BLS E-Services mobilises Rs 13.75 crore in pre-IPO placement, reduces fresh issue size

BLS E-Services raises Rs 13.75 crore in pre-IPO placement

BLS E-Services, the subsidiary of BLS International Services, has raised Rs 13.75 crore in pre-IPO placement ahead of the filing of red herring prospectus with the ROC.

Total 17 investors picked 11 lakh equity shares of the company, including Satnam Singh Takkar, Sandeep Srivastava, Vijay Kumar Agarwal, Rajya Vardhan Sonthalia, Shaurya Vardhan Sonthalia, and Tarun Chandmal Jain.

"...company, in consultation with book running lead managers has undertaken a further issue of equity shares via private placement of 11 lakh equity shares for cash at a price of Rs 125 per share, aggregating to Rs 13.75 crore (pre-IPO placement), BLS E-Services said in a notice to investors.

The date of allotment for 11 lakh shares was January 4.

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Accordingly, the size of fresh issue set out in the DRHP has been reduced by 11 lakh equity shares pursuant to the pre-IPO placement. The revised fresh issue size is of up to 2,30,30,000 equity shares, BLS said.

The digital service provider had filed the preliminary papers for fund raising via initial public offering in August 2023. The IPO comprises only a fresh issue of 2.41 crore equity shares by the company.

If one assumes the issue price at Rs 125 per share, at which the company has done its pre-IPO placement, then the IPO size can be Rs 301.62 crore.

The company has already received green signal from the SEBI, on December 12, 2023, to go ahead with IPO plans.

BLS that provides business correspondents services to major banks in India, assisted E-services; and E-governance services at grass root levels in India will spend Rs 97.6 crore for strengthening technology infrastructure to develop new capabilities and consolidating existing platforms, and Rs 74.78 crore for organic growth by setting up of BLS Stores.

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Further, it will use Rs 28.71 crore for achieving inorganic growth through acquisitions, and the remaining net issue proceeds will be set aside for general corporate purposes.

Unistone Capital is the merchant banker to the issue.