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BLS E-Services Collects Rs 126 Crore From Anchor Investors Ahead Of IPO

BLS E-Services which offers business correspondence services to major banks proposes to utilise net proceeds from the fresh issue to strengthen its technology infrastructure, among others.

BLS E-Services Collects Rs 126 Crore From Anchor Investors Ahead Of IPO
POSTED ON January 30, 2024 10:48 AM

BLS E-Services Ltd on Monday mobilised Rs 126 crore from anchor investors a day before its Initial Public Offering (IPO). 

The company has allotted 93.27 lakh equity shares to 10 funds at a price of Rs 135 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE website. 

Sixteenth Street Asian Gems Fund, Saint Capital Fund, Silver Stride India Global Fund, Aries Opportunities Fund, Aidos India Fund are among the anchor investors that have been allotted shares. 

The offer is entirely a fresh issue of 2.3 crore equity shares. 

The issue, with a price band of Rs 129-135 per share, will open for public subscription on January 30 and conclude on February 1. 

At the upper end of the price band, the IPO will mobilise Rs 311 crore. 

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 BLS Stores, achieving inorganic growth through acquisitions, and for general corporate purposes. 

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