BLS Polymers IPO Subscribed 241.22 Times as Bids Surpass Rs 43,000 Crore
The initial public offering (IPO) of BLS Polymers Ltd witnessed massive investor enthusiasm on its final day of bidding, closing with an overall subscription of 241.22 times. The Rs 255-crore mainboard offering received bids for 2,87,05,58,600 equity shares, valued at Rs 43,058.25 crore, against the net offer of 1,19,00,000 equity shares, according to National Stock Exchange (NSE) data.
Demand picked up aggressive momentum across all investor categories through the three-day subscription window from October 27 to October 29. The issue had already been subscribed 9.60 times on its opening day and reached over 35 times by Day 2 before institutional and high-net-worth bids surged on Thursday.
Category-Wise Subscription Breakdown
Non-institutional investors (NIIs) emerged as the most aggressive bidders, creating extraordinary demand:
- Non-Institutional Investors (NIIs): The category was oversubscribed 559.20 times.
- Qualified Institutional Buyers (QIBs): The institutional quota was booked 200.25 times.
- Retail Individual Investors (RIIs): The retail allocation saw strong participation, subscribed 128.36 times.
Prior to the public issue opening, BLS Polymers had mobilized Rs 76.50 crore from anchor investors. The public offer was structured entirely as a fresh issue of 1.70 crore equity shares with a face value of Rs 10 each, priced in the band of Rs 142 to Rs 150 per equity share.
Business Operations and Utilization of Proceeds
Established in 1991, BLS Polymers Ltd is part of the New Delhi-headquartered BLS Group. The company manufactures custom-formulated polymer compounds, including polyethylene (PE), polyvinyl chloride (PVC), cross-linked polyethylene (XLPE), and halogen-free flame retardant (HFFR) compounds. Its products primarily serve as insulation, sheathing, and protective coatings for power cables, telecommunication infrastructure, railways, and industrial oil, gas, and water pipelines.
The company operates a key manufacturing base in Goa, equipped to handle high-volume compounding and specialized formulation development.
According to its Red Herring Prospectus (RHP) filed with the Securities and Exchange Board of India (SEBI), BLS Polymers plans to deploy the fresh capital toward:
- Facility Expansion: Rs 77.56 crore to expand its Goa manufacturing unit and raise capacity for existing product lines.
- Working Capital: Rs 89.50 crore to support growing working capital requirements.
- General Corporate Purposes: The remaining proceeds will be allocated toward corporate operations and general business development.
Key Listing Timeline
Share allotment is expected to be finalized on Friday, October 30. Refunds and credit of equity shares to the demat accounts of successful bidders will occur on November 2, with the stock scheduled to debut on both the BSE and NSE on Tuesday, November 3. KFin Technologies Ltd serves as the registrar for the issue.
