BLS E-Services Makes Dream Stock Market Debut; Shares Zoom Nearly 129%

Market valuation of BLS E-Services stood at Rs 2,919.22 crore.

New Delhi: Quite in line with expectations BLS E-Services made a stellar debut on stock market on Tuesday, with shares of the company listing nearly 129 percent. BLS E-Services Ltd shares listed with a premium of nearly 129 percent against the issue price of Rs 135.

On BSE, BLS E-Services debuted at Rs 309, zooming 128.88 percent from the issue price, and further rallying 157.70 percent to Rs 347.90. At the NSE, BLS E-Services shares listed at Rs 305, posting a gain of 125.92 percent. The leading technology-enabled digital service provider 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 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.

With PTI Inputs