BLS Polymers IPO - Day 2: 35.30x subscribed, Retail portion at 29.85x

Key takeaways:

The BLS Polymers IPO is a book-built offering of ₹255.00 crore, which is entirely a fresh issue of 1,70,00,000 equity shares, with no offer for sale (OFS).
The bidding window opened on Tuesday, October 27, 2026, and will remain open for 3 days until Thursday, October 29, 2026.
The price band for this IPO is fixed in the range of ₹142 to ₹150 per equity share.
BLS Polymers is a manufacturer of specialised polymer compounds used in cables, wires, and underground pipelines.
As of the end of the Day 2 subscription window, the IPO was subscribed 35.30 times, with the retail portion subscribed 29.85 times.

BLS Polymers' IPO Day 2 saw a rapid surge in bidding enthusiasm from high-net-worth investors, retail investors, and institutional investors, with the total subscription reaching 35.30 times by the end of Day 2.

The net proceeds from the fresh issue will be utilised toward capital expenditure to expand the manufacturing capacity at the company's existing facility in Goa (approximately ₹77.56 crore), funding working capital requirements (₹89.50 crore), and general corporate purposes.

Let's take a closer look at the BLS Polymers IPO Day 2 details.

Key details of BLS Polymers IPO

Some key parameters about the BLS Polymers IPO are:

Parameter	Details
Issue Size	₹255.00 crore
Fresh Issue	₹255.00 crore (1,70,00,000 shares)
Offer for Sale (OFS)	Nil
Price Band	₹142 to ₹150 per equity share
Face Value	₹10 per equity share
Lot Size	100 shares
Minimum Retail Investment	₹15,000 (1 lot at upper price band)
Market Capitalisation	₹930.48 crore (post-issue, at upper price band)
Listing Exchanges	BSE, NSE
Book Running Lead Manager	Unistone Capital Pvt. Ltd.
Registrar to the Issue	KFin Technologies Ltd.

Key dates for the BLS Polymers IPO

Here are the key dates related to the BLS Polymers IPO:

Event	Date
Anchor Investor Bidding	Monday, October 26, 2026
IPO Open Date	Tuesday, October 27, 2026
IPO Close Date	Thursday, October 29, 2026
Allotment	Friday, October 30, 2026
Initiation of Refunds	Monday, November 2, 2026
Credit of Shares to Demat	Monday, November 2, 2026
Listing Date	Tuesday, November 3, 2026

About BLS Polymers

BLS Polymers Limited manufactures specialised polymer compounds used to sheath, jacket and insulate wires and cables, and to coat underground oil, gas and water pipelines. It supplies its products to the telecommunications, power, railways, water, and oil and gas distribution sectors.

All of its production comes from a single manufacturing facility in Goa, spread over about 24,220 square metres. It has an in-house laboratory and ISO 9001:2015 certification. The company sells its products both in India and exports to foreign markets like Bangladesh, Egypt, Saudi Arabia, the UAE, the United States and Zambia.

The company has reported consistent growth in its financials in the past few years. BLS Polymers' total income stood at ₹354.41 crore in FY26. EBITDA saw a significant jump from ₹39.66 crore in FY25 to ₹46.60 crore in FY26, with 28.45% RoNW.

Subscription status on Day 2

Demand for the BLS Polymers IPO stayed strong on Day 2. As of the Day 2 bidding session end, the issue had a cumulative subscription of 44.92 times compared with 9.62 times at the end of Day 1.

Investor Category	Day 1 Subscription	Day 2 Subscription	Total Subscription
Qualified Institutional Buyers (QIB)	12.03x	12.20x	24.23x
Non-Institutional Investors (NII)	13.01x	78.81x	91.82x
Retail Individual Investors (RII)	6.79x	29.85x	36.64x
Total	9.62x	35.30x	44.92x

What is next?

Market analysts attribute the strong Day 2 bidding surge to the issue's modest ₹255 crore size, its 100% fresh-issue structure geared directly toward capacity expansion and working capital, pre-approved supplier status with key government utilities, and a high customer retention rate where repeat clients generate over 96% of revenue.

At the same time, investors remain cautious of operational concentration risks, as the company currently operates through a single manufacturing facility in Goa and it heavily relies on a few key raw material suppliers. As Day 2 bidding has closed, the focus now shifts to the last day of the subscription window (Thursday, October 29, 2026).