BLS at 241x, SFC at 9.47x: Two IPO Closes, Two Verdicts

Quick Answer: Two mainboard IPOs closed on 29 October 2026 with very different verdicts. BLS Polymers closed subscribed 241.22 times on NSE data, led by non-institutional investors at 559.20 times. SFC Environmental Technologies closed at 9.47 times, with institutions at 18.81 times and retail at 2.71 times. Allotment for both is expected today, 30 October, with listing on BSE and NSE on 3 November.

On day one, 27 October, the two issues looked like opposites: BLS Polymers was already 9.60 times subscribed, while SFC Environmental Technologies was at about 0.10 times. By the close on 29 October, both had cleared their offers — but the gap had widened, not closed. Subscription numbers measure demand relative to the shares on offer, category by category, not a verdict on either business.

BLS Polymers, based in New Delhi, makes custom-formulated polymer compounds for wires, cables and underground pipelines. Its ₹255 crore issue is entirely a fresh issue of 1.70 crore shares at ₹142–₹150, lot size 100 shares (₹15,000 a lot at the upper band). SFC's ₹667.53 crore issue combines a ₹150 crore fresh issue with an offer for sale of about ₹517.53 crore, at ₹313–₹330, lot size 45 shares (₹14,850 a lot at the upper band).

BLS Polymers, reported by Moneycontrol and Hindu BusinessLine from NSE data at the 29 October close: Overall subscription 241.22 times; Bids received 2,87,05,58,600 shares against 1,19,00,000 shares on offer (Moneycontrol's snapshot differs by 9,200 shares — immaterial to the multiple); Qualified institutional buyers (QIBs) 200.25 times; Non-institutional investors (NIIs) 559.20 times; Retail individual investors 128.36 times.

SFC Environmental Technologies, reported consistently across Moneycontrol, ET Now, Bajaj Broking and Hindu BusinessLine: Overall subscription 9.47 times; Bids received 13,41,33,255 shares against 1,41,59,744 shares on offer; QIBs 18.81 times; NIIs 12.81 times; Retail 2.71 times.

A note on a second BLS figure readers may see: a BSE snapshot circulating at 155.48 times reflects an earlier, incomplete bid count at 5:06 pm, not the final NSE close. This article leads with the 241.22 times final figure carried by Moneycontrol and Hindu BusinessLine, because that is the figure tied to the full closing bid count above.

BLS Polymers: Day 1, 27 October: 9.60 times overall — QIBs 12.03 times, NIIs 12.99 times, retail 6.76 times (NSE data via PTI). Day 2, 28 October: 35.28 times overall — QIBs 12.20 times, NIIs 78.78 times, retail 29.82 times. Day 3, 29 October: 241.22 times overall — QIBs 200.25 times, NIIs 559.20 times, retail 128.36 times.

SFC Environmental Technologies: Day 1, 27 October: about 0.10 times overall. Day 2, 28 October: about 0.27 times overall. Day 3, 29 October: 9.47 times overall — QIBs 18.81 times, NIIs 12.81 times, retail 2.71 times.

The pattern is familiar from EAAA's late institutional surge earlier this week: institutions often wait until the final session. In SFC's case, QIBs went from 0.08 times before the last session to 18.81 times at the close, making up more than half of all shares bid. In BLS's case, the final-day surge was led instead by non-institutional investors, at 559.20 times.

Allotment for both issues is expected to be finalised today, 30 October, with refunds and demat credit on 2 November and listing on 3 November, according to the issue timetables. How allotment works depends on the category:

- BLS retail (128.36 times): allotment is by lottery at the lot level. A single-lot applicant's chance is roughly 1 in 128, before rounding — most retail applicants will not receive shares.

- SFC retail (2.71 times): a single-lot applicant's chance is roughly 1 in 2.71, or about 37%, subject to lottery rounding. Many will still miss out, but the odds are in a different league from BLS.

- Non-institutional investors: allotment is generally proportionate — roughly 1/559th of the bid in BLS's NII portion, and roughly 1/13th in SFC's, before small/large-application rules.

- Qualified institutional buyers: also proportionate — roughly 1/200th of the bid in BLS and roughly 1/19th in SFC, in broad terms.

Applicants can check allotment on the registrar's website — KFin Technologies for BLS Polymers and MUFG Intime India for SFC Environmental Technologies — using PAN, application number or demat details, or on the stock exchange websites. Money blocked under ASBA is unblocked for the unallotted portion; it was never debited for shares not allotted.

One structural difference matters when comparing the two. BLS's entire ₹255 crore is a fresh issue: the money goes to the company, with ₹77.56 crore earmarked for expanding its manufacturing facility. SFC's issue is mostly an offer for sale: ₹150 crore is fresh money, while about ₹517.53 crore goes to promoters and existing shareholders selling shares. SFC raised ₹200 crore from anchors; BLS raised ₹76.50 crore. Neither point is a recommendation — investors often consider it when reading a prospectus, because funding growth and letting existing shareholders exit are different uses of an IPO.

For BLS, Moneycontrol reported a grey market premium of about 34% on the morning of 29 October, citing InvestorGain data; later trackers showed higher figures. Grey market premium is unregulated, self-reported and unofficial — a sentiment indicator only, never a promised listing price or return. This article does not publish an estimated listing price for either issue.

First, today's allotment announcements and whether the BLS retail lottery behaves as the 128.36 times figure implies. Second, listing-day price discovery on 3 November, which will reflect market conditions that day — Thursday's market closed with the Sensex at 74,151.04 (up 905.01) and the Nifty at 22,936.75 (up 237.90) — not the grey market premium alone. Third, each company's first disclosures as a listed entity.

Educational content only — not financial advice. Consult a SEBI-registered investment adviser for personal guidance; investments are subject to market risk.