BLS Polymers IPO subscribed over 45x so far on Day 3; GMP jumps to 34%

In the grey market, BLS Polymers shares were commanding a premium of 34 percent on the morning of October 29, according to InvestorGain. The grey market premium is an unofficial indicator of investor sentiment towards an IPO ahead of its stock market debut. It does not guarantee the listing price or returns. Read Also: From 'Kolaveri Di' fame to tequila business: Anirudh Ravichander's entrepreneurial journey ahead of his wedding to Kavya Maran

BLS Polymers has fixed the price band for its IPO at Rs 142-150 per share. At the upper end of the price band, the company is valued at approximately Rs 930.5 crore. The issue opened for subscription on October 27 and will close on October 29. The allotment is expected to be finalised on October 30, while the company's shares are scheduled to list on the stock exchanges on November 3. Ahead of the public issue, BLS Polymers raised Rs 76.5 crore through its anchor book.

The company allotted 51 lakh equity shares to six institutional investors at Rs 150 per share, the upper end of the price band. The IPO comprises a fresh issue of 1.7 crore equity shares. The company plans to use the proceeds to expand its manufacturing capacity, meet working capital requirements and fund general corporate purposes. BLS Polymers plans to allocate Rs 77.56 crore from the net IPO proceeds towards expanding its existing manufacturing facility in Goa.

The proposed expansion will increase the production capacity of select products. Another Rs 89.5 crore has been earmarked for working capital requirements, while the remaining proceeds will be used for general corporate purposes. BLS Polymers reported a net profit of Rs 27 crore in the financial year ended March 2026, marking an increase of 27.8% from Rs 21.1 crore in FY25. Revenue from operations rose 6.4% year-on-year to Rs 349.4 crore in FY26, compared with Rs 328.4 crore in the previous financial year.

For the quarter ended June 2026, the company reported a net profit of Rs 10.2 crore on revenue of Rs 107.02 crore. Unistone Capital has been appointed as the merchant banker managing the BLS Polymers IPO. Based in New Delhi, BLS Polymers manufactures custom-formulated polymer compounds in different grades for industrial applications. Its products are used as raw materials for the sheathing, jacketing and insulation of wires and cables deployed across the power, telecommunications and railway sectors.

The company's polymer compounds are also used to coat underground oil, gas and water pipelines, helping protect them against corrosion and external environmental factors. BLS Polymers currently manufactures its products at a facility in Goa, which is equipped with 11 dedicated production machines.