BLS Polymers shares list at 65% premium after 241x subscription
What's the story
BLS Polymers Ltd. debuted on the bourses today, November 3, with a bang. The company's shares opened at ₹248 apiece on the National Stock Exchange, a 65.33% premium over its issue price of ₹150 per share. The strong debut comes after an extremely successful public offer that witnessed strong demand from institutional, high-net-worth, and retail investors alike.
Subscription details
BLS Polymers IPO was subscribed 241.22 times
The company's ₹255 crore IPO was completely a fresh issue of equity shares. Between October 27 and October 29, the BLS Polymers IPO was subscribed a whopping 241.22 times.
The Qualified Institutional Bidders (QIBs) bid for shares offered to them by up to 200.25 times. The issue reserved for Non-Institutional Investors (NIIs) was subscribed up to 559.2 times while that for retail investors was subscribed up to 128.36 times.
Company profile
The company is a leading manufacturer of polymer compounds
BLS Polymers is a leading Indian manufacturer and developer of specialized, custom-formulated polymer compounds.
The company's products are used as raw materials for insulation, sheathing, and jacketing in power cables, telecom networks, railway cables, oil & gas pipelines, and water transport systems.
Wire and cable polymer compounds account for over 80% of total operating revenue.
The company plans to use ₹77.56 crore from the IPO proceeds to expand its Goa manufacturing plant's capacity.