Shares of BLS Polymers gained nearly 6% on Wednesday, hitting a high of Rs 284 against the previous close of Rs 268.80 on the NSE, after making a strong market debut on Tuesday.
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.
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.
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.
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.