BLS E-Services Ltd. IPO

BLS E-Services Ltd.

IPO Listing Details

Listed On


Listed On

Issue Price


Issue Price

Listing Price


Listing Price

Listing Gains

+₹174.00 (+128.89%)

Listing Gains

IPO Details

Bidding Dates

30 Jan - 01 Feb '24

Bidding Dates

Min. Investment


Min. Investment

Lot Size


Lot Size

Price Range

₹129 - ₹135

Price Range

Issue Size

297 Cr

Issue Size

Subscription Rate

  • Retail Individual Investor
  • Non-Institutional Investor
  • Qualified Institutional Buyers
  • Employees

About Company

BLS-E Services Limited is a digital service provider that was founded in April 2016 and provides Assisted E-Services, E-Governance Services at the grassroots level in India, and Business Correspondence services to major banks in the country. The services that the company provides fall into three categories. services for business correspondents; assisted e-services; and e-government services. Through its technology-enabled platform, the company, a subsidiary of BLS International Services Limited, offers state and provincial governments throughout Asia, Africa, Europe, South America, North America, and the Middle East visa, passport, and other citizen services. It is the only Indian listed business operating in this field.

Important Dates - BLS-E Services IPO

Application opens on 30th January 2024
Last date of application 1st February 2024
Date of Allotment 2nd February 2024
Refund begins from 5th February 2024
Credit of shares to Demat 5th February 2024
Listing date 6th February 2024

Why should you invest in BLS E-Services Ltd. IPO?

BEL is a digital service provider that offers nearly all connected services under one roof, facilitated by one-stop technology. Taking into account the government's "Digital India" initiative, this company has extremely promising future potential. Based on annualized FY24 earnings, the issue looks fully priced, but with significant infrastructure in place, it offers promising future growth. Investors may put money aside for potential medium- to long-term gains.


BLS-E Services IPO Grey Market Premium

Date GMP
29th January Rs.145
28th January Rs.145
27th January Rs.165


BLS-E Services IPO Noteworthy Highlights

The Rs 310.91 crore BLS E-Services IPO is a book-built offering. This is a completely new 2.3 crore share offering.

The following goals are what the company plans to fund with the Net Proceeds:

  1. Enhancing the technological framework to provide new capabilities and combining the platforms already in place
  2. Financing plans for natural expansion through the establishment of BLS Stores
  3. Acquiring companies to achieve inorganic expansion
  4. General corporate purposes

BLS E-Services Ltd. IPO - SWOT Analysis


The company operates on a lean business model, focusing on minimal assets. It plays a significant role in fostering social and financial inclusion in India. Additionally, it leverages various opportunities for cross-selling and up-selling, benefits from network effects, and enjoys a broad customer reach for acquisition. Moreover, the company maintains exceptionally low costs for both acquiring and retaining customers.


The company relies heavily on revenues generated by its subsidiaries, namely ZMPL and Starfin. Any decline in the performance of these subsidiaries could have a significant impact on the overall business. Additionally, a considerable portion of the company's revenue comes from a single customer, one of the largest PSU Banks, which poses a concentration risk.


The company's business model is characterised by diverse revenue streams, ensuring stability and resilience. It boasts a successful history of acquisitions, indicating strategic growth and adaptability. Furthermore, the company benefits from an experienced management team, bringing expertise and leadership to drive sustainable success.


The company's services are currently limited to Punjab, Uttar Pradesh, and West Bengal. Its operations heavily rely on the application programming interface, technology, and servers provided by banks and government agencies for delivering business correspondent and G2C services. Moreover, the company faces high working capital requirements to sustain its operations effectively.


Financial Snapshot - BLS-E Services IPO

Check out the financial performance of BLS-E Services for recent years:

Financial Year Total Assets Total Revenues Net Profit
March 2021 Rs 40.59 crore Rs 65.23 crore Rs 3.15 crore
March 2022 Rs 55.93 crore Rs 98.40 crore Rs 5.38 crore
March 2023 Rs 179.47 crore Rs 246.29 crore Rs 20.33 crore

How to apply for BLS E-Services Ltd. IPO?

You can apply for the BLS E-Services Ltd. IPO in these ways:

Link your personal bank A/C to a trusted UPI ID and map it with your TradeSmart account. Now, proceed further to book your IPO. On acceptance of the mandate, the bid amount will get blocked in your bank account Learn more.

Demat Account

1. If you are an Existing TradeSmart demat account holder and wish to apply for an BLS E-Services Ltd. click here.
2. If you don't have a TradeSmart Account? Sign up.

Looking to invest in an IPO?

Open Demat Account at lowest Brokerage

BLS E-Services Ltd. IPO FAQs

What are the opening and closing dates for BLS E-Services IPO?

BLS E-Services IPO will open for subscription on January 30 and close on February 1.

What is the price band for BLS E-Services IPO?

The price band for BLS E-Services IPO is ₹129 to ₹135 per share.

Who is taking part in the OFS?

There is no Offer-For-Sale Component. 

What is the minimum and maximum lot size for the BLS E-Services IPO?

BLS E-Services IPO lot size is 108 equity shares and in multiples of 108 equity shares thereafter.

What will be the promoter shareholding in BLS E-Services after the IPO?

The promoter shareholding in BLS E-Services after the IPO will reduce to 69.73% from 93.80% currently.

Who are BLS E-Services IPO Lead Managers?

Unistone Capital Pvt Ltd is the dole Book Running Lead Manager (BRLM) to the issue.

Who is the registrar of the issue?

KFin Technologies Limited is the registrar for BLS E-Services IPO.

When will the BLS E-Services IPO allotment take place?

The finalisation of the basis of allotment for BLS E-Services IPO will be done on February 2 2024, and the allotted shares will be credited to investors’ demat accounts by February 5.

When and where will the BLS E-Services shares be listed?

The equity shares of BLS E-Services are proposed to be listed on February 6,2024, on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).


Open Demat Account With TradeSmart

Lowest Brokerage Ever Trade @15 Per Order
Download TradeSmart App Now

Scan below QR Code
to download App

Open Demat Account