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BLS E-Services Sets IPO Price Band At Rs 129-135 Per Share; Opens On Jan 30

BLS E-Services announces IPO with a price range of Rs 129-135 per share, opening on Jan 30. The tech-driven service provider aims to raise Rs 310.90 crore for expansion and tech upgrades. Minimum bid set at 108 shares, with a special offer for BLS International shareholders.

BLS E-Services Sets IPO Price Band At Rs 129-135 Per Share; Opens On Jan 30
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BLS E-Services on Wednesday said it has a fixed price band at Rs 129-135 per equity share for its Rs 310.90 crore initial public offering (IPO).

BLS E-Services is the subsidiary of the listed company BLS International Services.

The issue will hit the capital markets for public subscription on January 30 and close on February 1. Investors can bid for a minimum of 108 equity shares and in multiples of it thereafter, the company said.

The total issue size comprises only a fresh issue of up to 2,30,30,000 equity shares. The company has also raised Rs 13.75 crore in a pre-IPO placement of 11 lakh equity shares at a price of Rs 125 each.

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Hence, the size of the fresh issue of equity shares has been reduced to 2,30,30,000 equity shares, as per the red herring prospectus (RHP).

The bidding for the anchor investors will open on January 29.

At the upper end of the price band, the company will fetch up to Rs 310.90 crore.

The issue includes a reservation of up to 23.03 lakh shares for the shareholders of promoter BLS International Services. The eligible shareholders will get these shares at a discount of Rs 7 per share to the final issue price.

The company proposes to utilise net proceeds to strengthen its technology infrastructure to develop new capabilities and consolidate its existing platforms.

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It will also use the funds towards initiatives for organic growth by setting up BLS Stores, achieving inorganic growth through acquisitions, and general corporate purposes.

BLS E-Services is a technology-enabled digital service provider, providing business correspondence services to major banks in India.

The company also provides access points for delivery of essential public utility services, and social welfare schemes, among others, in urban, semi-urban, rural and remote areas.

Unistone Capital Pvt Ltd is the sole book-running lead manager, while Kfin Technologies Ltd is the registrar for the IPO.

The equity shares are proposed to be listed on the BSE and NSE.

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