BLS E-Services IPO

BLS E-Services IPO is a book-built issue of Rs 310.91 crores. The issue is entirely a fresh issue of 2,41,30,000 shares.

The IPO opens for subscription on January 30, 2024, and closes on February 1, 2024. The face value is ₹10 per share with the price band set at ₹129 to ₹135 per share and the minimum lot size for an application is 108 Shares

Company Summary

This company is a leading technology-enabled digital service provider, providing (i) Business Correspondents services to major banks in India, (ii) Assisted E-services; and (iii) E-Governance Services at grassroots levels in India.

Through their robust network, they provide access points for the delivery of essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural, and banking services for governments (G2C) and businesses (B2B).

As a part of operations, they act as business correspondents to provide banking products and services on behalf of banks to people through their Subsidiaries, namely ZMPL and Starfin.

They also provide a variety of assisted e-services through retailers and digital stores also known as BLS Touchpoints, including PoS services, ticketing services, assisted e-commerce services, etc.

Their EGovernance Services, enable the provision of citizen-centric and front-end services through BLS Touchpoints ranging from birth and death certificates, PAN and Aadhar registrations, property registrations, and other citizen-centric services in a transparent and accountable manner.

Further, the Company has entered into an MOU with the National e-Governance Division (“NeGD”) for agent-assisted delivery of a unified mobile application for new-age Governance (“UMANG”) services into its digital platform, offering convenient access to E-Governance Services.

Company Strengths

They utilize a “phygital” strategy (i.e., physical and digital) that integrates technologically over 92,000 merchant distribution outlets (comprising of BLS Touchpoints and BLS Stores) for assisted payment solutions, remittance, travel, education, and insurance products, with a one-stop digital online platform for all of their offerings.

They acquired Starfin in August 2018 and ZMPL in June 2022, which had 1,384 active CSPs and more than 11,500 active CSPs, respectively at the time of acquisition.

Further, in October 2022, they acquired BLS Kendras Private Limited, which had 365 Sewa Kendras, in the State of Punjab at the time of acquisition. Sewa Kendras provides E-Governance Services in two out of three zones in the State of Punjab.

They promote sustainable livelihoods and economic self-reliance for the women, rural poor, and unbanked by linking them to banking, financial, and insurance services and promoting financial, social, and digital inclusion. Their online portal allows them to serve citizens and businesses throughout their entire digital journeys.

Company Financials

Period Ended30 Sep 202331 Mar 202331 Mar 202231 Mar 2021
Profit After Tax14.6820.35.383.15
Net Worth120.37106.9415.079.68
Total Borrowing0.000.008.7611.02

Amount in Crore

Objectives of the IPO

  • Strengthening the technology infrastructure to develop new capabilities and consolidating their existing platforms.
  • Funding initiatives for organic growth by setting up BLS Stores.
  • Achieving inorganic growth through acquisitions.
  • General Corporate Purposes

Company Promoters

BLS International Services Limited is the Promoter of the Company and the promoters of BLS International are Alka Aggarwal, Diwakar Aggarwal, Gaurav Aggarwal, Madhukar Aggarwal, Shikhar Aggarwal, Sushil Aggarwal and Vinod Aggarwal.

IPO details

IPO DateJanuary 30, 2024 to February 1, 2024
Listing DateTuesday, February 6, 2024
Face Value₹10 per share
Price Band₹129 to ₹135 per share
Lot Size108 Shares
Total Issue size/Fresh Issue23,030,000 shares (aggregating up to ₹310.91 crore)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE

IPO lot Allocation details

Large-HNI (Minimum)697452₹1,006,020

Allotment Schedule

Basis of AllotmentFriday, February 2, 2024
Initiation of RefundsMonday, February 5, 2024
The credit of Shares to DematMonday, February 5, 2024
Listing DateTuesday, February 6, 2024
Cut-off time for UPI mandate confirmation5 PM on February 1, 2024

IPO Reservation

Investor CategoryShares Offered
QIB Shares OfferedNot less than 75% of the Net Issue
Retail Shares OfferedNot more than 10% of the Net Issue
NII (HNI) Shares OfferedNot more than 15% of the Net Issue

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