BLS Polymers IPO fully subscribed on day 1

New Delhi, Oct 27 (PTI) The initial public offer of BLS Polymers Ltd was fully subscribed 9.60 times on the first day of bidding on Tuesday.

The company’s Rs 255-crore IPO received bids for 11,42,65,600 shares against 1,19,00,000 shares on offer, as per NSE data.

The category for non-institutional investors fetched 12.99 times subscription, and the quota for qualified institutional buyers (QIBs) was subscribed 12.03 times. The portion for retail investors received 6.76 times subscription.

BLS Polymers Ltd has raised Rs 76.50 crore from anchor investors.

The IPO, comprising a fresh issue of 1.7 crore equity shares, will close on October 29.

The 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 issue 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 SUM SUM BAL

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