BLS E-Services locked in upper circuit at Rs 371, jumps 175% over issue price

The New Delhi-based business correspondence services provider has raised Rs 310.91 crore through its maiden public issue

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26 Aug, 2025 12:21

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BLS E-Services shares attracted a lot of interest from investors on its debut on February 6, freezing at the upper circuit following a significant rally in technology stocks and robust subscription numbers of its IPO.

The stock opened at Rs 305, up 126 percent, over the issue price of Rs 135 on the NSE and gained more strength as the day progressed. In the last one-and-half-hour of trade, the stock was locked at Rs 366 till the closing, climbing 171.11 percent over the offer price and up 20 percent over the opening price with a volume of 4.99 crore equity shares.

On BSE, the subsidiary of BLS International Services, settled at Rs 370.75, up 174.63 percent over the issue price and rising 20 percent over the opening price of Rs 309 with volume of 58.31 lakh equity shares.

BLS E-Services shares recorded the biggest single-day gains on listing day on a closing basis among the IPOs listed since November 2021. Sigachi Industries recorded a 270 percent rally on November 15, 2021.

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Meanwhile, the Nifty IT index surged nearly 3 percent to 38,246.30, the highest closing level since January 17, 2022, while the benchmark index Nifty50 climbed 158 points or 0.7 percent to 21,929 levels.

The New Delhi-based business correspondence services provider has raised Rs 310.91 crore through its maiden public issue, which was subscribed 162.47 times during January 30-February 1.

The price band for the IPO launched by the digital service provider was Rs 129-135 per share.

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BLS E-Services has an asset-light business model with multiple cross-selling and up-selling opportunities, network effect, and wide reach for customer acquisition along with the strong parentage of its corporate promoter BLS International Services.

It reported strong financial performance in the past. Revenue from operations grew at a CAGR of 56 percent during FY21-FY23, reaching Rs 243.1 crore in FY23, while net profit stood at Rs 20.3 crore in FY23 and increased at a CAGR of 86 percent during the same period.