BLS E-Services IPO
Introduction
In this article, we will delve into the financial fundamentals of BLS E-Services Limited IPO, a leading player in the digital services provider sector. We aim to provide readers with a detailed analysis of the company’s financial performance in simple language for easy to understand everyone, shedding light on key metrics and insights that can aid investors, finance professionals, and enthusiasts in making informed decisions. So let’s get started.
IPO Promoter Share Holding Pattern
BLS E-Services IPO Promoter share holding Pattern as per DRHP
| Share Holding Pre Issue | 93.80% |
| Share Holding Post Issue | NA |
Fundamental analysis
All fundamental analysis of BLS E-Services IPO. Market capitalization of BLS E-Services IPO is Rs 1226.56 Cr
| Market cap (cr) | 1226.56 |
|---|---|
| ROE | 33.33% |
| ROCE | 30.62% |
| Debt/Equity | 0.05 |
| RoNW | 16.46% |
| P/BV | 7.2 |
EPS (Rs) – 2.24 post ipo | PE – 60.33
Financial Information
Here is a 3 years and last 2 quarter financial information of BLS E-Services company
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 213.77 | 179.47 | 55.93 | 40.59 |
| Revenue | 158.05 | 246.29 | 98.40 | 65.23 |
| Profit After Tax | 14.68 | 20.33 | 5.38 | 3.15 |
| Net Worth | 120.37 | 106.94 | 15.07 | 9.68 |
| Total Borrowing | 0.00 | 0.00 | 8.76 | 11.02 |
As per balance sheet company has a strong fundamentals and good growth quarter on quarter and year on year. Currently company’s balance sheet is clear even currently quarter don’t have loan on this quarter as per company’s balance sheet.
BLS E-Services Limited’s revenue increased by 150.31% and profit after tax (PAT) rose by 277.94% between the financial year ending with March 31, 2023 and March 31, 2022.
IPO Details
Below chart BLS E-Services IPO all details like IPO open close date, face value, lot size etc.,
| IPO Date | January 30, 2024 to February 1, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹129 to ₹135 per share |
| Lot Size | 108 Shares |
| Total Issue Size | 23,030,000 shares (aggregating up to ₹310.91 Cr) |
| Fresh Issue | 23,030,000 shares (aggregating up to ₹310.91 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 66,726,485 |
| Share holding post issue | 89,756,485 |
Grey market premium
| GMP Date | IPO Price | GMP | Sub2 Sauda Rate | Estimated Listing Price | |
|---|---|---|---|---|---|
| 26-01-2024 | 135.00 | ₹152 | 12500/175000 | ₹287 (112.59%) | |
| 25-01-2024 | 135.00 | ₹142 | 11700/163800 | ₹277 (105.19%) | |
| 24-01-2024 | 135.00 | ₹110 | 9000/126000 | ₹245 (81.48%) | |
| 23-01-2024 | NA | ₹60 | ₹60 (%) |
As per today grey market premium BLS E-Services Ltd. (BEL) listed 287 rupees as per today’s grey market premium ₹152. Last 4 days grey market increase every day on day.
IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
IPO Timeline
BLS E-Services IPO opens on January 30, 2024, and closes on February 1, 2024.
| IPO Open Date | Tuesday, January 30, 2024 |
| IPO Close Date | Thursday, February 1, 2024 |
| Basis of Allotment | Friday, February 2, 2024 |
| Initiation of Refunds | Monday, February 5, 2024 |
| Credit of Shares to Demat account | Monday, February 5, 2024 |
| Listing Date | Tuesday, February 6, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 1, 2024 |
IPO Lot Size
Investors can bid for a minimum of 108 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 108 | ₹14,580 |
| Retail (Max) | 13 | 1404 | ₹189,540 |
| S-HNI (Min) | 14 | 1,512 | ₹204,120 |
| S-HNI (Max) | 68 | 7,344 | ₹991,440 |
| B-HNI (Min) | 69 | 7,452 | ₹1,006,020 |
About Company
Incorporated in April 2016, BLS-E Services Limited is a digital service provider that offers Business Correspondence services to major banks in India, Assisted E-Services, and E-Governance Services at the grassroots level in India.
BLS E-Services Ltd. (BEL) is a technology enabled digital services provider, providing
(1) Business Correspondents services to major banks in India,
(2) Assisted E-services; and
(3) E-Governance Services at grass root levels in India.
Through its robust network BEL provides access points for delivery of essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural and banking services for governments (G2C) and businesses (Business 2 Business) alike in addition to a host of B2C services to citizens in urban, semi-urban, rural and remote areas.
BLS E-Services Ltd. (BEL) being a subsidiary of BLS International Services Limited provides visa, passport, consular, and other citizen services to state and provincial governments across Asia, Africa, Europe, South America, North America, and the Middle East through its technology-enabled platform. It is the only listed company engaged in this domain in India. As of June 30, 2023, the company has a total of 3,071 employees, including 2,413 contract employees.
DIVIDENT HISTORY
Till date BLS E-Services Ltd company has not declared any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy based on its financial performance and future prospects. This is bls services divident history
COMPITITORS
As per the document, the BLS E-Services has shown EMudhra Ltd. as their listed peer. It is trading at a P/E of 57.6. However, they are not comparable on an neck-to-neck basis.
IPO Objectives
Here is point of listing BLS E-Services ipo, IPO objectives.
- General Corporate Purposes
- Strengthening the technology infrastructure to develop new capabilities and consolidating the existing platforms
- Funding initiatives for organic growth by setting up of BLS Stores and
- Achieving inorganic growth through acquisitions
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