Bookbuilding IPO | ₹309 Cr | Listed at BSE, NSE | Tue, Jan 30, 2024 - Thu, Feb 1, 2024
BLS E-Services IPO is a book build issue of ₹309.29 crores. The issue is entirely a fresh issue of 2.30 crore shares of ₹309.29 crore.
BLS E-Services IPO bidding started from Jan 30, 2024 and ended on Feb 1, 2024. The allotment for BLS E-Services IPO was finalized on Feb 2, 2024. The shares got listed on BSE, NSE on Feb 6, 2024.
BLS E-Services IPO price band is set at ₹135 per share. The lot size for an application is 108. The minimum amount of investment required by an retail is ₹14,580 (108 shares) (based on upper price). The lot size investment for sNII is 14 lots (1,512 shares), amounting to ₹2,04,120, and for bNII, it is 69 lots (7,452 shares), amounting to ₹10,06,020.
Unistone Capital Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to BLS E-Services IPO RHP for detailed Information.
IPO Open
Tue, Jan 30, 2024
IPO Close
Thu, Feb 1, 2024
Issue Price
₹135 per share
Market Cap (Pre-IPO)
₹1,226.56 Cr
| IPO Date | 30 Jan to 1 Feb, 2024 |
| Listed on | Tue, Feb 6, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹129 to ₹135 |
| Issue Price | ₹135 per share |
| Lot Size | 108 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,30,30,000 shares (agg. up to ₹309 Cr) |
| Fresh Issue | 2,30,30,000 shares (agg. up to ₹309 Cr) |
| Share Holding Pre Issue | 6,67,26,485 shares |
| Share Holding Post Issue | 8,97,56,485 shares |
| BSE Script Code / NSE Symbol | 544107 / BLSE |
| ISIN | INE0NLT01010 |
BLS E-Services IPO offers total 2,30,30,000 shares. Out of which 1,55,45,250 (67.50%) allocated to QIB, 62,18,154 (27.00%) allocated to QIB (Ex- Anchor), 31,09,050 (13.50%) allocated to NII 20,72,700 (9.00%) allocated to RII and 93,27,096 (40.50%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 1,55,45,250 (67.50%) | NA |
| − Anchor Investor Shares Offered | 93,27,096 (40.50%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 62,18,154 (27.00%) | NA |
| NII (HNI) Shares Offered | 31,09,050 (13.50%) | NA |
| − bNII > ₹10L | 20,72,700 (9.00%) | 1,370 |
| − sNII < ₹10L | 10,36,350 (4.50%) | 685 |
| Retail Shares Offered | 20,72,700 (9.00%) | 19,191 |
| Shareholders Shares Offered | 23,03,000 (10.00%) | NA |
| Total Shares Offered | 2,30,30,000 (100.00%) |
Investors can bid for a minimum of 108 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 108 | ₹14,580 |
| Retail (Max) | 13 | 1,404 | ₹1,89,540 |
| S-HNI (Min) | 14 | 1,512 | ₹2,04,120 |
| S-HNI (Max) | 68 | 7,344 | ₹9,91,440 |
| B-HNI (Min) | 69 | 7,452 | ₹10,06,020 |
BLS E-Services IPO raises ₹125.92 crore from anchor investors. BLS E-Services IPO Anchor bid date is January 29, 2024.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Jan 29, 2024 |
| Shares Offered | 93,27,096 |
| Anchor Portion (₹ Cr.) | 125.92 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sun, Mar 3, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | Thu, May 2, 2024 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only shareholder | Up to Rs 2 Lakhs | Yes |
| Shareholder + RII/NII |
|
Yes for shareholder/RII |
Note: To be eligible for the Shareholder Quota, you must hold shares in one of the following companies:
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.
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 213.77 | 179.47 | 55.93 | 40.59 |
| Total Income | 158.05 | 246.29 | 98.40 | 65.23 |
| Profit After Tax | 14.68 | 20.33 | 5.38 | 3.15 |
| NET Worth | 120.37 | 106.94 | 15.07 | 9.68 |
| Total Borrowing | 0.00 | 0.00 | 8.76 | 11.02 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Strengthening the technology infrastructure to develop new capabilities and consolidating the existing platforms | 97.59 |
| 2 | Funding initiatives for organic growth by setting up of BLS Stores | 74.78 |
| 3 | Achieving inorganic growth through acquisitions | 28.71 |
| 4 | General Corporate Purpose | 76.66 |
| Total | 277.75 |
| KPI | |
|---|---|
| ROE | 33.33% |
| ROCE | 30.62% |
| Debt/Equity | 0.05 |
| RoNW | 16.46% |
| PAT Margin | 8.36% |
| Price to Book Value | 7.20 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 3.05 | 2.24 |
| P/E (x) | 44.31 | 60.33 |
| Promoter Holding | 93.80% | 68.90% |
| Market Cap | ₹1,226.56 Cr. |
The BLS E-Services IPO is subscribed 162.38 times on February 1, 2024 7:02:00 PM (Day 3). The public issue subscribed 236.53 times in the retail category, 123.3 times in the QIB category, and 300.05 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 123.3 | 62,18,154 | 76,67,13,708 |
| NII | 300.05 | 31,09,050 | 93,28,55,940 |
| bNII (bids above ₹10L) | 305.27 | 20,72,700 | 63,27,42,192 |
| sNII (bids below ₹10L) | 289.59 | 10,36,350 | 30,01,13,748 |
| Retail | 236.53 | 20,72,700 | 49,02,54,120 |
| Others | 15.3 | 23,03,000 | 3,52,83,240 |
| Total | 162.38 | 1,37,02,904 | 2,22,50,62,008 |
Total Application : 39,61,160
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.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLM fees and commissions (including any underwriting commission, brokerage and selling commission) | 22.38 |
| 2 | Commission/processing fee for SCSBs, Sponsor Bank(s), Bankers to the Issue, underwriting commission and selling commission and bidding charges for members of the Syndicate, Registered Brokers, RTAs and CDPs. | 3.72 |
| 3 | Listing, SEBI filing fees, upload | 1.26 |
| 4 | BSE and NSE processing fees, book building software fees and other regulatory expenses | |
| 5 | Printing and stationery | 0.88 |
| 6 | Fee payable to legal counsel | 1.05 |
| 7 | Advertising and marketing | 1.06 |
| 8 | Miscellaneous | 1.06 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹135.00 | ₹135.00 |
| Open | ₹309.00 | ₹305.00 |
| Low | ₹302.75 | ₹303.10 |
| High | ₹370.75 | ₹366.00 |
| Last Trade | ₹370.75 | ₹366.00 |
Lead Manager Reports
BLS E-Services IPO is a main-board IPO of 2,30,30,000 equity shares of the face value of ₹10 aggregating up to ₹309 Crores. The issue is priced at ₹135 per share. The minimum order quantity is 108.
The IPO opens on Tue, Jan 30, 2024, and closes on Thu, Feb 1, 2024.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in BLS E-Services IPO using UPI as a payment gateway. Zerodha customers can apply in BLS E-Services IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in BLS E-Services IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The BLS E-Services IPO opens on Tue, Jan 30, 2024 and closes on Thu, Feb 1, 2024.
BLS E-Services IPO lot size is 108, and the minimum amount required for application is ₹14,580.
You can apply in BLS E-Services IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for BLS E-Services IPO will be done on Friday, February 2, 2024, and the allotted shares will be credited to your demat account by Mon, Feb 5, 2024. Check the BLS E-Services IPO allotment status.
The BLS E-Services IPO listing date is on Tue, Feb 6, 2024.
