BLS Polymers Files DRHP with SEBI for IPO Comprising Fresh Issue of 1.7 Crore Equity Shares

New Delhi, August 7, 2025 – BLS Polymers Limited, a polymer compounding company catering to wire, cable, and infrastructure segments, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering of up to 17 crores equity shares of face value ₹10 each. The issue is entirely a fresh issue and does not include any offer for sale. The proposed equity shares are planned to be listed on both the NSE and BSE.

IPO Structure

Liberty Shoes’ upcoming IPO is a 100% book-built issue, signalling that the price discovery will rely entirely on investor demand during the bidding process. The company plans to raise capital through fresh issuance, with no secondary offer involved.

The price band for the shares is yet to be determined. The band will guide investors in placing their bids during the book-building process.

Unistone Capital Private Limited acts as the Book Running Lead Manager. They will be responsible for managing the issue and ensuring regulatory compliance. KFin Technologies Limited will serve as the Registrar, handling applications, allotments, and investor queries during the IPO process.

SEBI Compliance

The IPO is being made in accordance with Regulation 6(1) of the SEBI ICDR Regulations, 2018. Allocation will be made as per standard reservation: not more than 50% to Qualified Institutional Buyers (QIBs), not less than 15% to Non-Institutional Investors (NIIs), and not less than 35% to Retail Individual Investors (RIIs).

Proposed Use of Proceeds

BLS Polymers intends to deploy the net proceeds from the fresh issue toward specific operational and strategic needs. The company has clearly outlined the proposed allocations, focusing on growth and day-to-day business requirements.

Capital expenditure

A significant portion, ₹6,984.32 lakh, is earmarked for capital expenditure. This will go toward expanding the existing manufacturing facility, supporting increased capacity or process upgrades.

Working capital

Another ₹7,500 lakh is allocated to working capital requirements, ensuring the business can manage its operational cycle efficiently.

General corporate purposes

The remainder will be used for general corporate purposes, with the exact amount to be finalized once the price band and issue price are determined.

Financial Summary (Standalone)

BLS Polymers delivered a strong FY25 performance, with profit after tax rising by over 180% year-on-year. Improved capacity utilization and a better product mix contributed to this growth. Operating margins also expanded, rising from just over 7% to above 11%, highlighting enhanced efficiency in cost and production control.

Revenue remained steady, but operational strength drove overall gains. EBITDA showed a sharp rise, reflecting stronger execution. The company’s net worth improved, while borrowings declined compared to the previous year. These shifts suggest a healthier financial position, supported by better internal management and a more disciplined approach to capital and operations.

Business Overview

BLS Polymers Limited is a custom polymer compounding manufacturer specializing in the production of PE and XLPE-based compounds for the wire & cable industry and adhesive materials for 3LPE coatings used in oil, gas, and water pipelines. Its products are used across power, telecom, infrastructure, and railway segments. The company operates a single manufacturing facility in Verna Industrial Estate, Goa, with an installed capacity of 35,251 TPA and utilization levels of 67.88% in FY25. The IPO proceeds will support the facility’s expansion in capacity and capabilities.

Key Risks to Consider

• High Customer Concentration: Top 10 customers accounted for over 64% of FY25 revenue.
• Working Capital Intensive: Trade receivables and inventories represent a large portion of current assets.
• Export Exposure: Sales to Saudi Arabia and other GCC markets form a notable export segment.
• Legacy Compliance Issues: Some corporate filings between 1991–2013 are untraceable; the company has disclosed ongoing compliance actions to address past lapses.

REF: https://nsearchives.nseindia.com/corporate/Registration_07082025095701_BLS_Polymers_Limited.pdf

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