Two IPOs, Two Day 1 Verdicts: BLS at 9.60x, SFC at 0.10x

Quick Answer: On Tuesday 27 October 2026, BLS Polymers closed Day 1 subscribed 9.60 times, while SFC Environmental Technologies closed at about 0.10 times. A multiple above one means bids exceeded shares on offer; below one means demand had not yet covered the offer. Neither figure predicts the listing price, and both issues remain open until 29 October.

Two initial public offerings opened on Tuesday 27 October 2026, and their first-day reports told very different stories. BLS Polymers finished Day 1 with demand well above its offer in every reported category. SFC Environmental Technologies finished Day 1 with demand covering only a small part of its offer. A first-day figure is a snapshot while bidding is still open, not how the offer will finish, who will receive shares, or where shares will trade after listing. Both issues close on 29 October, with allotment on 30 October and tentative listing on 3 November on the NSE and the BSE.

An IPO offers a set number of shares, and investors bid for shares during the bidding window. The subscription multiple compares shares bid for with shares on offer. A figure of 1.00x means bids exactly matched the offer. Above 1.00x means bids exceeded the shares available. Below 1.00x means bids had not yet covered the full offer. The multiple is also reported by investor category: qualified institutional buyers (QIBs), non-institutional investors (NIIs), and retail investors. Offer size also matters: a smaller offer needs fewer bids to reach a high multiple. Subscription demand is not a valuation, a recommendation, or a price forecast; the listing price is set by trading after listing.

BLS Polymers is offering an issue of Rs 255 crore, entirely a fresh issue of 1.70 crore shares. In a fresh issue, the money raised goes to the company, not to existing shareholders selling shares. The price band is Rs 142–150 per share, and the lot size is 100 shares, so one lot at the Rs 150 cap costs Rs 15,000. The issue opened on 27 October and closes on 29 October, with allotment on 30 October and tentative listing on 3 November on the NSE and the BSE. The registrar is KFin Technologies, and the lead manager is Unistone Capital. Day 1 final figures, based on NSE data until 5 pm and reported via Upstox, were as follows: Total subscription: 9.60x. Shares bid for: 11,42,65,600. Shares on offer: 1,19,00,000. Qualified institutional buyers (QIB): 12.03x. Non-institutional investors (NII): 12.99x. Retail investors: 6.76x. Intraday progression, as colour only: Around midday: about 3.90x. Around 15:00: about 7.78x. Day 1 final: 9.60x. Before opening, BLS Polymers raised Rs 76.50 crore through its anchor book: institutional investors who commit funds before an issue opens to the public. An anchor book can signal institutional interest, but it is not a guarantee about later demand or the listing price. Of the money raised, Rs 77.56 crore is earmarked for expansion of the Goa plant, Rs 89.50 crore for working capital, and the rest for general corporate purposes. Working capital is the money a business needs for day-to-day operations. BLS Polymers makes custom-formulated polymer compounds used in telecom, power, railways, water, and oil and gas applications, at a Goa plant with capacity of 35,251 tonnes per annum. For FY2026, revenue was Rs 349.43 crore and net profit was Rs 27.01 crore. For Q1 FY27, revenue was Rs 107.03 crore and profit after tax was Rs 10.23 crore. Broker views reported by Business Standard were part of Day 1 coverage: SBI Securities was reported as a subscribe for long-term, while Swastika was reported as a subscribe, with a note that pricing was fair to slightly aggressive. These are reported views, not this article's recommendation, and not personal advice.

SFC Environmental Technologies is offering an issue of Rs 667.53 crore: a fresh issue of Rs 150 crore and an offer for sale of Rs 517.53 crore. In an offer for sale, existing shareholders sell part of their holding, and that money goes to them rather than to the company. The price band is Rs 313–330 per share, and the lot size is 45 shares, so one lot at the Rs 330 cap costs Rs 14,850. The issue opened on 27 October and closes on 29 October, with allotment on 30 October and tentative listing on 3 November on the NSE and the BSE. The registrar is MUFG Intime. The lead managers are IIFL Capital Services, JM Financial, and Nuvama Wealth Management. Day 1 figures, based on NSE data until 5 pm and reported via Upstox, were as follows: Total subscription: about 0.10x. Shares bid for: 14,05,800. Shares on offer: 1,41,59,744. Non-institutional investors (NII): 0.09x. Retail investors: 0.16x. Before opening, SFC Environmental Technologies raised Rs 200 crore through its anchor book. The anchor investors reported included Government Pension Fund Global, SBI Mutual Fund, ICICI Prudential Mutual Fund, and Nippon India Mutual Fund. That book was completed before public bidding began, so it sits alongside the Day 1 public figure rather than replacing it. SFC Environmental Technologies is a Mumbai-based company founded in 2005. It provides wastewater treatment solutions using C-Tech technology. The fresh-issue proceeds are earmarked for debt clearance and working capital: reducing what the company owes, and funding its day-to-day needs.

Several observable differences matter. First, size: SFC Environmental Technologies, at Rs 667.53 crore, is much larger than BLS Polymers, at Rs 255 crore, so it needs many more bids to reach the same multiple. Second, structure: BLS Polymers is entirely a fresh issue, while SFC Environmental Technologies combines a fresh issue of Rs 150 crore with a much larger offer for sale of Rs 517.53 crore. Third, anchor books: Rs 76.50 crore for BLS Polymers and Rs 200 crore for SFC Environmental Technologies, describing pre-opening commitments, not Day 1 public bidding. Fourth, category splits: BLS Polymers was above the offer in every reported category, while SFC Environmental Technologies was below the offer in the reported non-institutional and retail categories. None of this settles whether either issue will finish fully subscribed, how allotment will work, or where either share will trade after listing.

Day 1 chatter around BLS Polymers included a grey-market premium of around Rs 39–40, described as about 26–27% over the Rs 150 cap price. The grey market is an unofficial, unregulated market in which IPO shares are traded before listing. Its premium is not an official price, not a forecast published by the stock exchanges, and not a promise of a listing gain. It reflects what some participants are willing to pay or quote at a point in time, can move quickly on speculation, and can disappear or reverse before listing. A strong Day 1 subscription figure, likewise, should not be converted into a guaranteed listing gain.

Bidding continues until both issues close on 29 October, and figures can still rise. The final category-wise subscription will only be known once bidding has closed. After bidding closes, allotment is scheduled for 30 October. Allotment decides who receives shares when an issue is oversubscribed. Not every applicant necessarily receives shares, and those who do may receive fewer than they applied for. Applicants who do not receive shares normally have their blocked application money released. Listing is tentatively scheduled for 3 November on the NSE and the BSE, when shares begin trading and a market price emerges from actual trading. Readers should therefore watch three dates in sequence: the close on 29 October, allotment on 30 October, and the tentative listing on 3 November.

Read the multiple before reacting to it: is it above or below 1.00x, which categories are driving it, and how large is the offer? Separate the stages: anchor book before opening, subscription during bidding, allotment after bidding closes, and listing when trading begins. Treat unofficial chatter with care: a grey-market premium is not an official listing price or a promised return. Look beyond the headline to facts that will still matter after listing: what the company does, how the money will be used, and whether the issue is fresh capital or an offer for sale. Day 1 gave two verdicts: BLS Polymers at 9.60x and SFC Environmental Technologies at about 0.10x. What they become by the close on 29 October, allotment on 30 October, and tentative listing on 3 November is still to be decided.

This article is for educational purposes only and is not financial advice. Please consult a SEBI-registered investment adviser for personalized guidance. Investments are subject to market risk.