BLS Polymers Lists at 65% Premium on NSE After 241x Subscription

3 Nov 2026 , 10:54 AM

BLS Polymers made a strong debut on the stock exchanges on November 3, 2026. The stock listed at Rs 248 on the NSE, a 65.33% premium over the issue price of Rs 150. On the BSE, it opened at Rs 244.10, a 62.73% premium.

Why the listing was strong

The Rs 255 crore IPO was open from October 27 to 29 and was subscribed 241.22 times overall. Investor demand was led by non-institutional investors (NIIs), who bid 559.20 times their quota. Qualified institutional buyers (QIBs) put in 200.25 times, while retail investors subscribed 128.36 times. Demand from NIIs and QIBs far exceeded the shares reserved for them, which drove the strong listing.

Issue details

The book-built issue was entirely a fresh issue of 1.70 crore shares, priced in a band of Rs 142-150. The lot size was 100 shares, so the minimum investment at the upper band was Rs 15,000. Anchor investors had put in Rs 76.50 crore (51 lakh shares at Rs 150) ahead of the opening. Unistone Capital was the lead manager and KFin Technologies the registrar.

What the company does

BLS Polymers makes polymer compounds such as HDPE, MDPE, LLDPE, XLPE, PVC and HFFR for wires, cables and underground pipelines. Its products serve the power, telecom, railways, water, and oil and gas sectors. It operates a single plant in Goa with 11 machines, has over 190 customers, and exports to Bangladesh, Egypt, Saudi Arabia, the UAE, the US and Zambia.

Financial performance (FY26 vs FY25)

Metric	FY26	FY25
Revenue	Rs 354.41 crore	Rs 336.70 crore
EBITDA	Rs 46.60 crore	Rs 39.66 crore
PAT	Rs 27.01 crore	Rs 21.14 crore
Total assets	Rs 206.13 crore	Rs 179.14 crore

Revenue grew a modest 5.3%, but profit after tax rose about 27.8%, so the jump came mainly from better margins rather than higher sales.

Use of proceeds

The company plans to use the fresh issue proceeds for capex to expand capacity for certain existing products, working capital needs, and general corporate purposes.

Key Takeaway

BLS Polymers’ listing reflects heavy institutional and high-net-worth demand for a niche polymer compounds maker with improving profitability. Investors will now watch how well it executes its capacity expansion, given its dependence on a single Goa plant.

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