BLS E-Services was incorporated on 12 April 2016. The company is a technology-enabled digital service provider, offering business correspondent services to major banks in India, assisted e-services, and e-governance services at grass-root levels in India. Through its robust network, it provides access points for the delivery of essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural, and banking services for governments and businesses alike, in addition to a host of B2C services to citizens in urban, semi-urban, rural, and remote areas.
| Bidding Dates |
|---|
| 30 Jan 2024 - 01 Feb 2024 |
| Subscription |
|---|
| 162.47x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,932 | 1 | 13 | 108 | 23.0 M | ₹129 - ₹135 | 68.89 % | ₹2970.9 M - ₹3109.1 M | RHP DOC |
BLS E-Services IPO SUBSCRIPTION STATUS
01 Feb '24BLS E-Services IPO overall subscription rate was 162.47 times the total available shares
BLS E-Services IPO retail subscription rate was 237 times in the retail segment
BLS E-Services IPO non-institutional investor subscription rate was 300.14 times in the non-institutional investor category
BLS E-Services IPO Qualified Institutional Bidder subscription rate was 123.3 times the available shares for Qualified Institutional Bidder
BLS E-Services IPO Reservation Portion Shareholder subscription rate was 15.32 times in the Reservation Portion Shareholder category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Reservation Portion Shareholder |
|---|---|---|---|---|
| Category Reservation | 10% | 15% | 75% | - |
01 Feb 2024 (Day 3) | 237x | 300.14x | 123.3x | 15.32x |
31 Jan 2024 (Day 2) | 125.46x | 94.09x | 2.68x | 7.38x |
30 Jan 2024 (Day 1) | 49.4x | 29.7x | 2.19x | 2.8x |
BLS E-Services FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| H1FY24 | 146.8 | 1,561.8 | 203.6 | 202.0 | 14.2% |
| FY23 | 203.3 | 2,430.6 | 288.7 | 280.2 | 14.7% |
| FY22 | 53.8 | 967.0 | 197.4 | 124.9 | 8.8% |
| FY21 | 31.5 | 644.9 | 86.4 | 85.6 | 8.4% |
BLS E-Services IPO SUBSCRIPTION STATUS DETAILS
BLS E-Services had 23.0 M shares on offer
BLS E-Services IPO offer price was in the range ₹129 - ₹135
BLS E-Services IPO minimum Investment was ₹13932
BLS E-Services IPO issue size was ₹ 2970.9 M - ₹ 3109.1 M
BLS E-Services had a minimum lot size of 108 Shares per application
BLS E-Services NUMBER OF SHARES ON OFFER
BLS E-Services IPO IMPORTANT DATES
| Issue Open Date | 30 Jan 2024 |
| Issue close Date | 01 Feb 2024 |
| Allotment Date | 02 Feb 2024 |
| Refund Date | 05 Feb 2024 |
| Demat Account Credit Date | 05 Feb 2024 |
| Listing Date | 06 Feb 2024 |
| Listing on Exchange(s) | NSE and BSE |
| BLS E-Services Allotment Status | Exchange |
BLS E-Services IPO subscription opened on 30 Jan 2024, and closed on 01 Feb 2024
IPO allotment for BLS E-Services was finalized on Friday, 02 Feb 2024
IPO listing for BLS E-Services was on NSE and BSE on Tuesday, 06 Feb 2024
BLS E-Services IPO LISTING GAINS
| Issue Price (adjusted) | 135.0 |
| Listing Open Price | 305.0 |
| Listing Close Price | 366.0 |
| Listing Gain% | 125.9% |
| Current Gain% | 130.0% |
BLS E-Services Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BLS E-Services Ltd. | 310.6 | 2821.5 | 48.6 | 9.4 | 2.4 | 11 | 7.5 | 1142.8 | 109.7 | 57.5 | 9.4 | 6.4 | 5.2 |
| Sagility Ltd. | 43.7 | 20443.4 | 20.6 | 0.4 | 2.7 | 9.6 | 7.3 | 7290.8 | 29.6 | 924.8 | 71.5 | 2.1 | 49.2 |
| International Gemological Institute Ltd. | 355.8 | 15376.2 | 25.2 | 1 | 11.3 | 47.8 | 38.3 | 1661.9 | 52.7 | 711.2 | 66.4 | 14.1 | 24.3 |
| Indiabulls Ltd. | 29.4 | 6855.8 | 16.4 | 0 | 6.2 | 8.9 | 6.6 | 880.8 | 172602 | 273.9 | 501.6 | 1.8 | 739.2 |
| SIS Ltd. | 435 | 6146.2 | 41.9 | 0.2 | 0.4 | 5.4 | 1.8 | 16030.1 | 20.9 | 137.8 | 1069.1 | 10.4 | 261.6 |
| eMudhra Ltd. | 538.8 | 4462.3 | 38.8 | 1.5 | 6 | 11.8 | 8.9 | 713.2 | 35.1 | 107.8 | 27.4 | 13.9 | 25.5 |
BLS E-Services INFORMATION ON IPO ISSUE
About BLS E-Services
BLS E-Services was incorporated on 12 April 2016. The company is a technology-enabled digital service provider, offering business correspondent services to major banks in India, assisted e-services, and e-governance services at grass-root levels in India. Through its robust network, it provides access points for the delivery of essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural, and banking services for governments and businesses alike, in addition to a host of B2C services to citizens in urban, semi-urban, rural, and remote areas.
Object of the Issue
- Strengthening the technology infrastructure to develop new capabilities and consolidating the existing platforms
- Funding initiatives for organic growth by setting up BLS stores
- Achieving inorganic growth through acquisitions
- General corporate purposes
BLS E-Services - PROMOTERS
| Name |
|---|
| BLS International Services Limited |
| Diwakar Aggarwal |
| Shikhar Aggarwal |
BLS E-Services Book Running Lead Manager
Unistone Capital Private Limited
mb@unistonecapital.com
BLS E-Services Registrar to the Offer
KFin Technologies Limited
blseservices.ipo@kfintech.com
BLS E-Services Strengths
Asset-light business model
The company's merchant-led models are a capital-light business strategy with respect to network expansion. It has developed its own technology platform and continues to invest in it for further improvements, which allows it to service a wide pool of citizens and merchants and cater to their diversified requirements
Diverse sources of revenue
The company has a business model with diverse sources of revenue and negligible customer acquisition and retention costs
History of acquisitions
The company has a history of acquiring complementary businesses that complement its existing capabilities, revenue streams, and marketing presence
BLS E-Services Risks
Limited operating history
As a result of the limited operating history, the company may not be able to compete successfully, and it may be difficult to evaluate its business and future operating results on the basis of its past performance
Pending litigations
There are pending litigations against the company, its promoters, subsidiaries, and group companies. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties
IPO FAQs
The promoters of the company are BLS International Services Limited, Diwakar Aggarwal and Shikhar Aggarwal.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 129.0 - 135.0.
The IPO application opens on Jan 30, 2024 and closes on Feb 01, 2024.
The minimum lot size for the IPO is 108. The maximum lot size for the IPO is 1404.
For all category investors, the minimum application amount for this IPO is Rs. 13,932.0, the maximum value for this IPO is Rs 189,540.0.
This IPO will be allotted on Feb 02, 2024.
The refund will be credited to your account on Feb 05, 2024.
The allotted shares will be credited to your demat on Feb 05, 2024.
BLS E-Services Ltd.’s shares listed on the stock exchanges on Feb 06, 2024.