BLS E-Services IPO gets oversubscribed

New Delhi: The Initial Public Offer (IPO) of BLS E-Services got subscribed 42.74 times on the second day of subscription on Wednesday. The IPO received bids for 58,56,83,352 shares against 1,37,02,904 shares on offer, as per data available with the NSE. The category for Retail Individual Investors (RIIs) attracted 125.26 times subscription, while the non-institutional investors part got subscribed 94.05 times and the portion for Qualified Institutional Buyers (QIBs) fetched 2.68 times subscription.

The initial public offering of BLS E-Services Ltd was fully subscribed within minutes of opening for bidding on Tuesday. The company’s IPO has a fresh issue of up to 2,30,30,000 equity shares. Its price range is Rs129-135 a share. BLS E-Services Ltd on Monday mobilised Rs126 crore from anchor investors. The company is a leading technology-enabled digital service provider, offering business correspondent services to major banks in India, assisted e-services; and e-governance services at grass-root levels in the country.

BLS E-Services is a subsidiary of BLS International Services Ltd, which offers visa and consular services. The company proposes to utilise net proceeds from the fresh issue to strengthen its technology infrastructure to develop new capabilities and consolidate its existing platforms, among others. The money will also be used to fund initiatives for organic growth by setting up BLS Stores, achieve inorganic growth through acquisitions and for general corporate purposes.