IPO Alert - BLS e-Services

IPO of BLS E-Services subscribed 27.7 times so far; retail portion booked 90 times

On the second day of the bidding process, investors continued to respond favorably to BLS E-Services' initial public offering (IPO), with the majority of these investors being non-institutional and retail. On the first day of the auction, which began on Tuesday, January 30, the issue was booked almost sixteen times.

BLS E-Services, a company situated in New Delhi, is offering its shares for sale in a price range of Rs 129-135 per share, with lots of 108 shares and their multiples after that. The total issuance consists of a new offering of up to 23,0,30,000 equity shares. Through an IPO, the company hopes to raise a total of Rs 310.93 crore.

BLS-E Services is a digital service provider that was founded in April 2016 that provides aided E-Services, E-Governance services at the grassroots level in India, and business correspondence services to major banks in the country. These are the three main service categories it offers across the nation.

Brokerage businesses are largely in favor of the issue, pointing to its solid financial performance, asset-light business model, extensive network within the pan-Indian market, and service industry background. However, the IPO's main disadvantages include high valuations and escalating competition.

05th Feb 2024, Current GMP: 150+

The issue is expected to be listed on stock exchange at price of 300 approximately on 06th Feb 2023.

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