The initial public offering (IPO) for BLS Polymers opened today, with the issue receiving 1.3 times subscription by 11:00 am on October 27, as per NSE data.
The Rs 255-crore IPO received bids for 1,56,78,300 shares against 1,19,00,000 shares on offer. The non-institutional investors led the demand with 2.03 times subscription, followed by retail investors with 1.77 times subscription.
Meanwhile, BLS Polymers shares were commanding a grey market premium (GMP) of around 27 percent on the morning of October 27, according to InvestorGain. The grey market premium is an unofficial indicator of investor sentiment towards an IPO ahead of its stock market debut. It does not guarantee the listing price or returns.
BLS Polymers has fixed the price band for its IPO at Rs 142-150 per share. At the upper end of the price band, the company is valued at approximately Rs 930.5 crore.
The issue opened for subscription on October 27 and will close on October 29. The allotment is expected to be finalised on October 30, while the company's shares are scheduled to list on the stock exchanges on November 3.