BLS E-Services files DRHP with SEBI for the proposed IPO; Key Details here

BLS E-Services is into Technology Digital Service Provider and is looking raise funds through Fresh Issue

BLS E-Services to raise Fresh Issue of up to 2,41,30,000 Equity Shares through public issue IPO

BLS E-Services IPO: BLS E Services Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 10 per share via initial public offering.

Initial Public Offer comprising of a Fresh Issue of up to 2,41,30,000 Equity Shares. Unistone Capital have been appointed as lead merchant bankers for the proposed IPO. It has appointed KFin Technologies Ltd. as Registrar and Share transfer Agent. Company is yet to finalize issue size and some other important details relating to the IPO.

Details about upcoming IPO: As per the details available in DRHP, fundraising will consist of Fresh Issue of up to 2,41,30,000 Equity Shares. Objects of the issue is 1) Net proceeds will be utilized to 1) Strengthening our technology infrastructure to develop new capabilities and consolidating our existing platforms amounting to Rs. 97.59 Crores, 2) Funding initiatives for organic growth by setting up of BLS Stores amounting to Rs. 74.78 crores., 3) Achieving inorganic growth through acquisitions envisaged Rs. 28.71 crores., 4) General Corporate Purpose.

About Company:
Promoted by BLS International, BLS E-Services is established in 2016 and is technology enabled digital service provider. Company is providing (i) Business Correspondents services to major banks in India, (ii) Assisted E-services; and(iii) E-Governance Servicesat grass root levels in India. Company provide access points for delivery of essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural and banking services to governments (G2C) and businesses (B2B) alike apart from a host of B2C services to citizens in urban, semi-urban, rural and remote areas.

About Industry:
In India, technology has significantly improved the accessibility and affordability of financial services that were previously inaccessible to the unbanked or underbanked masses. Total digital payments in India have witnessed significant growth over the past few years. Between FY18-23, the volume of digital payment transactions has increased from 14.6 billion to 113.9 billion, causing its share in overall payment transactions to increase from 59% in FY18 to 99% in FY23.

Source: SEBI, BSE, NSE, DRHP, Company, Industry Data

Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.