The BLS Polymers IPO lists on BSE and NSE on 3 November 2026. It was subscribed 241.22 times, and the grey market is pricing a listing about 44% above the issue price of ₹150.
When and where does it list?
Shares of BLS Polymers list on Tuesday, 3 November, on both BSE and NSE. Refunds and demat credit for allotted shares were due on 2 November. The issue was a fresh issue of ₹255 crore, so all the money goes to the company.
How strong was the demand?
The IPO closed on 29 October at 241.22 times. All three big categories bid far above their quota. NII bids were the highest.
| Category | Subscribed (times) |
|---|---|
| QIB (big investors like mutual funds) | 200.25 |
| NII (HNI), total | 559.20 |
| bNII (bids above ₹10 lakh) | 592.83 |
| sNII (₹2 lakh to ₹10 lakh) | 491.95 |
| Retail | 128.36 |
| Total | 241.22 |
Retail investors bid 128.36 times their quota. When a portion is this oversubscribed, allotment is a lottery, and most retail applicants did not get a lot. We covered the final-day subscription in a separate post.
What has the GMP done?
The BLS Polymers IPO GMP was ₹66 on 2 November, which is 44% of the issue price. It has stayed in a tight range since the book closed. GMP is an unofficial grey market number, not an exchange price, so the listing can differ from it.
| Date | GMP (₹) | Implied gain |
|---|---|---|
| 28 October | 51 | 34.00% |
| 29 October | 68 | 45.33% |
| 30 October | 70 | 46.67% |
| 31 October | 68 | 45.33% |
| 1 November | 68 | 45.33% |
| 2 November | 66 | 44.00% |
At ₹66, the grey market points to a listing near ₹216 a share. One lot is 100 shares, so a lot at the issue price cost ₹15,000.
What our data shows
At 241.22 times, this is the second most subscribed mainboard IPO of 2026. The median this year is 21.15 times. On the last 10 listings, the final GMP was off by about 3.5 percentage points on average. It overstated the gain 4 times and understated it 6 times.
What does the company do?
BLS Polymers makes polymer compounds used to insulate and protect wires, cables and pipelines. It has one plant in Goa with 11 machines. It sells to power, telecom, railway, water, and oil and gas customers, and exports to countries like the UAE and the USA.
| Financial year | Total income (₹ crore) | Profit after tax (₹ crore) |
|---|---|---|
| FY2024 | 301.50 | 7.52 |
| FY2025 | 336.70 | 21.14 |
| FY2026 | 354.41 | 27.01 |
Of the ₹255 crore raised, ₹77.56 crore is for expanding plant capacity and ₹89.50 crore is for working capital. The rest is for general corporate purposes. The promoters hold 98.53% before the issue and 71.53% after it. Unistone Capital is the lead manager, and KFin Technologies is the registrar.
What happens next?
Trading starts on 3 November. Track the opening price on the BLS Polymers IPO GMP page, and see how past listings fared on our IPO performance page. We will post the listing price once the shares open.
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