The ₹255-crore IPO of BLS Polymers saw strong demand on its closing day, 29 October 2026, with the issue subscribed 115.52 times by 1:18 pm, led by non-institutional investors. The response is the latest sign of appetite for manufacturing-linked listings in startup funding in India’s broader capital markets.
By early afternoon, the qualified institutional buyers’ category was subscribed 18.44 times, the non-institutional investor portion 328.86 times, and the retail investor category 79.57 times. The IPO comprises a fresh issue of 1.7 crore equity shares at a price band of ₹142–150 per share.
BLS Polymers has raised ₹76.50 crore from anchor investors. According to the red herring prospectus, the company plans to use ₹77.56 crore from the issue proceeds to expand its manufacturing facility and increase production capacity for certain existing products, while another ₹89.5 crore will meet working capital requirements.
BLS Polymers makes custom-formulated polymer compounds used as raw materials for sheathing, jacketing and insulation of wires and cables in the power, telecommunication and railway industries, as well as for coating underground oil, gas and water pipelines. Both BLS Polymers and the issue closing alongside it are tentatively scheduled to list on 3 November 2026.
The contrast between institutional and retail demand, and the heavy non-institutional oversubscription, shows where the heat in this issue sat. For companies planning listings, the BLS Polymers book is a case study in how a manufacturing story with clear capacity-expansion plans can draw aggressive bidding.
Why it matters for founders
A 115-times book is a headline, not a valuation. Founders should read the category split: when non-institutional bids dominate, listing-day volatility often follows. Price the issue for the investors you want to keep, and make sure the use of proceeds, capacity plus working capital, is a story institutions can underwrite.