IPO screener: BLS E-Services closes today

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The initial public offering of BLS E-Services will close for public subscription today. The issue has received a strong response from retail investors and high net worth individuals. The IPO that plans to raise ₹311 crore, has a price band of ₹129-135 and a market lot of 108 shares. The entire IPO is a fresh issue, which means funds raised will go to the company.

The issue has been subscribed 42.78 times so far. It has received bids for 58.62 crore shares, against 1.37 crore shares on offer (net off anchor investor portion).

The quota for retail investors was subscribed a whopping 125.46 times, while that for non-institutional investors was bid 94 times. The portion for qualified institutional buyers was subscribed 2.68 times.

The company has also reserved 23 lakh shares for existing shareholders of BLS International, who will get a discount of ₹7 to the final issue price. The portion was subscribed 7.38 times.

Up to 75 per cent of the net issue is reserved for qualified institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent has been set aside for retail investors.

As part of the IPO exercise, BLS E-Services raised ₹126 crore from anchor investors by allotting 93.27 lakh shares to 10 funds at ₹135 apiece. The marquee investors include 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, to 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