BLS Polymers Rs 255 crore IPO closes subscribed 241.22 times, per NSE

The Development

The Rs 255 crore initial public offering of BLS Polymers Limited closed for bidding on Thursday, October 29, 2026, subscribed 241.22 times overall, according to the category-wise bid data published by NSE as of 7:00 pm on the closing day. Against 1.19 crore shares on offer outside the anchor portion, bids were received for about 287.06 crore shares.

Per the same NSE data, the qualified institutional buyer (QIB) portion was subscribed 200.25 times, the non-institutional investor (NII) portion 559.20 times and the retail individual investor portion 128.36 times. The figures were first reported by The Economic Times, citing the exchange filing.

The issue ran from October 27 to October 29, 2026, with anchor bidding on October 26, per the red herring prospectus dated October 17, 2026 filed with SEBI. The shares are proposed to be listed on the main boards of NSE and BSE.

The Company

BLS Polymers, incorporated in 1991 and headquartered in New Delhi, describes itself in the RHP as "a manufacturer of multiple grades of custom formulated polymer compounds". Its products serve telecommunication, power, railways, water, and oil and gas distribution, among other industries. The company discloses a single manufacturing facility, located in Goa. The promoters named in the offer document are Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal and Karan Aggarwal.

Per the restated financial information in the RHP, revenue from operations was Rs 349.43 crore in fiscal 2026, against Rs 328.44 crore in fiscal 2025 and Rs 296.36 crore in fiscal 2024. Profit after tax was Rs 27.01 crore in fiscal 2026, Rs 21.14 crore in fiscal 2025 and Rs 7.52 crore in fiscal 2024. For the three months ended June 30, 2026, the company reports revenue of Rs 107.03 crore and profit after tax of Rs 10.23 crore.

The RHP puts the EBITDA margin at 13.33% for fiscal 2026 and 15.15% for the June 2026 quarter. The company discloses capacity utilisation of 75.26% for PE compounds and 73.19% for XLPE compounds at its Goa facility in fiscal 2026.

The Offer Structure

The issue is entirely a fresh issue of up to 1.70 crore equity shares of face value Rs 10 each; the RHP states there is no offer for sale component, so no existing shareholder is selling. Per the price band advertisement filed with SEBI, the band was set at Rs 142 to Rs 150 per share, giving an issue size of Rs 241.40 crore at the floor and Rs 255 crore at the cap. The post-issue market capitalisation is stated as Rs 930.48 crore at the upper end of the band.

Bids could be made for a minimum of 100 shares and in multiples of 100 thereafter, so the minimum application at the upper end of the band was Rs 15,000. The offer reserves not more than 50% for QIBs, not less than 15% for non-institutional investors and not less than 35% for retail individual investors. Oquilia's lumpsum calculator can help with the arithmetic of an allotment.

Per the objects of the issue, Rs 77.56 crore of the net proceeds is earmarked for capital expenditure to expand capacity at the existing manufacturing facility and Rs 89.50 crore for working capital, with the balance for general corporate purposes. Unistone Capital Private Limited is the sole book running lead manager and KFin Technologies Limited is the registrar.

Risk Factors

The RHP's risk-factors section opens with product concentration. The company discloses that wire and cable polymer compounds accounted for 80.93% of revenue in fiscal 2026 and 73.20% in the June 2026 quarter, and that a fall in demand for these products would have a material adverse effect on the business.

Customer concentration is also listed: the top ten customers contributed 66.81% of revenue from operations in fiscal 2026 and 61.34% in the June 2026 quarter, per the offer document. The company also flags the risk of delays and cost overruns in the planned capacity expansion that the issue proceeds are meant to fund, and the risks of entering new markets such as Tunisia, Algeria, Nigeria and Oman, where it says it lacks a significant presence.

Among the other disclosures, the company states that it has been unable to trace certain historical corporate records and filings, and that it failed to facilitate dematerialisation of its securities from October 2018 to July 2024; a compounding application under Section 441 of the Companies Act, 2013 is pending. The RHP also reports a net cash outflow from operating activities of Rs 6.64 crore for the three months ended June 30, 2026.

What Happens Next

With bidding closed, the RHP's indicative timetable sets finalisation of the basis of allotment with NSE, the designated stock exchange, on or about Friday, October 30, 2026. Refunds to anchor investors and unblocking of funds in ASBA accounts are scheduled on or about Monday, November 2, 2026, the same date set for credit of shares to the demat accounts of allottees.

Trading in the shares on NSE and BSE is scheduled to begin on or about Tuesday, November 3, 2026. The final issue price, within the Rs 142 to Rs 150 band, is to be confirmed in the prospectus filed with the Registrar of Companies. Prior primary-market coverage is on the Oquilia news desk.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The bidding window for this issue closed on October 29, 2026. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.

What was the price band and lot size?

Per the price band advertisement filed with SEBI, the band was Rs 142 to Rs 150 per equity share of face value Rs 10. Bids were accepted for a minimum of 100 shares and in multiples of 100 thereafter, making the minimum application Rs 15,000 at the upper end of the band.

How many times was the issue subscribed?

As of 7:00 pm on October 29, 2026, the issue was subscribed 241.22 times overall per NSE's category-wise bid data. The QIB portion was subscribed 200.25 times, the non-institutional portion 559.20 times and the retail portion 128.36 times, against 1.19 crore shares offered outside the anchor book.

How is the basis of allotment decided?

The basis of allotment is finalised by the registrar with the designated stock exchange, NSE, in line with the SEBI ICDR Regulations. In an oversubscribed retail category, each retail bidder is allotted the minimum bid lot where shares permit, with the remaining lots allotted by draw of lots. The RHP sets this for on or about October 30, 2026.

When are the shares scheduled to list?

Per the RHP's indicative timetable, trading in the equity shares on NSE and BSE is scheduled to begin on or about Tuesday, November 3, 2026.

Where can I read the RHP?

The red herring prospectus dated October 17, 2026, the abridged prospectus and the price band addendum are published on SEBI's website under Filings, Public Issues, and on the NSE and BSE websites.

This report is based on the red herring prospectus filed with SEBI, the price band addendum filed with SEBI and bid data from the NSE. It was surfaced via coverage in The Economic Times.