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Business News/ Markets / Ipo/  BLS E-Services IPO: Check latest GMP, other issue details ahead of opening

BLS E-Services IPO: Check latest GMP, other issue details ahead of opening

  • BLS E-Services Limited IPO to be open for subscription from January 30 to February 01, with a price band of 129 to 135 per equity share. BLS E-Services IPO GMP (grey market premium) is +142, indicating a strong listing.

BLS E-Services IPO date of subscription is scheduled for Tuesday, January 30, and will close on Thursday, February 01.

BLS E-Services Limited IPO: BLS E-Services IPO date of subscription is scheduled for Tuesday, January 30, and will close on Thursday, February 01. The allocation to anchor investors for the BLS E-Services IPO is scheduled to take place on Monday, January 29. The BLS E-Services Limited IPO price band has been fixed in the range of 129 to 135 per equity share of the face value of 10. BLS E-Services IPO lot size is 108 equity shares and in multiples of 108 equity shares thereafter.

BLS E-Services Limited IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors. A discount of 7 per equity share is being offered to BLS International shareholders reservation portion.

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BLS-E Services Limited is a digital service provider that provides Assisted E-Services, E-Governance Services at the grassroots level in India, and Business Correspondence services to major banks in the country. Business correspondent services, assisted e-services, and e-government services are the three areas of focus.

Also Read: BLS E-Services Limited IPO: Price band set at 129-135 per share; check GMP, key dates, issue details, more

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The revenue from operations for the six months ended September 30, 2023, for the Fiscals 2023, 2022, and 2021 was 15,617.88 lakhs, 24,306.07 lakhs, 9,669.82 lakhs, and 6,448.72 lakhs, respectively, according to the company's red herring prospectus (RHP). The company said that this was mostly caused by an expansion of the services it offered through BCs and BLS Touchpoints.

As of September 30, 2023, the company operated BLS Touchpoints in more than majority districts in India. As of September 30, 2023, and during the course of the previous three fiscal years, 96,162 new merchants have joined the network. The company's goal is to establish itself as the "Go to Market Platform" for a number of industry verticals, including digital platforms and finance.

The company's listed peer is EMudhra Ltd with a P/E of 56.27.

Let's check what does BLS E-Services IPO GMP today signal ahead of opening for subscription;

BLS E-Services IPO GMP, or grey market premium, is +142, similar to the previous session. So far, the GMP has been rising. This indicates BLS E-Services share price were trading at a premium of 142 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of BLS E-Services share price was indicated at 277 apiece, which is 105.19% higher than the IPO price of 135.

Based on the last four sessions of grey market activity, today IPO GMP points upward and expects a strong listing, as per analysts at investorgain.com. The lowest GMP is 60, while the highest GMP is 142. On Tuesday, the GMP was 60, and it rose to 110 in Wednesday's session.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: EPACK Durable IPO allotment finalised; GMP drops, steps to check EPACK IPO allotment status

BLS E-Services IPO details

BLS E-Services IPO solely comprises of fresh issue of 2,30,30,000 crore equity shares by the subsidiary of the listed business BLS International Services. There is no offer-for-sale component to the BLS E-Services IPO.

In consultation with the book running lead manager (BRLM), BLS E-Services IPO conducted a pre-IPO placement through a private placement of 11,00,000 equity shares for cash at a price of 125 per equity share, totalling 1,375 lakhs. The size of the fresh-issue of equity shares has been reduced to 2,30,30,000 equity shares.

The company intends to use the net proceeds to finance the establishment of BLS Stores as a means of promoting organic growth, the acquisition of businesses to achieve inorganic growth, general corporate purposes, and strengthening the technology infrastructure to develop new capabilities and consolidate the current platforms.

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

Also Read: BLS E-Services raises 13.75 crore in pre-IPO phase. Revises issue size of upcoming IPO

BLS E-Services IPO key dates

Tentatively, BLS E-Services IPO basis of allotment of shares will be finalised on Friday, February 2, and the company will initiate refunds on Monday, February 5, while the shares will be credited to the demat account of allottees on the same day following refund. BLS E-Services share price is likely to be listed on BSE and NSE on Tuesday, February 6.

BLS E-Services IPO Review

“BLS E-Services 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 annualised 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," said Dilip Davda, the contributing editor at Chittorgarh.

Also Read: Popular Vehicles and Services receives final approval from SEBI to raise funds via IPO

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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