The initial public offering (IPO) on BLS E-Services will open for bidding on Tuesday, January 30, 2024. The company has fixed the price band for its issue in the range of Rs 129-135 apiece with a lot size of 108 equity shares and its multiples thereafter. The three-day bidding for the issue will close on Thursday, February 1. BLS-E Services, incorporated in April 2016, 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. They are the three key categories of its services in the country. BLS E-Services will be looking to raise a total of 310.91 crore via its initial stake sale, which entirely includes a fresh share sale of 2,30,30,000 equity shares. The company has reserved 10 per cent shares or 23,03,000 equity shares for the shareholders of BLS International Ltd, its parent company. Anchor book for the issue will open on Monday, January 29. BLS E-Services, in consultation with the BRLM, has considered offering a discount of Rs 7 per share to the issue price to shareholders of BLS International Ltd, bidding in the BLS International shareholder reservation portion. BLS International holds more than 93 per cent stake in the company. The company 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. The merchant network of BLS E-Services had grown to 92,427 in order to serve the underserved and unserved populations in hard-to-reach areas as of March 31, 2023. The company has a total of 3,071 employees, including 2,413 contract employees as of June 30, 2023. For the period ended on September 30, 2023, BLS E-Services reported a net profit of Rs 14.68 crore with a revenue of Rs 158.05 crore. The company clocked a bottomline of Rs 20.33 crore with a revenue of Rs 246.29 crore for the financial year ended on March 31, 2023. The company has reserved 75 per cent of the net issue for the qualified institutional bidders, while 15 per cent of net offer shall be allocated towards non-institutional investors (NIIs). Remaining 10 per cent of the shares shall be reserved for the retail investors of the issue. Unistone Capital is the sole book running lead manager of the BLS E-Services IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with February 6, 2024 (Tuesday) as the tentative date of listing.
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