BLS E-Services Secures Rs 126 Crore in Pre-IPO Anchor Investment

30 Jan 2024 , 09:35 AM

In a strategic move, BLS E-Services successfully raised Rs 126 crore from anchor investors on January 29, a day prior to its much-anticipated initial public offering (IPO). The company, outlined in a circular available on the BSE website, allocated 93.27 lakh equity shares to 10 prominent funds at Rs 135 per share, marking the upper limit of the stipulated price band.

Notable investors among the anchor participants include Sixteenth Street Asian Gems Fund, Saint Capital Fund, Silver Stride India Global Fund, Aries Opportunities Fund, and Aidos India Fund. The anchor investment phase underscores the confidence these funds have in BLS E-Services’ potential and market prospects.

The IPO comprises an exclusive fresh issue, involving 2.3 crore equity shares, emphasizing the company’s commitment to expansion and development. With a public subscription window set to open on January 30 and close on February 1, the IPO presents an attractive investment opportunity for the public.

The IPO’s price band is established between Rs 129 and Rs 135 per share, indicating a potential mobilization of Rs 311 crore at the upper end. The net proceeds from this fresh issue are earmarked for pivotal initiatives, including reinforcing technological infrastructure, enhancing capabilities, and streamlining existing platforms. Additionally, the funds will be channeled towards organic growth endeavors, such as the establishment of BLS Stores, facilitating inorganic growth through strategic acquisitions, and catering to general corporate requirements.