BLS Polymers shares list at 65.33 per cent premium on NSE
The company's market debut outperformed Jio Platforms in terms of percentage gains after the IPO was subscribed over 241 times.
BLS Polymers shares debuted on the National Stock Exchange (NSE) at ₹248, representing a 65.33 per cent premium over its issue price of ₹150, according to Mint. On the BSE, the stock listed at ₹244.10, a gain of 62.73 per cent. The shares reached a day high of ₹285, which was a 90 per cent jump from the IPO price.
The listing premium for BLS Polymers was more than three times that of Jio Platforms, which opened at ₹1,358, up 21.36 per cent from its issue price of ₹1,119. Following the debut, the market capitalisation of BLS Polymers stood at approximately ₹1,514.20 crore.
The public issue was subscribed 241.22 times, with investors bidding for 287.05 crore shares against the 1.19 crore shares offered. The non-institutional investor (NII) category was subscribed 559.20 times, the qualified institutional buyer (QIB) category 200.25 times, and the retail investor portion 128.36 times.
The IPO, which opened on October 27 and closed on October 29, had a price band of ₹142-150 per share. The company, which manufactures custom-formulated polymer compounds in New Delhi, plans to use the proceeds to expand its manufacturing facility in Goa and meet working capital requirements.
Of the total proceeds, ₹77.56 crore is earmarked for the Goa facility expansion and ₹89.5 crore for working capital. The remaining funds will be used for general corporate purposes. Allotment was finalised on October 30, with refunds and share credits scheduled for November 2.
