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New Delhi, Oct 29 (PTI) The initial public offering of BLS Polymers Ltd was subscribed a whopping 241.22 times on the final day of bidding on Thursday, driven by strong demand from non-institutional investors (NIIs).
The Rs 255-crore IPO received bids for 2,87,05,58,600 equity shares, worth Rs 43,058.25 crore, against 1,19,00,000 shares on offer, as per the NSE data.
The quota for non-institutional investors received 559.20 times subscription, while the category for qualified institutional buyers (QIBs) was subscribed 200.25 times. The retail portion was booked 128.36 times.
The BLS Polymers IPO was subscribed 9.60 times on the first day of bidding on Tuesday.
BLS Polymers Ltd has raised Rs 76.50 crore from anchor investors.
The IPO comprises entirely
a fresh issue of 1.7 crore equity shares.
The issue price band has been fixed at Rs 142-150 per share.
According to the red herring prospectus, BLS Polymers plans to utilise Rs 77.56 crore from the IPO proceeds to expand its manufacturing facility and increase production capacity for certain existing products. Another Rs 89.5 crore will be used to meet working capital requirements, while the remaining amount will go towards general corporate purposes.
BLS Polymers manufactures custom-formulated polymer compounds used in industries such as telecommunications, power, railways, water, and oil and gas distribution. The company operates a manufacturing facility in Goa with an installed capacity of 35,251 metric tonnes per annum.
It operates across 23 states and Union Territories in India and exports products to 13 countries, including the US, Germany, Saudi Arabia, the UAE, and Bangladesh.
Established in 1991, the company is part of the BLS Group, which has interests in textiles, education, polymers, visa and consular services, banking business correspondent services and e-governance.
Unistone Capital is the book-running lead manager to the issue, while KFin Technologies Ltd is the registrar. PTI HG SHM
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