BLS Polymers' ₹255 crore IPO draws 3.9-times oversubscription and bullish broker ratings

BLS Polymers announced a ₹255 crore initial public offering, offering 1.70 crore shares at a price band of ₹142-₹150, with the lot size set at 100 shares and a minimum investment of ₹15,000. The issue received bids for 4.64 crore shares, resulting in an overall subscription of 3.90 times; QIBs subscribed 7.52 times, non-institutional investors 2.88 times, and retail investors 2.27 times. Brokerage SBI Securities gave a “Subscribe for long-term” rating, citing the firm’s portfolio of HDPE, MDPE, LLDPE, XLPE, HFFR, PVC, CFC and 3LPE adhesive compounds and a 96.5 % repeat-customer revenue share in FY26.

Swastika also recommended subscription, describing the pricing as fair to slightly aggressive compared with domestic peers but justified by high ROE and expanding EBITDA margins. Both analysts see growth potential from rising demand for custom polymer formulations in wires, cables, and pipeline coatings, supported by infrastructure investments. The issue is being managed by Unistone Capital Pvt.Ltd. with Kfin Technologies Ltd. as registrar.