BLS E-Services IPO fully subscribed within minutes of subscription opening

The Initial Public Offering (IPO) of BLS E-Services Ltd was fully subscribed within minutes of opening for subscription on Tuesday.

The Rs 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 till 11:57 hours.

The quota for Retail Individual Investors (RIIs) fetched 14.21 times subscription, while the category for non-institutional investors got subscribed 4.71 times. The portion for Qualified Institutional Buyers (QIBs) received 2.04 times subscription.

The initial public offering has a fresh issue of up to 2,30,30,000 equity shares. It has a price range of Rs 129-135 a share.

BLS E-Services Ltd on Monday mobilised Rs 126 crore from anchor investors.

The company proposes 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, achieve inorganic growth through acquisitions and and for general corporate purposes.

Unistone Capital is the manager to the offer.