BLS E-Services IPO is a book built issue of Rs 310.91 crores. The issue is entirely a fresh issue of 2.3 crore shares.

BLS E-Services IPO bidding started from January 30, 2024 and ended on February 1, 2024. The allotment for the BLS E-Services IPO is expected to be finalized on Friday, February 2, 2024. BLS E-Services IPO will list on BSE, NSE with tentative listing date fixed as Tuesday, February 6, 2024.

 

BLS E-Services IPO price band is set at ₹129 to ₹135 per share. The minimum lot size for an application is 108 Shares. The minimum amount of investment required by retail investors is ₹14,580. The minimum lot size investment for sNII is 14 lots (1,512 shares), amounting to ₹204,120, and for bNII, it is 69 lots (7,452 shares), amounting to ₹1,006,020.

Unistone Capital Pvt Ltd is the book running lead manager of the BLS E-Services IPO, while Kfin Technologies Limited is the registrar for the issue.

Refer to BLS E-Services IPO RHP for detailed information.

BLS E-Services IPO Details

IPO DateJanuary 30, 2024 to February 1, 2024
Listing Date[.]
Face Value₹10 per share
Price Band₹129 to ₹135 per share
Lot Size108 Shares
Total Issue Size23,030,000 shares
(aggregating up to ₹310.91 Cr)
Fresh Issue23,030,000 shares
(aggregating up to ₹310.91 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE
Share holding pre issue66,726,485
Share holding post issue89,756,485

BLS E-Services IPO Reservation

BLS E-Services IPO offers 23,030,000 shares. 6,218,154 (27.00%) to QIB, 3,109,050 (13.50%) to NII, 2,072,700 (9.00%) to RII and 9,327,096 (40.50%) to Anchor investors. 19,191 RIIs will receive minimum 108 shares and 685 (sNII) and 1,370 (bNII) will receive minimum 1,512 shares. (in case of oversubscription)

Investor CategoryShares OfferedMaximum Allottees 
Anchor Investor Shares Offered9,327,096 (40.50%)NA
QIB Shares Offered6,218,154 (27.00%)NA
NII (HNI) Shares Offered3,109,050 (13.50%)
  bNII > ₹10L2,072,700 (9.00%)1,370
  sNII < ₹10L1,036,350 (4.50%)685
Retail Shares Offered2,072,700 (9.00%)19,191
Other Shares Offered2,303,000 (10.00%)NA
Total Shares Offered23,030,000 (100%)

BLS E-Services IPO Anchor Investors Details

BLS E-Services IPO raises Rs 125.92 crore from anchor investors. BLS E-Services IPO Anchor bid date is January 29, 2024. BLS E-Services IPO Anchor Investors list

Bid DateJanuary 29, 2024
Shares Offered9,327,096
Anchor Portion Size (In Cr.)125.92
Anchor lock-in period end date for 50% shares (30 Days)March 18, 2024
Anchor lock-in period end date for remaining shares (90 Days)June 18, 2024

BLS E-Services IPO Timeline (Tentative Schedule)

BLS E-Services IPO opens on January 30, 2024, and closes on February 1, 2024.

IPO Open DateTuesday, January 30, 2024
IPO Close DateThursday, February 1, 2024
Basis of AllotmentFriday, February 2, 2024
Initiation of RefundsMonday, February 5, 2024
Credit of Shares to DematMonday, February 5, 2024
Listing DateTuesday, February 6, 2024
Cut-off time for UPI mandate confirmation5 PM on February 1, 2024

BLS E-Services IPO Lot Size

Investors can bid for a minimum of 108 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (Min)1108₹14,580
Retail (Max)131404₹189,540
S-HNI (Min)141,512₹204,120
S-HNI (Max)687,344₹991,440
B-HNI (Min)697,452₹1,006,020

BLS E-Services IPO Promoter Holding

The promoter of the company is BLS International Services Limited

Share Holding Pre Issue93.80%
Share Holding Post Issue68.90%

About BLS E-Services Limited

Incorporated in April 2016, BLS-E Services Limited 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 service offerings can be categorized into three parts (i) Business Correspondents Services; (ii) Assisted E-services; and (iii) E-Governance Services.

The company being a subsidiary of BLS International Services Limited provides visa, passport, consular, and other citizen services to state and provincial governments across Asia, Africa, Europe, South America, North America, and the Middle East through its technology-enabled platform. It is the only listed company engaged in this domain in India.

By 31st March 2023, the merchant network had grown to 92,427 in order to serve the underserved and unserved populations in hard-to-reach areas.

The revenue from operations in Fiscal years 2021, 2022 and 2023 were ₹6,448.72 lakhs, ₹9,669.82 lakhs and ₹24,306.07 lakhs, respectively.

As of June 30, 2023, the company has a total of 3,071 employees, including 2,413 contract employees.

BLS E-Services Limited Financial Information (Restated Consolidated)

BLS E-Services Limited’s revenue increased by 150.31% and profit after tax (PAT) rose by 277.94% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended30 Sep 202331 Mar 202331 Mar 202231 Mar 2021
Assets213.77179.4755.9340.59
Revenue158.05246.2998.4065.23
Profit After Tax14.6820.335.383.15
Net Worth120.37106.9415.079.68
Total Borrowing0.000.008.7611.02
Amount in ₹ Crore

Key Performance Indicator

The market capitalization of BLS E-Services IPO is Rs 1226.56 Cr.

KPIValues
ROE33.33%
ROCE30.62%
Debt/Equity0.05
RoNW16.46%
P/BV7.2
Pre IPOPost IPO
EPS (Rs) 3.052.24
P/E (x) 44.3160.33

Note:

  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2023 that is available in RHP.

Objects of the Issue (BLS E-Services IPO Objectives)

The company proposes to utilise the Net Proceeds towards funding the following objects:

  1. Strengthening the technology infrastructure to develop new capabilities and consolidating the existing platforms;
  2. Funding initiatives for organic growth by setting up of BLS Stores;
  3. Achieving inorganic growth through acquisitions; and
  4. General Corporate Purposes

BLS E-Services IPO Review (Apply)

[Dilip Davda]  BEL is a one-point technology enabled digital service provider and providing almost all related services under one roof. Considering “Digital India” move by the government, this company has very bright prospects going forward. Based on annualized FY24 earnings, though the issue appears fully priced, it has bright prospects ahead with major infra in place. Investors may park funds for the medium to long term rewards. 


BLS E-Services IPO Subscription Status (Bidding Detail)

The BLS E-Services IPO is subscribed 162.38 times on February 1, 2024 7:02:00 PM. The public issue subscribed 236.53 times in the retail category, 123.30 times in the QIB category, and 300.05 times in the NII category. 

CategorySubscription (times)
QIB123.30
NII300.05
    bNII (bids above ₹10L)305.27
    sNII (bids below ₹10L)289.59
Retail236.53
Others15.30
Total162.38

Total Application : 3,961,160 (206.41 times)

BLS E-Services Shareholders Reservation in BLS E-Services IPO

Investors holding shares of BLS E-Services as of January 23, 2024 (the date of filing of the RHP with SEBI) are eligible to apply in the shareholder category of the BLS E-Services IPO. BLS International shareholders reservation portion of up to 23,03,000 Equity Shares available for allocation to BLS International Shareholders, on a proportionate basis. As per the RHP:

1. BLS E-Services shareholders holding more than and up to Rs 2 Lakh are eligible to apply for the SH category.

2. BLS E-Services shareholders (bidding up to Rs 2 lakhs) are also eligible to apply in the Retail Category.

3. Maximum Subscription Amount for Retail Investor & BLS International Shareholders Category is Rs. 2,00,000.

4. If you are a shareholder of BLS International as of January 23, 2024, you can apply under the BLS shareholder category up to Rs. 2,00,000.

5. To clarify, you can apply in the retail category up to Rs 2 lakhs and also in the BLS shareholder category up to Rs 2 lakhs. Similarly, you can apply in the S-HNI category over Rs 2 lakhs and also in the BLS International Reservation up to Rs 2 lakhs. You can apply either in the Retail category along with the BLS shareholder category or the SHNI category along with the BLS shareholder category.

6. Applicants in the BLS E-Services Shareholders Reservation Portion who bid up to Rs 200,000 are allowed to bid at the Cut-off Price.

Note: In the BLS International Shareholder Reservation, there is an upfront discount of Rs 7 and bids of 14 lots are allowed at the upper limit. However, due to lack of clarification to the bankers, many banks are not allowing 14 lots under this category.

BLS E-Services IPO Prospectus

    BLS E-Services Limited Contact Details

    BLS E-Services Limited
    G-4B-1, Extension, Mohan Co-operative
    Indl. Estate Mathura Road,
    South Delhi, New Delhi – 110044, India
    Phone: +91-11- 45795002
    Email: [email protected]
    Website: https://www.blseservices.com/

    BLS E-Services IPO Registrar

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