BLS Polymers raises Rs 76.5 crore through anchor book ahead of Rs 255-crore IPO opening on October 27

BLS Polymers has allotted 51 lakh equity shares to six institutional investors through the anchor book at the upper end of the price band. Nakshatra Asset Ventures emerged as the largest anchor investor, subscribing to 17.85 lakh equity shares through two schemes—Bharat Vantage Fund – Scheme III and Nakshatra Bharat Vantage Fund—for a total of Rs 26.78 crore. Vikasa India EIF I Fund acquired 9.79 lakh shares worth Rs 14.68 crore.

Meanwhile, Venus Investments, Radiant Global Fund and Pine Oak Global Fund each purchased shares worth Rs 10 crore. Innovative Vision Fund was the smallest investor in the anchor book, purchasing 3.33 lakh equity shares worth Rs 5 crore. BLS Polymers operates a manufacturing facility in Goa and produces polymer compounds for various industries, including telecommunications, power, railways, water, and oil and gas distribution.

Polymer compounds are essential raw materials used in the sheathing, jacketing and insulation of wires and cables, as well as in coating underground oil, gas and water pipelines. These applications help protect infrastructure against corrosion and external environmental factors. The company plans to utilise Rs 77.56 crore from the net proceeds of the fresh issue to expand its existing manufacturing facility in Goa and increase the production capacity of certain products.

A further Rs 89.5 crore will be allocated towards working capital requirements, while the remaining proceeds will be used for general corporate purposes. In FY26, the company recorded capacity utilisation of 75.26 percent for polyethylene (PE) compounds and 73.19 percent for cross-linked polyethylene (XLPE) compounds at its manufacturing facility. Citing demand in international markets and the relatively high utilisation of its existing PE and XLPE production capacities, BLS Polymers plans to expand the manufacturing capacity of these compounds by 52,050 metric tonnes per annum (MTPA), using a portion of the IPO proceeds. Unistone Capital is the merchant banker managing the BLS Polymers IPO.