Shares of BLS E-Services will be listed today. The IPO, which received an overwhelming response from all categories of investors, has been priced at ₹135, at the upper end of the price band ₹129-135.
The company raised ₹311 crore through the issue.
If one goes by grey market premium, the stock is to list at a premium of over 110 per cent.
BLS E-Services’ issue was subscribed over 160 times, thanks to the strong interest shown by all categories of investors, including the shareholders of BLS International. The NII portion of the issue was subscribed the most at 300 times, followed by retail investors at 236 times, and the QIB part at 123 times.
The company had also reserved 23 lakh shares for existing shareholders of BLS International, who will get a discount of ₹7 to the final issue price.
As part of the IPO exercise, BLS E-Services had raised ₹126 crore from anchor investors by allotting 93.27 lakh shares to 10 funds at ₹135 apiece. The marquee investors included Sixteenth Street Asian Gems Fund, Saint Capital Fund, Silver Stride India Global Fund, Aries Opportunities Fund, and Aidos India Fund.
The company proposes to use the proceeds to strengthen its technology infrastructure, 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, achieving inorganic growth through acquisitions, and for general corporate purposes.
BLS E-Services is a technology-enabled digital service provider, providing Business Correspondent services to major banks in India, Assisted E-services, and E-Governance Services at the grassroots level in India.
Through their network, the company provides access points for delivery of essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural and banking services for governments (G2C) and businesses (B2B) alike, in addition to a host of B2C services to citizens in urban, semi-urban, rural and remote areas