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BLS E-Services on Monday, 26 June 2023, received approval from its board of directors to raise funds through an IPO of its equity shares. The specific details, including the size of the offer, price, and other relevant information, will be determined at a later stage. It is important to note that BLS E-Services will remain a subsidiary of BLS International Services even after the IPO.
BLS International Services is global tech-enabled services partner for governments and citizens. It operates in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services since 2005. The company works with over 46 client governments including diplomatic missions, embassies & consulates and leverages technology and processes that ensure data security.
On consolidated basis, BLS International Services reported 95.8% jump in net profit to Rs 69.21 crore in Q4 FY23 as against Rs 35.35 crore reported in Q4 FY22. Revenue from operations surged 76.7% year-on-year to Rs 448.63 crore in Q4 FY23. The revenue was mainly driven by strong recovery in visa application volumes and digital services.
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