Wednesday, August 23, 2023

BLS E- Services Limited Files DRHP For IPO

BLS E- Services Limited ("The Company") s a leading technology enabled digital service provider of (i) Business Correspondents services to major banks in India, (ii) Assisted E-services; and (iii) E-Governance Services at grass root levels in India, has filed its DRHP with market regulator Securities Exchange Board of India (SEBI).

The Company plans to raise funds through an Initial public offering (IPO) of Fresh Issue of up to 2, 41, 30,000 equity shares  (face value Rs.10).

Company proposes to utilise the Net Proceeds towards funding the following objects: 1. strengthening technology infrastructure to develop new capabilities and consolidating 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.

The Equity Shares that will be offered through the Draft Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”)

Unistone Capital Private Limited is the sole Book Running Lead Managers to the issue.

About The Company: 

BLS E- Services through its tech-enabled integrated business model provide digital and physical products and services in the G2C, B2C, B2B categories in semi-urban, rural and remote areas where penetration of internet is low and citizens need assistance in availing basic technology enabled services. Company organize its business along three primary business segments, (i) Business Correspondents Services; (ii) Assisted E-services; and (iii) E-Governance Services. A key stakeholder in each of its business segments are merchants, with whom BLS E-Services collaborate for delivery of its products and services to the citizens. As a part of their operations, the company act as business correspondents to provide banking products and services on behalf of banks to people while performing a variety of services including opening savings, recurring deposit accounts, cash deposits, withdrawals, remittance, transfer, bill collection services, through its  Subsidiaries, namely ZMPL and Starfin. Company  also provide a variety of assisted eservices through retailers and digital stores also known as BLS Touchpoints, including PoS services, ticketing services, assisted e-commerce services, etc. Further, it facilitate delivery of various e-governance initiatives of the State Governments in India by providing various information communication technology (“ICT”) enabled citizen centric services (“E-Governance Services”) through its merchants also known as BLS Touchpoints to the citizens. Company’s  EGovernance Services, enable the provision of citizen-centric and front-end services through BLS Touchpoints ranging from birth and death certificates, PAN and Aadhar registrations, property registrations, and other citizen centric services in a transparent and accountable manner. 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.

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