BLS Polymers IPO Launches Today
New Delhi-based BLS Polymers, a manufacturer of specialized polymer compounds for industries like power, telecommunications, and oil & gas, has launched its initial public offering (IPO) for subscription today, October 27, 2026. The company seeks to raise Rs 255 crore through an entirely fresh issue of 1.70 crore equity shares.
The IPO is priced in a band of Rs 142-150 per equity share, with investors able to apply for a minimum of 100 shares and in multiples thereafter. The subscription window will remain open until Thursday, October 29, 2026.
About BLS Polymers and Fund Utilization
BLS Polymers specializes in producing polymer compounds such as HDPE, MDPE, LLDPE, XLPE, PVC, HFFR, cable filling compounds, and adhesive coating compounds. These are critical components for wires, cables, and underground pipelines across various sectors.
The net proceeds from the IPO are earmarked for several key initiatives: funding capital expenditure for the expansion of its manufacturing facility, meeting working capital requirements, and general corporate purposes.
Financial Performance and Allocation Details
For the quarter ended June 30, 2026, BLS Polymers reported a net profit of Rs 10.23 crore on revenue of Rs 107.81 crore. In the financial year 2025-26, the company achieved a net profit of Rs 27.01 crore with a revenue of Rs 354.41 crore. Post-issue, its market capitalization is projected to exceed Rs 930 crore.
Ahead of the public issue, BLS Polymers secured Rs 76.50 crore from seven anchor investors, including Nakrashtra Bharat Finds and Vikasa India EIF, by allocating 51,00,000 equity shares at Rs 150 each.
The IPO's allocation structure reserves 50 percent of the net offer for qualified institutional bidders (QIBs), 15 percent for non-institutional investors (NIIs), and 35 percent for retail investors.
Grey Market Premium (GMP) and Brokerage Views
Market observers note a grey market premium (GMP) for BLS Polymers shares ranging from Rs 20-22 apiece, suggesting potential listing gains of 6-7 percent for investors.
Brokerage firms have largely issued 'Subscribe' ratings for the BLS Polymers IPO:
- Swastika Investmart: Rated 'Subscribe', noting fair-to-aggressive pricing supported by superior return ratios. They highlight trading contributing 32% of FY26 revenue and moderate-to-high risk.
- SBI Securities: Recommended 'Subscribe for long-term', citing impressive CAGR in EBITDA and PAT, and significant capacity expansion plans. Concerns include high customer concentration and raw material volatility.
- Religare Broking: Assigned 'Subscribe for long-term', based on consistent financial improvement, strong customer relationships, and broad market reach.
- BP Equities: Advised 'Subscribe', valuing the issue at 25 times P/E and recognizing improving profitability and growth opportunities.
- Master Capital Services: Suggested 'Subscribe for long-term', emphasizing the company's strong position to capitalize on industry opportunities.
- Ventura Securities: Issued a 'Subscribe' rating, noting the company's B2B operating model and rising customer concentration.
Unistone Capital is the sole book running lead manager, and Kfin Technologies Ltd is the registrar for the issue. Shares are expected to list on both NSE and BSE on Tuesday, November 03, 2026.