.67 times as of 5 p.m. on Tuesday.
Institutional investors: 2:19 times.
Non-institutional investors: 29.70 times.
Retail investors: 49.40 times.
Reserved Portion Shareholders: 2.80 times.
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