Dream stock market debut for BLS E-Services; shares zoom nearly 175 pc

New Delhi, BLS E-Services Ltd had an exceptional market debut on Tuesday, with its shares ending the day with a huge premium of nearly 175 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 zoomed 174.62 per cent to settle at Rs 370.75.

Shares of the company listed at Rs 305, a gain of 125.92 per cent on the NSE. The stock ended at Rs 366, reflecting a sharp rally of 171.11 per cent.

The company's market valuation stood at Rs 3,368.50 crore.

In traded volume terms, 58.32 lakh shares of the company were traded at the BSE and over 4.99 crore shares at the NSE during the day.

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.