The initial public offer (IPO) of BLS E-Services received a solid response from investors. The issue was subscribed over 160 times at close, driven by strong interest from all the categories. The NII portion of the issue was subscribed the most at 300 times, followed by retail investors at 236 times and QIB part at 123 times.
Analysts believe the government’s emphasis on ‘Digital India’, and the financial track record of the company over the past few years promises a bright outlook for the future.
BLS E-Services IPO Objective
Net proceeds from the fresh issue will be used for strengthening its technology infrastructure to develop new capabilities and consolidating its existing platforms, funding initiatives for organic growth by setting up BLS stores and achieving inorganic growth through acquisitions and general corporate purposes.
About BLS E-Services
BLS E-Services is a technology-enabled digital service provider, offering business correspondent services to major banks in India, assisted e-services and e-governance services at grassroots levels. Through its robust network, the company provides access points for the delivery of essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural and banking services for governments and businesses alike in addition to a host of B2C services.
BLS E-Services Financials
In FY23, the company’s income increased 151% year-on-year to Rs 246 crore, while profit jumped 278% to Rs 20.33 crore. For the six months ended September 2023, total income stood at Rs 158 crore and profit was at Rs 14.68 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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