₹ 129 - ₹ 135
30-Jan-2024 - 01-Feb-2024
₹ 14580.00



30-Jan-2024 - 01-Feb-2024

₹ 129 - ₹ 135

Price Band

₹ 14580.00

Minimum Investment


Bid Lot


  • Face Value - ₹ 10/- Per Share

  • Listing at NSE BSE

  • 19,191 Application Required in Retail for 1 Time.

  • Registrar : KFin Technologies Limited

IPO Details

Fresh Issue of 2,30,30,000 Equity Shares aggregating up to Rs.311 Cr

Category % Shares/Amount
QIB 75% 15,545,250 Shares Rs.209.86 Cr
HNI 1 5% 1,036,350 Shares Rs.13.99 Cr @ 685 Form 1X
HNI 2 10% 2,072,700 Shares Rs.27.98 Cr @ 1371 Form 1X
Retail 10% 2,072,700 Shares Rs. 27.98 Cr @ 19192 Form 1X
ShareHolder 0% 2,303,000 Shares Rs. 31.09 Cr

BRLMs: Unistone Capital Pvt. Ltd

Application Require for 1 Time

Retail (Upto 2 Lakh) HNI (2 Lakh to 10 Lakh) HNI (Above 10 Lakh)
19192 Form 1X 685 Form 1X 1371 Form 1X

IPO Lot Size

Category Lots Shares Amount
Retail (Upto 2 Lakh) 1 108 ₹ 14,580
Retail (Upto 2 Lakh) 13 1404 ₹ 189,540
S-HNI (2 Lakh to 10 Lakh) 14 1512 ₹ 204,120
S-HNI (2 Lakh to 10 Lakh) 68 7344 ₹ 991,440
B-HNI (Above 10 Lakh) 69 7452 ₹ 1,006,020

IPO Timeline

  • Open Date

  • Close Date

  • Basis of Allotment Date

  • Initiation of Refunds

  • Credit Shares to Demat A/c

  • IPO Listing Date


Subscription as on
01-Feb-2024 16:18

Category Book Size Subscription No. of Times
QIB 6,218,100 ₹ 83.94 Cr. 766,713,708 ₹ 10350.64 Cr. 123.30x
HNI (<10 LAKH) 1,036,350 ₹ 13.99 Cr. 298,539,756 ₹ 4030.29 Cr. 288.07x
HNI2 (>10 LAKH) 2,072,700 ₹ 27.98 Cr. 632,742,192 ₹ 8542.02 Cr. 305.27x
RETAIL 2,072,700 ₹ 27.98 Cr. 480,774,420 ₹ 6490.45 Cr. 231.96x
SHA 2,303,000 ₹ 31.09 Cr. 34,583,112 ₹ 466.87 Cr. 15.02x
Total 13,702,850 2,213,353,188 161.53x
Category Book Size Subscription No. of Times
QIB 6,218,100 ₹ 83.94 Cr. 766,713,708 ₹ 10350.64 Cr. 123.30x
HNI (<10 LAKH) 1,036,350 ₹ 13.99 Cr. 298,539,756 ₹ 4030.29 Cr. 288.07x
HNI2 (>10 LAKH) 2,072,700 ₹ 27.98 Cr. 632,742,192 ₹ 8542.02 Cr. 305.27x
RETAIL 2,072,700 ₹ 27.98 Cr. 480,774,420 ₹ 6490.45 Cr. 231.96x
SHA 2,303,000 ₹ 31.09 Cr. 34,583,112 ₹ 466.87 Cr. 15.02x
Total 13,702,850 2,213,353,188 161.53x

*Excluding Anchor

Total No. of Application Approx : ~3680248 (191.77 Appwise)

Disclaimer: The above-mentioned information / data are sourced from the websites of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) and are subject to change on real time basis. For updated information / data you can visit their respective website. The information / data provided herein above are for information purpose only and provided "AS IS" and "AS AVAILABLE" basis and without warranty, express or implied. We do not guarantee or warrant the accuracy, adequacy or completeness of the information received through the said websites. “We” hold not responsibility of any kind as regard to any discrepancies, errors, omissions, losses or damages. “We” including its affiliates and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of information / data received through the said websites. The recipient alone shall be fully responsible / are liable for any decision taken on the basis of such information / data. All recipients should before acting upon the said information make their own investigation, seek appropriate professional advice.

About Company

  • BLS E-Services Ltd is a subsidiary of BLS International Services Ltd, which has a global presence and diversified range of services and is one of the biggest global players in visa application outsourcing.  
  • BLS E-Services was incorporated on April 12, 2016. The company is a technology enabled digital service provider, offering (i) Business Correspondents services to major banks in India, (ii) Assisted E-services; and (iii) E-Governance Services at grass root levels in India. 
  • BLS E-Services provides digital and physical products and services in the G2C (Government to Citizens), B2C (Business to Customers), B2B (Business to Business) categories in semi-urban, rural, and remote areas, through its robust network and tech-enabled integrated business model. 
  • The company ties up with merchants for delivery of its products and services to the citizens and consumers. BLS Touch points offer multiple services provided by the company and BLS Stores offers entire suite of offerings to the consumers. As on September 30, 2023, the company had 98,034 BLS Touchpoints, which includes 1,016 BLS Stores. 
  • The company’s subsidiary Zero Mass Pvt. Ltd (ZMPL) was the first ever business correspondent (BC) in the history of Indian Banking where its largest client, State Bank of India holds 6.83% equity stake. Presently, the company has entered into agreements with 5 nationalised banks and 3 regional rural banks namely to provide BC services. Subsidiaries, ZMPL and Starfin had more than 12,784 and 5,955 active BCs as on September 30, 2023. 
  • BLS E-Services has entered into an MOU with the National e-Governance Division (“NeGD”) for agent assisted delivery of unified mobile application for new-age Governance (“UMANG”) services into its digital platform, offering convenient access of E-Governance Services.  
  • As of September 30, 2023, the company operated in 3 states namely Punjab, Uttar Pradesh and West Bengal and had over 21,000 touch points to provide E-Governance services on behalf of the government. 
  • BLS E-Services was selected as a district service provider for 12 districts in Uttar Pradesh, under the CSC 3.0 scheme by the Government of Uttar Pradesh. The scope of work includes operating and opening new common service centers. 
  • BLS-E Services was appointed as an “Operator” for proposed computerization and e-governance of registration offices in the presidency zone of West Bengal. The scope of work includes procuring, installing, operating, maintaining the hardware network infrastructure, providing manpower services, and managing the services.

Read More


Competitive Strength 

  • Asset light business model;
  • Multiple cross-selling and up-selling opportunities;
  • Business model with diverse sources of revenue and negligible customer acquisition and retention costs;
  • Successful track record of acquisitions;
  • Experienced senior management, strong parentage, and skilled employees. 

Business Strategies 

  • Strengthening and integrating the technology backbone;
  • Grow the merchants and BLS Stores network;
  • Pursue strategic investments and acquisitions to enhance product and service capabilities;
  • Leverage existing market position to grow each business segments, with an aim to improve cross-selling results.

Company Promoters

Rahul Sharma is an Executive Director and CFO of the Company. Shikhar Aggarwal is the Chairman and Non-Executive Director of the Company. Diwakar Aggarwal is the Non-Executive Director. Shivani Mishra is an Independent Director of the Company. Ram Prakash Bajpai is an Independent Director of the Company. Rakesh Mohan Garg is an Independent Director. Manoj Joshi is an Independent Director of the Company. Lokanath Panda is the Chief Operating Officer of the Company with effect from April 12

Company Financials

BLS E-Services Limited's revenue increased by 150.31% and profit after tax (PAT) rose by 277.94% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended 30 Sep 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021
Assets 213.77 179.47 55.93 40.59
Revenue 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
Amount in ? Crore

Objects of the Issue

The company proposes to utilise the Net Proceeds towards funding the following objects:

  1. Strengthening the technology infrastructure to develop new capabilities and consolidating the existing platforms;
  2. Funding initiatives for organic growth by setting up of BLS Stores;
  3. Achieving inorganic growth through acquisitions; and
  4. General Corporate Purposes

How to Apply

Apply for IPO in few simple steps.

  • Step 01 :

    Once you create your account, Login to InvestoYard.

  • Step 02 :

    Under IPO Section, you will be able to see a list of Ongoing IPOs, where you can click on apply button.

  • Step 03 :

    Add quantity of shares to apply – Maximum 3 bids are allowed (For retail category – max amount Rs.2,00,000/-).

  • Step 04 :

    Enter your UPI ID and you will receive mandate on your UPI App.

  • Step 05 :

    Once you accept the mandate, Application is submitted successful.

  • Applying for an IPO is easier than ever with InvestoYard, in just a few clicks your application is processed. You can bid for any IPO through InvestoYard, the bidding process is simple and hassle free. Every company has a lot size decided & you can buy in multiples of the decided lot.
  • If lot size is 15, then you have to bid for multiples of 15 share like 30,45,60 and so on.
  • The maximum subscription amount for retail investors is 2 lakh.
  • Any bid can be at a desired price or cut off price given by the company.

  • Enter the number of shares you wish to buy, as per the lot size.
  • You can apply at the cut off price set by the company or bid for a desired amount within the price band.
  • Maximum three bids will be accepted.
  • You then need to enter the UPI ID on InvestoYard’s IPO application form.

  • You will immediately get a fund blocked request on your UPI for the submitted IPO application.
  • The funds will be blocked in your bank account until allotment when it is debited.
  • The limit for IPO application is Rs 2 lakh per transaction on UPI.
  • On allotment of the shares, the money will be automatically debited.
  • If the share aren’t allotted the blocked funds will reflect back into your account.

Frequently Asked Questions

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