BLS International subsidiary gets approval to float IPO; stock jumps ~2%

27 Jun 2023 , 12:35 PM

BLS International Services’ shares rose more than 5% in early trading on Tuesday as the company sought to list its wholly-owned subsidiary on primary markets. On Monday, the company disclosed the news in a regulatory filing.

According to an exchange filing, BLS E-Services, a subsidiary of visa and immigration services firm BLS International, is planning to raise funds through an initial public offering (IPO). However, the company did not disclose the size, nature, or other details of its subsidiary’s primary stake sale.

Following the announcement of the subsidiary’s IPO, shares of BLS International Services rose more than 5% to Rs 203.45 on Tuesday. On Monday, the stock closed at Rs 193.65 per share. The company had a total market capitalization of over Rs 8,100 crore.

At around 12.26 AM, BLS International was trading 1.73% higher at Rs 197.05.

BLS International also stated that BLS E-Services would remain a subsidiary of the company following the IPO. It stated that the size of the offer, price, and other details of the proposed IPO will be determined in due course.

BLS International reported a more than two-fold increase in its consolidated net profit for the quarter ended March 31, 2023, to Rs 76.73 crore, up from Rs 35.20 crore the previous year.

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