Get the Latest GMP and Other Issue Details for the BLS E-Services IPO Before it Opens

BLS E-Services Limited IPO has allocated a minimum of 75% of the shares in the public issue for qualified institutional buyers (QIB), no more than 15% for non-institutional Institutional Investors (NII), and no more than 10% of the offer is reserved for retail investors. BLS International shareholders reservation portion is being offered a discount of ₹7 per equity share.

BLS-E Services Limited is a digital service provider that offers Assisted E-Services, E-Governance Services at the grassroots level in India, and Business Correspondence services to major banks in the country. Business correspondent services, assisted e-services, and e-government services are the three areas of focus.

The revenue from operations for the six months ended September 30, 2023, for the Fiscals 2023, 2022, and 2021 were ₹15,617.88 lakhs, ₹24,306.07 lakhs, ₹9,669.82 lakhs, and ₹6,448.72 lakhs, respectively, according to the company’s red herring prospectus (RHP). The company attributes this mostly to the expansion of the services it offered through BCs and BLS Touchpoints.

As of September 30, 2023, the company operated BLS Touchpoints in more than the majority of districts in India. As of September 30, 2023, and during the course of the previous three fiscal years, 96,162 new merchants have joined the network. The company’s goal is to establish itself as the “Go to Market Platform” for a number of industry verticals, including digital platforms and finance. The company’s listed peer is EMudhra Ltd with a P/E of 56.27.

BLS E-Services IPO GMP, or grey market premium, is +142, indicating that BLS E-Services share price was trading at a premium of ₹142 in the grey market, according to investorgain.com. The estimated listing price of BLS E-Services share price was indicated at ₹277 apiece, which is 105.19% higher than the IPO price of ₹135. The GMP has been rising and points to a strong listing, as per analysts at investorgain.com.

BLS E-Services IPO solely comprises fresh issue of 2,30,30,000 crore equity shares by the subsidiary of the listed business BLS International Services. There is no offer-for-sale component to the BLS E-Services IPO.

The company intends to use the net proceeds to finance the establishment of BLS Stores, the acquisition of businesses, general corporate purposes, and strengthening the technology infrastructure, among other goals.

Tentatively, BLS E-Services IPO basis of allotment of shares will be finalized on Friday, February 2, and the company will initiate refunds on Monday, February 5, while the shares will be credited to the demat account of allottees on the same day following refund. BLS E-Services share price is likely to be listed on BSE and NSE on Tuesday, February 6.

Dilip Davda, the contributing editor at Chittorgarh, believes that BLS E-Services has bright prospects ahead with major infrastructure in place. The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.