BLS E-Services IPO
BLS E-Services IPO — date, price band, lot size & details 2024
BLS E-Services listed on 6 Feb 2024 at ₹305, 125.9% above the ₹135 issue price.
BLS E-Services is a technology-enabled digital service provider offering business correspondent banking, assisted e-services and e-governance services at the grassroots level. Its total income was Rs 246.29 crore in FY2023.
Stock price
BLS E-Services is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 30 Jan 2024
- Close 01 Feb 2024
- Allotment 02 Feb 2024
- Refund/credit 05 Feb 2024
- Listing 06 Feb 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 30 Jan to 1 Feb, 2024 |
|---|---|
| Price Band | ₹129 – ₹135 |
| Face Value | ₹10 |
| Lot Size | 108 Shares |
| Issue Size | ₹309.29 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,580 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 108 shares at the ₹135 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 108 | ₹14,580 |
| Retail (max) | 13 | 1,404 | ₹1,89,540 |
| S-HNI (min) | 14 | 1,512 | ₹2,04,120 |
| S-HNI (max) | 68 | 7,344 | ₹9,91,440 |
| B-HNI (min) | 69 | 7,452 | ₹10,06,020 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 65.23 crore in FY2021 to Rs 246.29 crore in FY2023.
- 02Profit after tax rose from Rs 3.15 crore in FY2021 to Rs 20.33 crore in FY2023.
- 03The company had no borrowing on 30 September 2023.
- 04The whole Rs 309.29 crore issue was fresh capital for technology, stores and acquisitions.
- 05It had 1,576 BLS Touchpoints across 22 states.
Risks · 5
- 01The pre-issue P/E was 44.31 at the upper band of Rs 135, based on EPS of Rs 3.05.
- 02Margins are thin, and the source puts the PAT margin at 8.36%.
- 03Business correspondent income depends on contracts with a few large banks, and net worth was only Rs 120.37 crore.
- 04It relies on merchants and retailers, and some touchpoint IDs have been blocked for suspicious activity in the past. Profit was Rs 14.68 crore in the six months to 30 September 2023.
- 05Promoters and the promoter group held 92.28% before the issue and about 68.98% after it.
Three years of numbers
All figures in ₹ crore, as reported in the BLS E-Services offer document.
| Metric | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 213.77 | 179.47 | 55.93 | 40.59 |
| Total Income | 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 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the BLS E-Services RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
BLS E-Services IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹3.05 | ₹2.24 |
| P/E Ratio (x) | 44.31 | 60.33 |
| Market Cap at Offer Price (₹ Cr) | ₹649.77 | ₹884.73 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹135 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹277.74 Cr of the issue is earmarked to named objects.
About the company
Its three segments are business correspondent services, where it provides banking products on behalf of major banks in India, assisted e-services through retailers and digital stores, and e-governance services that help state governments deliver citizen services.
Merchants are key to delivering its services to citizens. It had 1,576 BLS Touchpoints spread across 22 states in India.
The IPO was Rs 309.29 crore and was entirely fresh issue. Rs 97.59 crore was planned for technology infrastructure, Rs 74.78 crore for setting up BLS Stores and Rs 28.71 crore for acquisitions.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Unistone Capital
17 issues handled (15 mainboard, 2 SME)Best listing: Sigachi Industries (+249.7%). Weakest: Fabtech Technologies (0.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of BLS E-Services?
The current Grey Market Premium is ₹175, or 130% over the issue price.
What is the BLS E-Services IPO price band?
₹129 to ₹135, on a face value of ₹10.
When is the allotment?
The basis of allotment is 2 February 2024, with listing on 6 February 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
