BLS E-Services IPO: Issue subscribed 162 times, HNI portion booked 300x on final day

BLS E-Services IPO: Ahead of the issue, the company raised Rs 126 crore from anchor investors on January 29

BLS E-Services IPO was subscribed 162.47 times on February 1, the final day of bidding. Retail investors bid 237 times, high net-worth individuals (HNI) picked 300.14 times and qualified institutional buyers (QIB) bought 123.3 times of the allotted quota.

Through the public offer, BLS E-Services raised Rs 310.91 crore. The price band was fixed at Rs 129-135 per share. The IPO was entirely a fresh issue of 2.3 crore shares. BLS International Services, Diwakar Aggarwal and Shikhar Aggarwal are the promoters of the company.

Also Read: BLS E-Services IPO: 10 things to know  about the Rs 310-cr issue

Ahead of the issue, the company raised Rs 126 crore from anchor investors on January 29. Sixteenth Street Asian Gems Fund, Saint Capital Fund, Silver Stride India Global Fund, Aries Opportunities Fund and Aidos India Fund are among the anchor investors that have been allotted shares.

The net proceeds from the fresh issue worth Rs 97.58 crore will be used for strengthening technology infrastructure to develop new capabilities and consolidating existing platforms and Rs 74.78 crore for funding initiatives for organic growth by setting up BLS stores. The company will also use Rs 28.71 crore to achieve inorganic growth through acquisitions. The remaining funds will be used for general corporate purposes.

Also Read: BLS E-Services IPO: Should you subscribe to the Rs 310-crore issue?

The book-running lead manager of the IPO was Unistone Capital while Kfin Technologies was the registrar.

BLS-E Services is a digital service provider that offers business correspondence services to major banks in India, assisted e-services and e-governance services at the grassroots level in India. The company’s merchants are organised into two categories: BLS touchpoints and BLS stores.

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