BLS Polymers Makes Strong Stock Debut With 65 Percent Listing Gain

BLS Polymers made a strong debut on the National Stock Exchange by listing at ₹248 per share, which is a 65.33 percent jump from its IPO price of ₹150. This gave investors a gain of ₹98 on each share for the day. On the Bombay Stock Exchange, the stock opened at ₹244.10, marking a 62.73 percent gain. The stock later climbed up to a high of ₹285, which is a 90 percent rise from the IPO price.

Strong Demand

The public issue ran from October 27 to October 29 with a price band set at ₹142 to ₹150. The total public issue was made of 1.7 crore fresh equity shares. National Stock Exchange data shows the IPO was subscribed 241.22 times in total, as investors bid for 287.05 crore shares against the 1.19 crore shares on offer. Non-institutional investors led the demand with a subscription of 559.20 times. Qualified institutional buyers subscribed 200.25 times, and retail investors booked 128.36 times their reserved portion. Allotment was finalized on October 30, and shares were credited to demat accounts by November 2.

Fund Usage

BLS Polymers plans to use the money raised to grow its business and fund daily operations. The company set aside ₹77.56 crore to expand its manufacturing plant in Goa. Another ₹89.5 crore will go toward meeting working capital needs. The leftover funds are meant for general corporate purposes. Following this strong listing, the company's total market value reached about ₹1,514.20 crore.

Context

Based in New Delhi, BLS Polymers makes custom polymer compounds used as raw materials for wire and cable insulation in power, telecom, and railway sectors. These compounds also protect underground oil, gas, and water pipelines from rust and damage. Strong grey market trends had already pointed to a positive debut before trading began.