BLS E-Services Limited | Globe Capital Market LTD.
BLS E-Services Limited
Price Band
₹129 to ₹135
IPO Issue Period
Jan 30, 2024 to Feb 1, 2024
Issue Size
Rs. ₹310.91 Cr
Face value
Rs. 10/-
Fresh issue
Rs ₹310.91 Cr
Offer for sale
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Kfin Technologies Limited
Tentative Listing Date
Feb 6, 2024

Unistone Capital Pvt Ltd

Incorporated in April 2016, BLS-E Services Limited is a digital service provider that offers Business Correspondence services to major banks in India, Assisted E-Services, and E-Governance Services at the grassroots level in India.

The company’s service offerings can be categorized into three parts (i) Business Correspondents Services; (ii) Assisted E-services; and (iii) E-Governance Services.

The company being a subsidiary of BLS International Services Limited provides visa, passport, consular, and other citizen services to state and provincial governments across Asia, Africa, Europe, South America, North America, and the Middle East through its technology-enabled platform. It is the only listed company engaged in this domain in India.

By 31st March 2023, the merchant network had grown to 92,427 in order to serve the underserved and unserved populations in hard-to-reach areas.

The revenue from operations in Fiscal years 2021, 2022 and 2023 were ₹6,448.72 lakhs, ₹9,669.82 lakhs and ₹24,306.07 lakhs, respectively.

As of June 30, 2023, the company has a total of 3,071 employees, including 2,413 contract employees.

For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 246.29 98.40 65.23
Profit After Tax 20.33 5.38 3.15
EPS 3.02 0.89 0.52
OPM (%) 14.73% 8.76% 8.39%
PATM (%) 8.60% 5.56% 4.88%


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
BLS E-Serv *1226 135 7.1 44.31 246.29 20.33
EMudhra Ltd. 3,729.01 450.3 6.02 57.29 314.1 66.15


*Market cap @upper band of Rs.135/-

  • Asset light business model.
  • It enables social and financial inclusion in India.
  • Multiple cross-selling and up-selling opportunities, network effect and wide reach for customer acquisition.
  • Business model with diverse sources of revenue and negligible customer acquisition and retention costs.
  • Successful track record of its acquisitions.
  • Experienced senior management, skilled employees, and strong parentage of its Corporate Promoter “BLS International Services Limited”
  • Strengthening the technology infrastructure to develop new capabilities and consolidating the existing platforms;
  • Funding initiatives for organic growth by setting up of BLS Stores;
  • Achieving inorganic growth through acquisitions; and
  • General Corporate Purposes

BLS E-Serv Limited is a one-point technology enabled digital service provider and providing almost all related services under one roof. Considering “Digital India” move by the government, this company has very bright prospects going forward. Investors may subscribe for the medium to long term rewards.

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