BLS Polymers shares list at 65% premium on NSE; here's how much investors made per lot

The stock is listed at ₹248 per share on the National Stock Exchange (NSE). This reflects a premium of 65.33% over the IPO issue price of ₹150 a unit.

On the BSE, it started trading at ₹244.10 apiece, up 62.73% from the issue price.

BLS Polymers share price: Here's how much investors made per lot

The ₹255 crore IPO was completely a fresh issuance of 1.7 crore shares, with no offer for sale (OFS) component.

Funds raised to the tune of ₹77.56 crore will be utilised to expand its manufacturing facility and step-up production capacity in certain existing products. Around ₹89.5 crore will be used for working capital requirements, and the rest will go to general corporate purposes.

"In addition, our company expects to receive the benefits of listing of the equity shares on the stock exchanges and enhancement of our company’s brand name amongst our existing and potential customers and creation of a public market for our equity shares in India," the company said in its red herring prospectus.

The initial public offering was subscribed a whopping 241.22 times due to strong demand from institutional investors. It received bids for 2,87,05,58,600 shares, worth ₹43,058.25 crore, against 1,19,00,000 shares on offer, as per the NSE data.

The portion for non-institutional investors secured 559.20 times subscription, while the quota for qualified institutional buyers (QIBs) was booked 200.25 times. The retail individual investors (RIIs) part witnessed 128.36 times subscription.

Prior to the IPO, the company collected ₹76.50 crore from anchor investors, including Venus Investments VCC, Radiant Global Fund, Nakshatra Bharat Vantage Fund, Vikasa India EIF I Fund, Innovative Vision Fund and Pine Oak Global Fund.

BLS Polymers Limited makes custom-formulated polymer compounds for industries such as power, railways, telecommunications, water, and oil and gas distribution. It operates a production facility in Goa with total installed capacity of 35,251 metric tonnes per annum.

Established in 1991, the firm is part of the BLS Group, which has interests in polymers, visa and consular services, banking business correspondent services, education, textiles and e-governance.