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IPO ·
NSE, BSE
BLS Polymers Ltd
Closed
Makes custom polymer compounds (HDPE, XLPE, HFFR, PVC and others) used to insulate and sheath cables and to coat oil, gas and water pipelines.
Issue details
Price band
₹142 – ₹150
Face value
₹10
Lot size
100 shares
Minimum investment
₹15,000
Issue size
₹255 Cr
Fresh issue
₹255 Cr
Offer for sale
—
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
27 Oct 2026
Closes
29 Oct 2026
UPI mandate cut-off
5:00 PM on 29 Oct 2026
Allotment
30 Oct 2026
Refunds
2 Nov 2026
Shares in demat
2 Nov 2026
Listing
3 Nov 2026
Subscription and listing
Subscription
241.22x
Listing price
Not listed yet
Registrar
KFin Technologies Ltd
Lead manager
Unistone Capital Pvt Ltd
Subscription by category
QIB (Ex Anchor)
200.25x
NII
559.20x
bNII (> ₹10L)
592.83x
sNII (< ₹10L)
491.94x
Retail
128.36x
Total
241.22x
Total applications
61,60,926
Anchor investors
Amount raised
₹76.50 Cr
Bid date
26 Oct 2026
50% lock-in ends
29 Nov 2026
Rest lock-in ends
28 Jan 2027
Grey market premium
Latest GMP
₹68
Est. listing price
₹218 (+45.3%)
Updated
30 Oct 2026
Unofficial grey market indication sourced via Chittorgarh. GMP is not regulated, can change quickly and is not a reliable guide to listing price. Not a recommendation.
Issue structure
Shares reserved per category and share of the total issue
QIB
85,00,000
50.00%
Anchor Investor
51,00,000
30.00%
QIB (Ex. Anchor)
34,00,000
20.00%
NII
25,50,000
15.00%
bNII > ₹10L
17,00,000
10.00%
sNII < ₹10L
8,50,000
5.00%
Retail
59,50,000
35.00%
Total
1,70,00,000
100.00%
Finaccle’s quick read
Neutral
PAT up 28% in FY26 with ROE of 33.17% and D/E of 0.56, but income rose only 5% and the issue is priced at 22.73x post-issue P/E and 7.12x book.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
BLS Polymers makes specialised polymer compounds used in wires, cables and underground pipelines. It runs a single ISO-certified plant in Goa and sells to more than 190 customers, with exports to markets such as Bangladesh, Egypt, Saudi Arabia, the UAE, the USA and Zambia. FY26 total income was ₹354.41 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
33.17%
ROCE
29.51%
Debt / equity
0.56
PAT margin
7.73%
P/E post issue
22.73x
Market cap
₹930.48 Cr
Use of IPO money
Capacity expansion capex
₹77.56 Cr
Working capital
₹89.50 Cr
General corporate purposes
—
Strengths
✓
Pre-approved products with government approvals
✓
Over 190 customers plus exports to six countries
✓
Entirely fresh issue; debt/equity down to 0.56
✓
Borrowings cut from ₹93.77 Cr in FY24 to ₹51.72 Cr
Risks to watch
!
Income grew only 5% in FY26
!
PAT nearly tripled in FY25 from ₹7.52 Cr
!
P/B of 7.12x and post-issue P/E of 22.73x look full
!
Single plant in Goa
!
Thin PAT margin of 7.73% in a commodity-linked business
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.