BLS E-Services IPO to open on January 30; Here's Everything you need to know

29 Jan 2024 , 08:29 PM

BLS E-Services is poised to enter the stock market through an Initial Public Offering (IPO) valued at Rs 325.76 crores. Check the important details of BLS E-Services IPO here:

1. Subscription Timeline:
   • The subscription window for the BLS E-Services IPO is scheduled to open on January 30, 2024, and will close on February 1, 2024.
   • The allotment process is expected to be completed by Friday, February 2, 2024.
   • The tentative listing date on both BSE and NSE is set for Tuesday, February 6, 2024.
2. Allocation Breakdown:
   • Allocation of shares is divided with 75% for qualified institutional investors, 15% for non-institutional investors, and the remaining 10% for retail investors.
3. Bidding Details:
   • Investors can bid for a minimum of 108 equity shares, with increments in multiples of 108 shares at an issue price of ₹129-135 per share.
   • Retail investors can invest a minimum of Rs 14,580 for 108 shares, with a maximum investment capped at Rs 1,89,540 for 1,404 shares, adhering to the IPO’s ₹2 Lakh limit.
4. Promoter’s Contribution:
   • As part of the IPO, 23,03,000 equity shares are reserved for shareholders of promoter BLS International Services at a discounted price of Rs 7 each compared to the final issue price.
   • A pre-IPO placement of 11 lakh equity shares at ₹125 each has been executed, generating ₹13.75 Crore, resulting in an adjusted fresh issue size of 2,30,30,000 equity shares.
5. Current Ownership Structure:
   • The promoters, including BLS International, currently control 92.28% of BLS E-Services.
   • The remaining 7.72% is owned by various shareholders, with Sunabh Consultancy holding a 6.1% stake.
6. Business Profile of BLS E-Services:
   • BLS E-Services specializes in providing business correspondent services to major banks in India.
   • It also offers assisted e-services and e-governance services at grassroots levels, facilitating access points for essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural, and banking services for governments (G2C) and businesses (B2B).
7. Financial Activities and Services:
   • Through its extensive network, BLS plays a crucial role in bridging the gap in service delivery, especially in rural areas.
8. Key Players in IPO Management:
   • Unistone Capital Pvt Ltd serves as the book running lead manager for the BLS E-Services IPO.
   • Kfin Technologies Limited is appointed as the registrar for the issue.