Updated January 30th, 2024 at 18:38 IST
BLS E-Services IPO witnesses robust demand, subscribed 15.63 times
The IPO opened for bidding on Tuesday and saw swift full subscription within minutes.
IPO records robust demand: BLS E-Services Ltd, in its initial public offering (IPO), witnessed an overwhelming response from investors, with the subscription reaching 15.63 times the offering size. The IPO, valued at Rs 311 crore, opened for bidding on Tuesday and saw swift full subscription within minutes.
Data from the National Stock Exchange (NSE) reveals that the IPO received bids for 21,41,26,416 shares against the 1,37,02,904 shares on offer, highlighting the robust demand. The Retail Individual Investors (RIIs) category led the way with an impressive 49.15 times subscription, emphasising strong retail investor interest. Non-institutional investors also showed significant interest, subscribing 29.66 times, while qualified institutional buyers (QIBs) demonstrated a solid subscription at 2.19 times.
The IPO comprises a fresh issue of up to 2,30,30,000 equity shares, priced in the range of Rs 129–135 per share. On Monday, BLS E-Services successfully raised Rs 126 crore from anchor investors, setting a positive tone for the IPO.
BLS E-Services plans to use the net proceeds from the IPO to bolster its technology infrastructure, develop new capabilities, and consolidate existing platforms. The funds will also support organic growth initiatives, including the establishment of BLS stores, and facilitate inorganic growth through potential acquisitions. Additionally, the capital raised will be allocated for general corporate purposes.
Unistone Capital serves as the manager of the offer, overseeing the IPO process. The strong investor response underscores the market's confidence in BLS E-Services and its growth prospects, positioning the company for a successful listing.
(with PTI inputs)
Published January 30th, 2024 at 18:38 IST