which version of blustacks have instance? i want to run 5 number of bluestacks on VPS
which version of bluestacks have instance feature and run in VPS and no   graphics required to run?
BlueStacks 3 supports multiple instances, you can follow the below link to see steps:

https://support.bluestacks.com/hc/en-us/articles/115003172406-Introducing-BlueStacks-3-multiple-instances