Key Points for this IPO:
👉The issue is entirely a fresh issue of 2.3 crore shares amounting Rs. 310.91 crores
👉Company has no debt as on 30 Sept, 2023
👉Company has incurred profits of 3.15 cr in FY 21 and 5.38 cr in FY 22
👉Company will utilize Rs. 97.59 cr. for strengthening its technology infrastructure to develop new capabilities and consolidating existing platforms, Rs. 74.78 cr. for funding organic growth initiatives by setting up BLS stores, Rs. 28.71 cr. for achieving inorganic growth through acquisitions, and the rest for general corporate purpose.
| Issue Date | January 30, 2024 to February 1, 2024 |
| Issue Size | Rs. 310.91 crore |
| Fresh Issue | Rs. 310.91 crore |
| Price Band | Rs. 129 to 135 per share |
| Lot Size | 108 Shares |
| Face Value | ₹10 per share |
| Issue Type | Book Built Issue Type |
| Listing At | BSE, NSE |
| QIB shares offered | Not less than 75% of the net issue |
| Retail shares offered | Not less than 10% of the net issue |
| NII shares offered | Not less than 15% of the net issue |
Lot Size (Minimum)
| Retail | 108 shares | Rs. 14,580 |
| Small – HNI | 1,512 shares | Rs. 2,04,120 |
| Big – HNI | 7,452 shares | Rs. 10,06,020 |
Tentative IPO Timelines
| Basis of Allotment | 02 Feb, 2024 |
| Initiation of Refunds | 05 Feb, 2024 |
| Credit of shares to Demat | 05 Feb, 2024 |
| Listing Date | 06 Feb, 2024 |
About the Company
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.
Objects of the Issue
1. Strengthening the technology infrastructure to develop new capabilities and consolidating the existing platforms;
2. Funding initiatives for organic growth by setting up of BLS Stores;
3. Achieving inorganic growth through acquisitions; and
4. General Corporate Purposes
BLS E-Services Limited IPO Promoter Holding
The Promoter of the company is:
- BLS International Services Limited
| Pre-Issue shareholding | 93.80% |
| Post issue shareholding | NA |
Financial Summary Amount in Rs. crores
| Particulars | March 2023 | March 2022 | March 2021 |
| Revenue | 246.29 | 98.40 | 65.23 |
| Net Profit / (Loss) | 20.33 | 5.38 | 3.15 |
| Total Assets | 179.47 | 55.93 | 40.59 |
GMP / Expected Premium
GMP as on 29-01-2024 is 96%.
Please note GMP is taken from internet and is subject to change in future. Please consult your financial advisor before applying in the IPO.
Conclusion: Investors can apply for listing gain purpose basis current GMP.
Disclaimer: The information above is only for information and educational purpose. Please consult your Financial advisor before applying in the IPO.
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