Punjab News Network

BLS Online Services Allotment of IPO Shares Completed: GMP Hints Premium Listing; Verify Allotment Status

<p>One day before the start of the subscription window, on January 29, is when the IPO allocation to anchor investors is planned. Notably, 10% of the shares are reserved for individual investors, 15% for non-institutional investors (NIIs), and 75% of the shares are reserved for qualified institutional buyers (QIBs). BLS International shareholders are also in for a treat since they might get a reserve part discount of Rs 7 per equity share.</p>
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<p>Digital service provider BLS E-Services Limited specializes in business correspondence services for India’s largest banks, assisted e-services, and e-government at the community level. Business correspondent services, aided e-services, and e-government services are the company’s three main areas of concentration.</p>
<p>The company’s income from operations for the six months ended September 30, 2023, was Rs 15,617.88 lakhs, according to the red herring prospectus (RHP), showing a notable increase over the prior fiscal years. The growth of services via Business Correspondents (BCs) and BLS Touchpoints was credited with this increase.</p>
<p>By September 30, 2023, BLS E-Services was present in most Indian districts, and during the previous three fiscal years, it had amassed 96,162 merchants in its network. The firm wants to become the “Go to Market Platform” in a number of industry verticals, such as banking and digital platforms.</p>
<p>With EMudhra Ltd., a listed company, with a P/E of 56.27, BLS E-Services is ready to make a competitive debut into the market.</p>
<p>According to investorgain.com, the Grey Market Premium (GMP) for the BLS E-Services IPO has been steadily increasing and is presently at +142. This suggests that there is strong demand for BLS E-Services shares, since they are selling at a premium of Rs 142 on the gray market. Strong listing, according to investorgain.com analysts, who project a share price of around Rs 277 per share, 105.19% higher than the top end of the IPO pricing range.</p>
<p>Over the last four sessions, the GMP—which measures investors’ readiness to pay over the issue price—has been rising. It began trading at Rs 60 on Tuesday and jumped to Rs 110 on Wednesday, indicating the increasing interest and expectation around the IPO of BLS E-Services.</p>
<p>Pre-IPO placement for the BLS E-Services IPO was carried out by a private placement of 11,00,000 equity shares at Rs 125 per share, totaling Rs 13.75 crore. The IPO is being handled by book running lead manager Unistone Capital Pvt Ltd. The BLS Stores will be funded, companies will be acquired for inorganic expansion, general corporate goals will be supported, and the technical infrastructure will be strengthened using the net revenues from the IPO.</p>
<p>The finalization of the allocation basis on February 2 and the start of refunds on February 5 are significant dates for the initial public offering. On the same day, the shares are anticipated to be credited to the allottees’ demat accounts. On February 6, the shares will then be listed on the BSE and NSE.</p>
<p>Market aficionados are excitedly anticipating the listing of BLS E-Services Limited to see whether it lives up to the expectations created by its huge grey market premium as investors get ready for the subscription window.</p>