BLS E-Services IPO: The initial public offering (IPO) of BLS E-Services Limited has hit the primary market today. Bidding for the BLS E-Services IPO will remain open till 1st February 2024. The digital service provider company has fixed the BLS E-Services IPO price band at ₹129 to ₹135 per equity share. The company aims to raise ₹310.91 crore from its public offer and the book build issue is proposed for listing on BSE and NSE.
Meanwhile, on the BLS E-Services IPO subscription opening date, shares of the company are available for trade in the grey market. As per the stock market observers, BLS E-Services share price is quoting at a premium of ₹146 in the grey market today. This means the grey market is expecting a multibagger return from this public issue.
The book build issue was fully subscribed within an hour of its opening. As per the BLS E-Services IPO subscription status available on the BSE website, by 12:21 PM on day one of bidding, the book build issue has been subscribed 4.82 times while its retail portion got subscribed 16.63 times. The NII portion of the public offer got subscribed 5.51 times whereas is QIB portion has been booked 2.04 times.
2] BLS E-Services IPO price: The company has fixed the price band of this public issue at ₹129 to ₹135 per equity share.
3] BLS E-Services IPO date: The book build issue has opened today and will end on 1st February 2024.
4] BLS E-Services IPO size: The company aims to raise ₹310.91 crore via the issuance of fresh shares.
5] BLS E-Services IPO lot size: A bidder will be able to apply in lots and one lot of the book build issue will comprise 108 company shares.
6] BLS E-Services IPO allotment date: Finalisation of share allocation is most likely on 2nd February 2024 i.e. on Friday next week.
7] BLS E-Services IPO registrar: KFin Technologies Limited has been appointed as the official registrar of the book build issue.
8] BLS E-Services IPO listing: The public offer is proposed for listing on BSE and NSE.
9] BLS E-Services IPO listing date: In the wake of the T+3 listing rule, the public issue is most likely to hit the secondary market on 6th February 2024.
10] BLS E-Services IPO review: Giving 'subscribe' tag to the book build issue, Anand Rathi said, "BLS E-Services Ltd has an asset light business model with multiple cross-selling and up-selling opportunities, network effect and wide reach for customer acquisition and a business model with diverse sources of revenue and negligible customer acquisition and retention costs along with experienced senior management, skilled employees, and strong parentage of our Corporate Promoter “BLS International Services Limited. At the upper price band company is valuing at a P/E of 60.0x, with a market cap of ₹12,265 million post-issue of equity shares and a return on capital employed of 30.62%. We believe that valuations of the company are fairly priced, hence we recommend a ‘SUBSCRIBE- Long term’ rating to the IPO."
BP Equities has also given a 'subscribe' tag to the public issue saying, "We believe BLSe’s top and bottom lines are attributed to its recent acquisitions, and the trends will continue with more acquisitions planned. BLS E-Services witnessed the highest revenue growth of 50.8%, with the highest EBITDA and PAT margins at an average of 33.8% and 18.2% respectively in H1FY24. Turning to valuations, the PE ratio stands at 33.1x based on the annualized FY24E EPS which appears reasonable compared to peers in the industry. Based on the positives discussed, we give the issue a “SUBSCRIBE” rating."
Canara Bank Securities, Reliance Securities, Ventura Securities, and Swastika Investmart have also given a 'subscribe' tag to this public issue.
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 decisions.
