BLS E-Services Scores Rs 13.75 Crore Pre-IPO Goal, Adjusts IPO Game Plan

8 Jan 2024 , 09:26 AM

A division of BLS International Services, BLS E-Services has raised Rs 13.75 crore prior to submitting the Red Herring Prospectus (RHP). In the pre-IPO period, a total of 17 people purchased 11 lakh shares of the company, according to the letter the company sent to investors. 

Sandeep Srivastava, Satnam Singh Takkar, Vijay Kumar Agarwal, Shaurya Vardhan Sonthalia, Rajya Vardhan Sonthalia, and Tarun Chandmal Jain are among the well-known names included in the notice published by BLS E-Services. On January 4, 2024, BLS E-Services distributed these 11 lakh shares to 17 investors.

‘In consultation with book running lead managers has undertaken a further issue of equity shares via private placement of 11 lakh equity shares for Rs 125 per share, aggregating to Rs 13.75 crore (pre-IPO placement)’ is how BLS E-Services announced the fundraising in a notice to investors.

BLS E-Services continued by saying that the public issue size specified in the Draft Red Herring Prospectus (DRHP) is anticipated to decrease following the collection of Rs 13.75 crore through the issuing of 11 lakh shares in pre-IPO placement. The planned IPO’s fresh issue size is now 2,30,30,000 fresh shares. In early documents submitted to SEBI, the business announced plans to issue an additional 2,41,30,000 shares.

The Securities and Exchange Board of India (SEBI), which oversees the capital markets, has already approved the December 2023 launch of the BLS E-Services IPO.

E-governance and banking correspondent are the businesses that BLS E-Services is involved in. Its parent firm BLS International Services’ decision to go public is anticipated to generate a sizable amount of funding for the company’s further development and expansion. This action also demonstrates the company’s proactive management.

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