Dream stock market debut for BLS E-Services; shares zoom nearly 129%

Shares of BLS E-Services Ltd listed with a huge premium of nearly 129 per cent against the issue price of Rs 135.

The stock made its debut at Rs 309, climbing 128.88 per cent from the issue price on the BSE. It further zoomed 157.70 per cent to Rs 347.90.

At the NSE, it listed at Rs 305, a gain of 125.92 per cent.

The company's market valuation stood at Rs 2,919.22 crore.

The Initial Public Offer (IPO) of BLS E-Services received a whopping 162.48 times subscription on the last day of bidding on Thursday.

The IPO of fresh issue of up to 2,30,30,000 equity shares had a price range of Rs 129-135 a share.

The Rs 311-crore initial share sale of BLS E-Services Ltd was fully subscribed within minutes of opening for bidding on Tuesday.

The company is a leading technology-enabled digital service provider, offering business correspondent services to major banks in India, assisted e-services; and e-governance services at grass-root levels in the country.

BLS E-Services is a subsidiary of BLS International Services Ltd, which offers visa and consular services.

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