Is this IPO set to become the most subscribed IPO of 2024? Retail category subscribed 27 times so far!

Interestingly, the entire offer is a fresh issue of 2.3 crore shares. Of this, 10 per cent or 23 lakh shares has been reserved for existing shareholders of

In the dynamic realm of Indian financial markets, today's trading session is marked by an intriguing blend of profit booking and vibrant Small-Cap activity. As the Nifty and Sensex experience a marginal downturn of 0.31 per cent and 0.46 per cent, respectively, it's the small-cap index that steals the spotlight, boasting a remarkable surge of over 1 per cent.

Amidst this financial tapestry, the primary market adds a riveting chapter with the commencement of the subscription phase for BLS E-Services Limited's Initial Public Offering (IPO). Established in April 2016, BLS E-Services is a digital service provider specializing in Business Correspondence services for major banks in India, Assisted E-Services, and E-Governance Services at the grassroots level.

Distinguished as the sole listed company in India engaged in its domain, BLS E-Services is a subsidiary of BLS International Services Limited, catering to the visa, passport, consular, and citizen services sector. With a technology-enabled platform, the company extends its services to state and provincial governments across Asia, Africa, Europe, South America, North America, and the Middle East.

By March 31, 2023, BLS E-Services had expanded its merchant network to an impressive 92,427, reaching underserved and unserved populations in remote areas. As of the latest update, the IPO has garnered significant attention, being subscribed 8.07 times on January 30, 2024, at 1:49 PM. The retail category led the pack with a subscription of 27.38 times, followed by 2.06 times in the QIB category and 12.22 times in the NII category.

Interestingly, the entire offer is a fresh issue of 2.3 crore shares. Of this, 10 per cent or 23 lakh shares has been reserved for existing shareholders of BLS International. A discount of Rs 7 to the final issue price is being offered to BLS shareholders reservation portion. The stock of BLS International has hit a fresh 52-week high of Rs 419 per share on NSE.

The company's ambitious objectives for the IPO proceeds include fortifying technological infrastructure, fostering organic growth through the establishment of BLS Stores, pursuing inorganic growth via acquisitions, and meeting general corporate requirements.

Investors eyeing this opportunity should note that the subscription window for BLS E-Services IPO is open from January 30, 2024, to February 1, 2024. The allotment process is anticipated to conclude on Friday, February 2, 2024. If all goes as planned, BLS E-Services IPO is set to make its debut on BSE and NSE on Tuesday, February 6, 2024.

As the financial world eagerly awaits the outcome, the question remains: Have you subscribed to this IPO?

Disclaimer: The article is for informational purposes only and not investment advice