BLS E-Services makes robust debut; zooms 140% over its issue price
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BLS E-Services has made a robust market debut with the share price of the company more-than-doubled and zooming 129 per cent to Rs 309, as against its issue price of Rs 135 per share on BSE on Tuesday. On the National Stock Exchange (NSE), the stock of the IT-enabled services company opened at Rs 305, up 126 per cent over its issue price.
Post listing, BLS E-Services has moved higher by 140 per cent to Rs 323.90 on the BSE at 10:05 am. A combined nearly 14 million equity shares changed hands on the NSE and BSE.
The Rs 311 crore Initial Public Offer (IPO) of BLS E-Services received a whopping 162.38 times subscription. The Non Institutional Investors (NIIs) category was subscribed 300 times. The Retail Individual Investors (RIIs) category was subscribed 236.53 times. The Qualified Institutional Buyers (QIBs) category was subscribed 123.30 times.
BLS E-Services is a digital service provider. The Delhi-based company offers services such as business correspondence services to major banks, assisted e-services and e-governance services at grassroots levels. It also provides the delivery of essential public utility services, healthcare, financial, agricultural, educational, and banking services for governments in urban, semi-urban, rural and remote areas.
The company being a subsidiary of BLS International Services provides visa, passport, consular, and other citizen services to state and provincial governments across Asia, Africa, Europe, South America, North America, and the Middle East through its technology-enabled platform.
BLS-E Service Limited is a digital service provider with a single point of contact that offers nearly all associated services under one roof. Taking into account the government's "Digital India" initiative, this company has extremely promising future prospects, according to Canara Bank Securities.
BLS e-Services boasts several key strengths. The company enjoys a long-standing partnership with leading banks, ensuring a stable revenue stream and recurring business. It operates in a high-growth industry driven by increased digitization and financial inclusion initiatives. Additionally, the IPO is strategically priced, further enhancing its appeal to investors, said Shivani Nyati, Head of Wealth, Swastika Investmart.
Meanwhile, BLS E-Services has exhibited strong financial performance, with FY23 revenue reaching Rs 243.06 crore (CAGR of 56 per cent Over FY21 – FY23) and a profit after tax of Rs 20.33 crore (CAGR of 86 per cent Over FY21 - FY23).
They are involved in various initiatives, including launching a service portal, establishing a data center, and creating BLS stores. To tackle heightened competition, the company intends to invest in research, sales, marketing, and customer support. The company is currently limited to operations in three states and anticipates a gradual expansion into multiple regions due to increased competition, Arihant Capital Markets had said in an IPO note.
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