BLS E-Services Stock Skyrockets 129% on Debut, Leads Subscription Charts

BLS E-Services Limited's share price soared during its February 6 debut, opening at ₹305 on the NSE and ₹309 on the BSE, a 128.9% premium over the ₹135 IPO price. Its ₹311-crore IPO, the year's most subscribed, achieved a 162.47 times subscription rate.
BLS E-Services Stock Launch Jumps 129%, Tops Subscriptions

BLS E-Services experienced a strong stock market debut on February 6, with its shares launching at a premium of 128.9% above its IPO price. The opening prices were ₹305 on the National Stock Exchange (NSE) and ₹309 on the Bombay Stock Exchange (BSE), significantly higher than the ₹135 issue price. This follows the company’s ₹311-crore IPO, which saw a subscription rate of 162.47 times between January 30 and February 1, making it the most subscribed IPO of the year thus far. 

The IPO attracted massive interest from different investor classes, with non-institutional investors (including high-net-worth individuals) subscribing to 300.14 times their allocated share, retail investors subscribing 237 times, and qualified institutional buyers subscribing to 123.3 times their respective quotas.

Through its IPO, BLS E-Services aims to raise Rs 97.58 crore to enhance its technology infrastructure, add new capabilities, and integrate existing platforms. An additional Rs 74.78 crore is earmarked for organic growth initiatives, including establishing BLS stores, and Rs 28.71 crore for inorganic growth via acquisitions. The leftover funds will be allocated for general corporate use.

As of September 30, 2023, BLS E-Services reported a net profit of Rs 14.68 crore and revenue of Rs 158.04 crore for the half-year period. During this time, the company maintained a profit-after-tax (PAT) margin of 9.4% and an EBITDA margin of 14.23%.

A significant portion of the company’s revenue is generated by its largest client, the State Bank of India (SBI), contributing 59.75% of its operational revenue in the six months up to September 30, 2023. Unistone Capital served as the book-running lead manager for the IPO, with Kfin Technologies acting as the registrar. The company is promoted by BLS International Services, Diwakar Aggarwal, and Shikhar Aggarwal.

BLS-E Services operates in the digital services sector, providing business correspondence to central Indian banks and e-governance services at the grassroots level. As of September 2023, business correspondence accounted for 66.05% of total operational revenue, e-governance for 28.34%, and assisted e-services for 5.61%. The company boasts 98,034 BLS touchpoints and 1,016 BLS stores, with subsidiaries including Starfin India, Zero Mass, and BLS Kendras.

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