BLS Polymers IPO set to open on October 27 with price band of ₹142 to ₹150

BLS Polymers will open its ₹255-crore initial public offering for subscription on October 27, setting its price band at ₹142 to ₹150 per share. Bidding for anchor investors opens on October 26, and the issue will close on October 29.

The capital raising comes at a time of sustained expansion across Indian manufacturing, with primary markets drawing substantial appetite for domestic industrial suppliers. The public offer consists entirely of a fresh issue of 1.7 crore equity shares of face value ₹10 each, with no offer-for-sale component from existing shareholders. The shares are scheduled to list on both the BSE and the National Stock Exchange on November 3.

Where the funds will go

According to the company's red herring prospectus, the net proceeds will support factory capacity and fund daily operations. The compounder plans to deploy ₹77.56 crore to expand its manufacturing operations and boost output of existing lines, alongside ₹89.5 crore earmarked for working capital requirements. Earlier regulatory filings had pegged these figures at ₹69.84 crore and ₹75 crore respectively, before final issue documentation was concluded.

Industrial footprint and customer reach

Established in 1991, BLS Polymers is part of the BLS Group, which maintains interests across e-governance, visa facilitation, education, and textiles. The firm produces custom polymer compounds, including cross-linked polyethylene, high-density polyethylene, and halogen-free flame-retardant materials. These formulations serve critical infrastructure lines: underground cabling, power transmission, telecom ducting, railway signalling, and water and gas supply networks.

The company operates a single manufacturing complex in Goa spanning roughly 24,220 square metres, with an installed capacity of 35,251 tonnes per annum. Having secured pre-approved supplier status with government agencies, its domestic distribution spans between 23 and 24 states and Union Territories. Beyond domestic borders, the company exports specialised compounds to international destinations including the United States, Germany, Saudi Arabia, the United Arab Emirates, and Bangladesh.

Financial performance and bookrunners

The business has expanded its balance sheet alongside rising capital expenditure across India's core sectors. Revenue from operations reached ₹349.43 crore in the fiscal year ended March 2026, generating a profit after tax of ₹27.01 crore. This followed total income of ₹336.70 crore and a net profit of ₹21.14 crore in fiscal 2025. In the opening quarter of fiscal 2027, the company registered revenue of ₹107.03 crore and a net profit of ₹10.23 crore.

Up to 50 percent of the net issue is reserved for qualified institutional buyers, a minimum of 15 percent for non-institutional investors, and at least 35 percent for retail bidders. Pre-issue promoter holding stands at 98.53 percent, led by members of the Aggarwal family.

Unistone Capital serves as the book-running lead manager to the issue, while registrar duties are handled by KFin Technologies.