BLS E-Services IPO Over-Subscribed 15.63 Times

New Delhi, Jan 30 (PTI) The Initial Public Offering (IPO) of BLS E-Services Ltd was fully subscribed within minutes of opening for bidding on Tuesday and ended the day with 15.63 times subscription.

The Rs 311-crore IPO received bids for 21,41,26,416 shares against 1,37,02,904 shares on offer, translating into 15.63 times subscription, as per NSE data.

The quota for Retail Individual Investors (RIIs) fetched 49.15 times subscription, while the category for non-institutional investors got subscribed 29.66 times.

The portion for Qualified Institutional Buyers (QIBs) received 2.19 times subscription.

The IPO has a fresh issue of up to 2,30,30,000 equity shares. It has a price range of Rs 129-135 per share.

BLS E-Services Ltd on Monday mobilised Rs 126 crore from anchor investors.

The company is a leading 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 the country.

BLS E-Services is a subsidiary of BLS International Services Ltd, which offers visa and consular services.

The company proposes to utilise net proceeds from the fresh issue 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 of BLS Stores, achieve inorganic growth through acquisitions and for general corporate purposes.

Unistone Capital is the manager to the offer.