On February 6, BLS E-Services witnessed a bumper listing of its shares at Rs 305 on the National Stock Exchange (NSE) and at Rs 309 on the Bombay Stock Exchange (BSE), a premium of over 125% against the issue price of Rs 135. 

BLS E-Servcies’ shares hit an intraday high of Rs 364.90, 19.63% higher than its open price on the National Stock Exchange (NSE). At 12:40 pm, the stock was trading 19.21% higher at Rs 363.60. 

BLS E-Services’ initial public offering (IPO) was subscribed over 162 times during the three-day bidding between January 30 and February 1. Non-institutional investors (high net-worth individuals) applied for over 300.14 times the allotted quota, leading the pack. Retail investors bid 237 times, and qualified institutional buyers bid 123.3 times the portions set aside for them.

The Rs 311-crore IPO was entirely a fresh issue of 2.3 crore shares with a lot size of 108 equity shares and a price band of Rs 129-135 per share.

The net proceeds from the fresh issue amounting to Rs 97.58 crore will be used to strengthen technology infrastructure, develop new capabilities, and consolidate existing platforms. The company will utilise Rs 74.78 crore to fund organic growth initiatives by setting up BLS stores and Rs 28.71 crore to achieve inorganic growth through acquisitions. The remaining funds will be used for general corporate purposes.

Incorporated in April 2016, the subsidiary of BLS International Services Limited is a technology-enabled digital service provider offering business correspondence services, assisted e-services and e-governance to major banks in India.