The Initial Public Offering (IPO) of BLS E-Services Ltd was fully subscribed within minutes of opening for subscription. The ₹311-crore IPO received bids for 5,83,39,440 shares against 1,37,02,904 shares on offer, translating into 4.26 times subscription, as per NSE data. Retail Individual Investors (RIIs) fetched 14.21 times subscription, while the category for non-institutional investors got subscribed 4.71 times, it showed.
The portion for Qualified Institutional Buyers (QIBs) received 2.04 times subscription. The IPO has a fresh issue of up to 2,30,30,000 equity shares with a price range of ₹129-135 a share.
BLS E-Services Ltd mobilised ₹126 crore from anchor investors as it has proposed to utilise net proceeds from the fresh issue to “strengthen its technology infrastructure to develop new capabilities and consolidate its existing platforms, among others.”
The money will also be used to fund initiatives for organic growth by setting up of BLS Stores, it said, adding, that the company aims to achieve inorganic growth through acquisitions and for general corporate purposes.
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