BLS E-Services is into Technology Digital Service Provider and is looking raise funds through Fresh Issue
BLS E-Services IPO is a public offering of shares by BLS International Services Limited. The IPO will open on January 30 and will close on February 01. The price band is ₹129 to ₹135 per share and the lot size is 108 shares. The issue size is ₹310.91 crore. The shares are expected to be listed on NSE, BSE on February 06 (^). Some additional information that you may find useful are: : (**) - based on higher price band (^) indicative date
Also READ: BLS E-Services files DRHP with SEBI for the proposed IPO; Key Details here
Key Pointers of BLS E-Services IPO:
Promoters of the company are BLS International Services Limited Currently promoters hold 92.28% stake in the company. While post-equity promoters stake will be 68.89%
Company has undertaken pre-IPO placement by the way of Private Placement of Equity Shares and alloted 1,100,000 shares at a price of Rs 125per share. Total value of Pre-IPO placement is Rs. 13.8 crores issued to Private placement of 11,00,000 Equity Shares for cash at a price of ₹125 per Equity Share aggregating to ₹1,375.00 lakhs.
- Company aims to raise between Rs 297 to 311 crs through this IPO.
- The net proceeds of the issue will be utilized to 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
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 29-Jan-24.
- Price band for the IPO has been fixed at Rs 129 to 135 per share and bid lot are in multiple of 108 shares. The implied market cap post-issue at Rs 1,172 to 1,227 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on February 02 and share are expected to be listed on NSE, BSE on February 06.
- Company has direct competition in the Digital services space with EMudhra Limited
- Unistone Capital has been appointed as Merchant Banker to the issue. KFin Technologies Ltd. has been appointed as official registrar of the issue.
About BLS E Services Limited
BLS E Services LimitedPromoted 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, IPO Status, Industry Data |
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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.
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