BLS Polymers shares rally 6 per cent after strong market debut
The specialty compound manufacturer's stock rose to a high of Rs 284 on Wednesday following a 65 per cent listing premium.
Shares of BLS Polymers gained nearly 6 per cent on Wednesday, reaching a high of Rs 284 on the NSE against a previous close of Rs 268.80, according to the Economic Times. This rally follows the company's market debut on Tuesday, November 3, where it listed at a significant premium.
The stock opened at Rs 248 on the NSE and Rs 244 on the BSE, representing a premium of approximately 65 per cent over its issue price of Rs 150 per share. For investors holding a lot of 100 shares, the listing price resulted in a profit of Rs 9,800 per lot.
The Rs 255-crore initial public offering (IPO), which was open for subscription from October 27 to October 29, saw heavy demand. The issue was oversubscribed 241.22 times, with the non-institutional investor category receiving 559.20 times subscription, qualified institutional buyers at 200.25 times, and retail investors at 128.36 times.
The company intends to use Rs 77.56 crore of the proceeds to expand its manufacturing facility and production capacity. An additional Rs 89.50 crore is earmarked for working capital, with the rest allocated for general corporate purposes.
Based in New Delhi, BLS Polymers manufactures specialised polymer compounds for the power, telecommunications, and oil and gas industries. The company operates a manufacturing facility in Goa and exports products to several countries, including the US, UAE, and Bangladesh.