BLS-E Services makes a stellar debut on D-Street, shares list at 129% premium over IPO price

BLS-E Services made a stunning debut in the secondary market on Tuesday, with its shares entering the listed universe at a premium of as high as 129 per cent over the upper end of the issue price range. The stock listed at Rs 305 apiece on NSE and Rs 309 apiece on BSE, a premium of 125.9 per cent and 128.89 per cent, respectively.

The bumper listing, in line with market wizard Anil Singhvi's expectations, comes after the IPO concluded last week with an impressive subscription of more than 160 times the equity on offer.

What Anil Singhvi suggested?

Zee Business Managing Editor Anil Singhvi, who had advised subscribing to the IPO for a big listing gain, expected the stock to list in the range of Rs 275-300. The market guru suggests short-term investors hold on to their positions with a trailing stop loss of Rs 250.

The company's issue, worth Rs 310.9 crore, comprised fresh issuance of up to 23,030,000 equity shares. On the last bidding day (February 1), the issue was subscribed over 160 times, led by strong interest from all investor categories. The NII portion of the issue was subscribed 300 times, followed by retail investors at 236 times and QIB portion at 123 times.