BLS Polymers closed a ₹76.5 crore anchor book with six institutional investors before the IPO opened, allotting 51 lakh equity shares at ₹150 each.
The largest anchor, Nakshatra Asset Ventures, pulled in 17.85 lakh shares worth ₹26.78 crore, while Vikasa India EIF I Fund secured 9.79 lakh shares for ₹14.68 crore. Venus Investments, Radiant Global Fund, and Pine Oak Global Fund each committed ₹10 crore, and Innovative Vision Fund added 3.33 lakh shares for ₹5 crore.
At the upper end of the ₹142‑150 band, the issue values BLS Polymers at ₹930.5 crore, translating to 34.5× FY26 earnings on a post‑issue basis. A grey‑market premium of nearly 27% surfaced on the morning of October 27, suggesting strong investor appetite.
Financially, the company posted an 8.6% YoY revenue CAGR, 59.8% EBITDA growth and 89.5% PAT growth from FY24 to FY26, reflecting improving margins despite moderate top‑line expansion. SBI Securities highlighted the niche market, capacity headroom and planned expansion as growth drivers, while cautioning on raw‑material volatility and single‑facility concentration.
Proceeds will fund a ₹77.56 crore expansion of the Goa plant to boost capacity by 52,050 MT pa, a ₹89.5 crore working‑capital injection, with the remainder earmarked for general corporate purposes. The final allotment will be announced on October 30 and shares will list on the BSE and NSE on November 3.