BLS E-Services share price down 40% from their peak, slips below IPO price; should you invest now?
₹366. The BLS E-Services share price made an impressive start on February 6, 2024 where it opened at ₹305 on the NSE, 125.93% more than the ₹135 issue price.
BLS shares debuted at ₹309 apiece on BSE, which was 128.89% more than the issue price. Since March 5, the price of the stock has been below its listing price.The firm successfully debuted on the stock market in February this year with an IPO of around ₹300 crores.
According to the company's exchange filing, the net proceeds from the IPO would be used to support the establishment of BLS Stores, consolidate the current platform, develop the technical infrastructure, and pursue inorganic possibilities.Also Read: IndiGo: This aviation stock surged nearly 80% in 8 months. Is it still a ‘buy’The three days of the BLS E-Services IPO saw a resounding reaction from non-institutional and retail investors alike.
According to NSE data, the subscription status for the BLS E-Services IPO on day three was 162.48 times.According to Dr. Ravi Singh, SVP - Retail Research Religare Broking Ltd, digital service provider BLS-E Services Limited provides e-government services at the grassroots level in India, supported e-Services, and business communication services to major Indian banks.One should avoid making fresh positions in this stock because every rise is being sold, which indicates the stock is in a downtrend.
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