BLS E-Services opened at a premium of 126% at Rs 305. The stock was trading at a premium of Rs 155 in the grey market.
The grey market is an unofficial market where shares are traded before the listing on the bourses.
The company set its IPO’s price band at Rs 129-135 per equity share. BLS E-Services’ initial public offer was opened for retail investors on 30th January and was closed on 1st February. It is an entirely fresh issue of Rs 310.91 crore.
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According to the company, the proceeds collected by the company will be used for strengthening the technology infrastructure to develop new capabilities and consolidating the existing platforms, setting up BLS Stores, acquisitions, and general corporate expenses.
Unistone Capital was the book-running lead manager to the IPO of BLS E-Services and the registrar of the issue was Kfin Technologies. The offer raised Rs 125.92 crore from the anchor investors.
BLS E-Services is a subsidiary of BLS International Services, a listed company. The company provides visa, passport, consular, and other citizen services to states and governments in Asia, Africa, Europe, South America, North America, and the Middle East.
On the business side, the company is a digital service provider offering business correspondence services to big banks in India, assisted e-services, and e-governance services.
“BLS e-Services Limited has made a remarkable market debut, opening at Rs. 305 (+142.56%) compared to its issue price. 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.
With its strong fundamentals, positive investor sentiment, and promising outlook, the company is poised for a positive market debut. Remember, however, that careful evaluation and risk management are crucial for every investment.
So, allottees who applied for the public offering for listing premium are advised to maintain their stop loss at Rs. 300 and wait for further upside, whereas those who have a medium- to long-term perspective can also hold the stock,” said Shivani Nyati, head of wealth at Swastika Investmart.