The company listed at a 65% premium over the IPO price. The stock opened at Rs 244 on the BSE and Rs 248 on the NSE, against its issue price of Rs 150 per share.
The IPO, which opened for subscription on October 27 and closed on October 29, received an overwhelming response, garnering an overall subscription of 241.22 times. The non-institutional investor (NII) category was subscribed 559.20 times, while the qualified institutional buyers (QIB) portion saw 200.25 times subscription. The retail individual investor category was subscribed 128.36 times.
Also Read | Stellar Start! BLS Polymers shares list at 65% premium over IPO price
The Rs 255-crore book-built issue comprised an entirely fresh issue of 1.70 crore shares. The company had fixed the price band at Rs 142-150 per share, with a lot size of 100 shares. Retail investors applying for one lot at the upper end of the price band were required to invest a minimum of Rs 15,000.
Unistone Capital Pvt. Ltd. acted as the book-running lead manager to the issue, while KFin Technologies Ltd. was the registrar.
BLS Polymers IPO was commanding a grey market premium (GMP) of around Rs 68 per share.
IPO objects of the issue
The company plans to utilise Rs 77.56 crore from the IPO proceeds to fund capital expenditure for expanding its manufacturing facility and increasing the production capacity of certain existing products.
Another Rs 89.50 crore will be allocated towards meeting working capital requirements, while the remaining proceeds will be used for general corporate purposes. The total estimated amount earmarked for the specified objects is Rs 167.06 crore.
In FY26, BLS Polymers Ltd.’s total income increased 5% to Rs 354 crore from Rs 337 crore in FY25. Its profit after tax (PAT) rose 28% to Rs 27 crore from Rs 21 crore over the same period.
Also Read | BLS Polymers IPO Day 3: Issue subscribed 42.47 times with GMP at 34%. Check key details
About BLS Polymers
BLS Polymers Ltd. manufactures specialised polymer compounds used in wires, cables and underground pipelines. Its product portfolio includes HDPE, MDPE, LLDPE, XLPE, PVC, HFFR, cable filling compounds and adhesive coating compounds. These products cater to industries such as power, telecommunications, railways, water, and oil and gas.
The company operates a manufacturing facility in Goa spread across approximately 24,220 square metres and equipped with 11 machines. It also has an in-house laboratory, a quality control team and ISO 9001:2015 certification. The company develops customised products to meet specific customer requirements.
BLS Polymers serves more than 190 customers and exports its products to countries including Bangladesh, Egypt, Saudi Arabia, the UAE, the US and Zambia. Its proximity to Mormugao Port supports the import of raw materials and export of finished products.
Disclosure: This article has been written by Surbhi Khanna, who is not a SEBI-registered Research Analyst or an investment advisor. Surbhi Khanna does not hold any financial interest in Economic Times as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of the EconomicTimes Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.
