Sebi approval: BLS E-Services, Popular Vehicles get Sebi approval to launch IPOs

BLS E-Services and Popular Vehicles have received capital markets regulator Sebi approval to launch their respective IPOs.

BLS E-Services, a subsidiary of BLS International, runs a web-enabled services portal to access various services provided by the government and service partners. The company claims to provide end-to-end integrated solutions to various services availed through this portal.

The IPO is completely a fresh equity issue of 2.41 crore shares, that will be available for public subscription.

The company’s net profit for the fiscal 2023 stood at Rs 20.33 crore and it reported total revenue of Rs 246.29 crore in the same period.

The company intends to use the proceeds from the IPO to strengthen its technology infrastructure to develop new capabilities and consolidate existing platforms, the DRHP said. The company will also meet its funding initiatives for organic growth by setting up of BLS stores. It also plans to achieve inorganic growth through acquisitions.

Unistone Capital is acting as the sole book running lead manager to the IPO, while Kfin Technologies is the registrar.

Meanwhile, Popular Vehicles and Services IPO comprises fresh equity issue of Rs 250 crore and an offer for sale up to 1.42 crore shares.Banyan Tree Growth Capital is the sole selling shareholder under the OFS.

The company is a leading diversified automobile dealership in India in terms of revenue as of FY23, having a fully integrated business model.

They cater to the complete life cycle of vehicle ownership, right from the sale of new vehicles, servicing and repairing vehicles, distributing spare parts and accessories, to facilitating sale and exchange of pre- owned vehicles, operating driving schools and facilitating the sale of third-party financial and insurance products.

Net proceeds from the fresh issue will be used towards repayment of debt availed by the company and its subsidiaries and for other general corporate purposes.

ICICI Securities, Nuwama Wealth and Centrum Capital are the book running lead managers to the issue.

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