Official Gazette Notification Text
Official TranscriptTHIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, OUTSIDE INDIA. THE EQUITY SHARES OF THE COMPANY WILL GET LISTED ON THE MAIN BOARD OF NATIONAL STOCK EXCHANGE OF INDIA LIMITED (“NSE”)...
THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, OUTSIDE INDIA. THE EQUITY SHARES OF THE COMPANY WILL GET LISTED ON THE MAIN BOARD OF NATIONAL STOCK EXCHANGE OF INDIA LIMITED (“NSE”) AND BSE LIMITED (“BSE”, AND TOGETHER WITH NSE, THE “STOCK EXCHANGES”) IN COMPLIANCE WITH
CHAPTER II OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018, AS AMENDED (“SEBI ICDR REGULATIONS”).
BLS POLYMERS LIMITED (To be Listed on the Main Board of NSE and BSE) (Please scan this QR Code to view the Red Herring Prospectus, the Abridged Prospectus and the Price Band Advertisement) Our Company was incorporated under the Companies Act, 1956 as a public limited company in the name and style of “BLS Polymers Limited” pursuant to a certificate of incorporation dated January 16, 1991 issued by the Registrar of Companies, Delhi and Haryana at New Delhi. Further, a certificate for commencement of business dated April 23, 1991 was issued to our Company by the Additional Registrar of Companies, Delhi and Haryana at New Delhi under Section 149(3) of the Companies Act, 1956. For further details, including in relation to change in registered office of our Company, kindly refer “History and Certain Corporate Matters – Details of change in Registered Office” beginning on page 284 of the Red Herring Prospectus dated October 17, 2026 (“RHP”).
Registered Office: 604, Indra Prakash, 21, Barakhamba Road, New Delhi – 110 001, Delhi, India; Telephone: +91 114 352 6312; Corporate Office: 3rd Floor, Vijaya Building, Barakhamba Road, New Delhi – 110 001, Delhi, India; Telephone: +91 112 331 0658;
E-mail: corporate@blspolymers.com; Website: www.blspolymers.com; Contact Person: Neha Kumar Sunit, Company Secretary and Compliance Officer; Corporate Identity Number: U24111DL1991PLC042745;
OUR PROMOTERS: VINOD AGGARWAL, SUSHIL AGGARWAL, MADHUKAR AGGARWAL, DIWAKAR AGGARWAL AND KARAN AGGARWAL INITIAL PUBLIC OFFERING OF UP TO 1,70,00,000* EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH (“EQUITY SHARES”) OF BLS POLYMERS LIMITED (“OUR COMPANY” OR THE “ISSUER”) FOR CASH AT A PRICE OF ₹ [●] PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF ₹ [●] PER EQUITY SHARE) (“ISSUE PRICE”) AGGREGATING UP TO ₹ [●] LAKHS (“ISSUE”). THE ISSUE SHALL CONSTITUTE [●]% OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.
*Subject to Basis of Allotment
PRICE BAND: ₹ 142 TO ₹ 150 PER EQUITY SHARE OF FACE VALUE OF ₹ 10 EACH.
THE FLOOR PRICE IS 14.20 TIMES THE FACE VALUE OF THE EQUITY SHARES AND THE CAP PRICE IS 15.00 TIMES THE FACE VALUE OF THE EQUITY SHARES.
BIDS CAN BE MADE FOR A MINIMUM OF 100 EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH AND IN MULTIPLES OF 100 EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH THEREAFTER.
THE PRICE TO EARNINGS RATIO (“P/E”), BASED ON DILUTED EPS FOR FISCAL 2026 FOR OUR COMPANY AT THE LOWER END OF THE PRICE BAND (I.E. FLOOR PRICE) IS 23.71 TIMES AND AT THE UPPER END OF THE PRICE BAND (I.E. CAP PRICE) IS 25.04 TIMES AS COMPARED TO THE AVERAGE INDUSTRY PEER GROUP P/E RATIO OF 24.59 TIMES FOR THE FISCAL 2026.
WEIGHTED AVERAGE RETURN ON NET WORTH FOR THE LAST THREE FINANCIAL YEARS IS 27.27%.
The details of the Fresh Issue, total issue size and the post-Issue market capitalization of our Company, each at the Floor Price and Cap Price, are given below:
At Floor Price of L 142 per Equity Share At Cap Price of L 150 per Equity Share Particulars Up to No. of Equity Shares of Up to Amount Up to No. of Equity Shares of Up to Amount face value of L 10 each (L in Lakhs) face value of L 10 each (L in Lakhs) Fresh Issue / Total Issue Size 1,70,00,000 24,140.00 1,70,00,000 25,500.00 Post Issue Market Capitalization of the Company 6,20,31,834 88,085.20 6,20,31,834 93,047.75
ANCHOR INVESTOR BIDDING DATE: MONDAY, OCTOBER 26, 2026 BID / ISSUE BID / ISSUE OPENS ON: TUESDAY, OCTOBER 27, 2026 PERIOD BID / ISSUE CLOSES ON: THURSDAY, OCTOBER 29, 2026 ^ The UPI mandate end time and date shall be at 5:00 p.m. on the Bid / Issue Closing Date.
WE ARE A MANUFACTURER OF MULTIPLE GRADES OF CUSTOM FORMULATED POLYMER COMPOUNDS CATERING TO CRITICAL INDUSTRIES INCLUDING TELECOMMUNICATION, POWER, RAILWAYS, WATER, OIL AND GAS DISTRIBUTION, AMONG OTHERS.
THE ISSUE IS BEING MADE THROUGH THE BOOK BUILDING PROCESS IN ACCORDANCE WITH REGULATION 6(1) OF THE SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS)REGULATIONS, 2018, AS AMENDED.
THE EQUITY SHARES OF THE COMPANY WILL GET LISTED ON THE MAIN BOARD OF NSE AND BSE.
NATIONAL STOCK EXCHANGE OF INDIA LIMITED SHALL BE THE DESIGNATED STOCK EXCHANGE. • QIB PORTION: NOT MORE THAN 50% OF THE ISSUE • NON-INSTITUTIONAL PORTION: NOT LESS THAN 15% OF THE ISSUE • RETAIL PORTION: NOT LESS THAN 35% OF THE ISSUE IN MAKING AN INVESTMENT DECISION, POTENTIAL INVESTORS MUST ONLY RELY ON THE INFORMATION INCLUDED IN THE RHP AND THE TERMS OF THE ISSUE, INCLUDING THE RISKS INVOLVED, AND NOT RELY ON ANY OTHER EXTERNAL SOURCES OF INFORMATION ABOUT THE ISSUE AVAILABLE IN ANY MANNER. IN RELATION TO THE PRICE BAND, POTENTIAL INVESTORS SHOULD ONLY REFER TO THIS PRICE BAND ADVERTISEMENT FOR THE ISSUE AND SHOULD NOT RELY ON ANY OTHER EXTERNAL SOURCES OF INFORMATION AVAILABLE IN ANY MANNER IN RELATION TO THE VALUATION OF THE COMPANY AS THESE ARE NOT ENDORSED, PUBLISHED OR CONFIRMED BY EITHER THE COMPANY OR THE BOOK RUNNING LEAD MANAGER TO THE ISSUE (“BRLM”).
In accordance with the recommendation of a committee of Independent Directors of our Company, pursuant to their resolution dated October 16, 2026, the above provided price band is justified based on quantitative factors/key performance indicators (“KPIs”) disclosed in the “Basis for Issue Price” section beginning on page 139 of the RHP vis-à-vis the weighted average cost of acquisition (“WACA”) of primary and secondary transaction(s), as applicable, as disclosed in the “Basis for Issue Price” section beginning on page 139 of the RHP and provided below in this advertisement.
RISK TO INVESTORS For details, kindly refer to the section titled “Risk Factors” beginning on page 25 of the RHP. (J in Lakhs) For the Three months Financial Year ended Financial Year ended Financial Year ended
1. Dependence on the sale of wire and cable polymer compounds for a majority of our revenue Particulars period ended June 30, 2026 March 31, 2026 March 31, 2025 March 31, 2024 We are a manufacturer of multiple grades of custom formulated polymer compounds, catering to diversified critical industries such as telecommunication, Net cash used/ generated power, railways, water, oil and gas distribution, among others. During the three months period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, we (664.09) 3,806.13 2,513.06 264.76 from operating activities derived 73.20%, 80.93%, 81.59% and 80.49% of our revenue from the sale of wire and cable polymer compounds. Any loss of sales due to reduction in demand for such products would have a material adverse effect on our business, financial condition, results of operations and cash flows. Net cash used/ generated (322.86) (635.71) 57.88 (71.52) from investing activities
The table below set out the revenue from operations earned from our product categories for the period indicated below:
Net cash used/ generated For the Three months 923.72 (3,104.71) (2,571.76) (224.07) Fiscal 2026 Fiscal 2025 Fiscal 2024 from financing activities Product period ended June 30, 2026 Categories (J in % of (J in % of total (J in % of total (J in % of total Net increase/ (decrease) in (63.23) 65.71 (0.82) (30.83) lakhs) total sales lakhs) sales lakhs) sales lakhs) sales cash and cash equivalent Wire & Cables 7,834.14 73.20% 28,279.63 80.93% 26,798.20 81.59% 23,852.98 80.49% Any negative cash flows in the future would adversely affect our results of operations and financial condition.
Pipelines 2,868.41 26.80% 6,663.20 19.07% 6,045.39 18.41% 5,782.85 19.51%
9. Fluctuations in the average selling prices of polymer resins could adversely affect our business, financial condition, results of operations and Total 10,702.55 100.00% 34,942.83 100.00% 32,843.59 100.00% 29,635.83 100.00% cash flows.
2. Dependence on key customers The average selling prices of our products may be subject to fluctuations depending on the market conditions. The average selling prices of our products are affected by the general market conditions, such as pricing by competition and raw material costs, which could have an impact on the businesses of Our business largely depends upon our top 10 customers which contributed 61.34%, 66.81%, 64.44% and 50.52% in the three months period ended our distributors and, in turn, their demand for our products. A decline in the average selling prices for our products could adversely affect our business and June 30, 2026 and for the Fiscals 2026, 2025 and 2024. Loss of all or a substantial portion of sales to any of our top 10 customers, in particular for any financial condition, operating results, and cash flows.
reason including, due to loss of business or failure to negotiate acceptable terms, loss of market share of these customers in their industries, disputes with these customers, adverse change in the financial condition of these customers, decline in their sales, plant shutdowns, labour strikes or other work 10. Certain Equity Shares are held by untraceable Shareholders stoppages affecting production of these customers, could have an adverse impact on our business, results of operations, financial condition and cash As on the date of the Red Herring Prospectus, 3,32,851 Equity Shares are held by 46 untraceable Shareholders. Despite multiple attempts to contact flows. The following table sets forth revenue from our top five and top ten customers in the years indicated: them to facilitate dematerialisation, including a public announcement dated July 24, 2025 in Financial Express and Jansatta, we have not received any For the three months Fiscal response. We have credited 2,61,881 Equity Shares allotted to such Shareholders pursuant to the bonus issue undertaken on May 28, 2025 to “BLS POLYMERS LIMITED-SUSPENSE ESCROW DEMAT ACCOUNT”, which shall be subject to lock-in for six months from the date of Allotment under the period ended June 30, 2026 2026 2025 2024 Particulars (J in % of revenue (J in % of revenue (J in % of revenue (J in % of revenue SEBI ICDR Regulations.
lakhs) from operations lakhs) from operations lakhs) from operations lakhs) from operations 11. The Price/Earnings ratio based on diluted EPS for Fiscal 2026 for our Company at the upper end of the Price Band is 25.04 times as compared to the average industry peer group P/E ratio of 21.46 times.
Top five customers 4,619.97 43.17% 18,676.25 53.45% 16,717.89 50.90% 10,920.83 36.85%
12. Weighted Average Return on Net Worth for the last three Fiscals is 27.27%.
Top ten customers 6,564.68 61.34% 23,346.87 66.81% 21,166.82 64.44% 14,973.82 50.52%
13. Average cost of acquisition of Equity Shares by our Promoters.
3. Risks associated with expanding operations and establishing a distributor and customer network in new regions The average cost of acquisition of Equity Shares held by our Promoters is set out below:
We are in the process of expanding our operations and establishing a network of distributors and customers in regions such as Tunisia, Algeria, Nigeria and Name of Promoter Number of Equity Shares of face value of J 10 each held Average cost of acquisition per Equity Share (in J)* Oman, where we do not have a significant presence or prior experience. To support our global expansion efforts, we intend to appoint sub-agents in selected international markets to identify and map potential demand for our products. Our expansion exposes us to operational, regulatory and market-entry risks. Vinod Aggarwal 72,78,880 2.13 Adapting our offerings to local preferences, regulatory standards and customer needs may require additional investments and resources, lead to lower product Sushil Aggarwal 63,87,780 2.13 pricing and higher expenditure on reputation building, and impact our profitability. Any failure to navigate these challenges and establish a strong presence in Madhukar Aggarwal 46,29,030 2.13 these regions could adversely affect our sales, financial condition, results of operations and cash flows.
Diwakar Aggarwal 72,37,139 6.91
4. Risk of delays and cost overruns in implementing our proposed capacity expansion plans Karan Aggarwal 44,82,392 14.93 Based on the expected potential growth in the polymer industry and the consequent increase in demand for our products in the recent years, we anticipate *As certified by Nangia & Co. LLP, Statutory Auditors, pursuant to their certificate dated October 17, 2026 an increase in the production capacity. In order to support our growth strategy across India, we intend to increase the installed capacity of our existing Note: The average cost of acquisition has been calculated after considering the Equity Shares allotted by way of bonus issue on May 28, 2025.
Manufacturing Facility. As we continue our growth by investing in the capacity expansion of our Manufacturing Facility, we may encounter regulatory,
14. Weighted average cost of acquisition of Equity Shares held by our Promoters as on the date of the Red Herring Prospectus and as on one year personnel and other difficulties that may increase our expenses, which could delay our plans or impair our ability to become profitable in these areas.
prior to the date of the Red Herring Prospectus.
There can be no assurance that the proposed capacity additions and expansion will be completed as planned within the cost estimates and in a timely manner, or at all. Number of Equity Shares of Weighted average cost of acquisition Weighted average cost of acquisition per
5. Untraceable or incorrect corporate records and filings may expose us to legal proceedings, regulatory actions and penalties Name of Promoter face value of J 10 each per Equity Share as on the date of Equity Share one year prior to the date We have not been able to trace certain of our Company’s corporate records and regulatory filings. Accordingly, certain disclosures in the Red Herring held as on the date of RHP the Red Herring Prospectus (in J)* of the Red Herring Prospectus (in J)* Prospectus have been made with reliance on other supporting documents available in our records. We are also unable to trace Form 2 for two allotments Vinod Aggarwal 72,78,880 2.13 Nil undertaken on December 28, 1991 and March 31, 1994 of 2,51,600 Equity Shares, constituting 0.55% of the current paid-up share capital. We have relied Sushil Aggarwal 63,87,780 2.13 Nil on the search report dated August 5, 2025, issued by Himanshu S K Gupta & Associates, Practicing Company Secretaries, pursuant to their inspection Madhukar Aggarwal 46,29,030 2.13 Nil and independent verification of documents maintained by our Company or available on the MCA Portal and with the RoC. We have informed the RoC about the untraceable filings through a letter dated August 5, 2025, and intimated certain discrepancies or inadvertent errors in statutory filings and other Diwakar Aggarwal 72,37,139 6.91 Nil non-compliances of the Companies Act, 1956 and Companies Act, 2013 through Form GNL-2 bearing SRN AB5855383 on August 5, 2025. While no legal Karan Aggarwal 44,82,392 14.93 Nil proceedings or regulatory action has been initiated in relation to the unavailable filings and statutory lapses as of the date of the Red Herring Prospectus, *As certified by Nangia & Co. LLP, Statutory Auditors, by way of their certificate dated October 17, 2026.
we cannot assure you that such proceedings or actions will not be initiated in the future.
6. Past non-compliances with the Companies Act, 2013 may expose us to regulatory actions and penalties and adversely affect our business, 15. Weighted average cost of acquisition of all Equity Shares transacted in the last one year, 18 months and three years financial condition and reputation Weighted average cost of acquisition of all Equity Shares transacted by the shareholders in the last one year, 18 months and three years immediately In the past, there have been lapses in compliance with certain provisions of the Companies Act, 2013 and the rules made thereunder. For instance, our preceding the date of the RHP is as follows:
Company failed to facilitate the dematerialization of its securities under Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014 Weighted Average Cost Cap Price is ‘X’ times the Weighted Range of acquisition price:
from October 2, 2018 to July 14, 2024, subsequently obtaining ISIN activation confirmation from CDSL on July 15, 2024, and inadvertently failed to spend Period of Acquisition (in J) Average Cost of Acquisition Lowest Price – Highest Price (in J) the requisite amount towards corporate social responsibility activities during financial year 2021-22 under Section 135(5) of the Companies Act, 2013, Last 1 year - - 0 transfer the unspent amount to the funds specified in Schedule VII by September 30, 2022 and make the corresponding disclosure in the Board of Last 18 months - - 0 Directors’ report. We have filed an application through Form GNL-1 under Section 441 of the Companies Act, 2013, which is presently pending. There can be no assurance that such applications will be accepted, and an order will be passed in a timely manner, or that our Company will not be subjected to any Last 3 years 2.90 51.72 0 – 70 fines or penalties under the Companies Act, 2013. As certified by Nangia & Co. LLP, Statutory Auditors, pursuant to their certificate dated October 17, 2026.
7. Installed capacity, available capacity and historical capacity utilization are based on assumptions and estimates, and future production and 16. The BRLM associated with the Issue has handled 23 public issues in the current financial year and preceding two financial years, out of which capacity utilization may vary 7 issues closed below the issue price on the listing date.
Information relating to our annual installed capacity, annual average available capacity and the historical capacity utilization of our Manufacturing Facility included in the Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary. Name of BRLM Total Public Issues Issued closed below the offer price on listing date
8. Negative cash flows from operating activities may adversely affect our results of operations and financial condition Unistone Capital Private Limited 23 7 We have experienced negative cash flows in relation to our operating activities in the three months period ended June, 2026 and the last three financial Total 23 7 years, as indicated in the table below:
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ADDITIONAL INFORMATION FOR INVESTORS
1. Our Company has not undertaken a pre-IPO placement.
2. Our Promoters and members of the Promoter Group have not undertaken any transaction of Equity Shares aggregating to 1% or more of the paid-up Equity Share capital of the Company from the date of filing of the Draft Red Herring Prospectus till the date of this advertisement.
BASIS FOR ISSUE PRICE The “Basis for Issue Price” beginning on page 139 of the RHP has been updated with the above price band. Please refer to the website of the BRLM at www.unistonecapital.com for the “Basis for Issue Price” updated with the above price band. You may scan the QR code for accessing the website of Unistone Capital Private Limited.
AN INDICATIVE TIMELINE IN RESPECT OF THE ISSUE IS SET OUT BELOW:
Submission of Bids (other than Bids from Anchor Investors):
Bid/Offer Programme Bid/Issue Period (except the Bid/Issue Closing Date) Event Indicative Date Submission and revision in Bids Only between 10.00 a.m. and 5.00 p.m. IST Anchor Investor Bidding Date Monday, October 26, 2026 Bid/Issue Closing Date* Bid / Issue Opens on Tuesday, October 27, 2026 Submission of electronic applications (Online ASBA through 3-in-1 accounts) Only between 10.00 a.m. and up to 5.00 p.m. IST Bid / Issue Closes on*^ Thursday, October 29, 2026 – For RIBs and individual NIBs Finalisation of Basis of Allotment with the Designated Stock Exchange On or about Friday, October 30, 2026 Submission of electronic applications (Bank ASBA through online channels like Initiation of refunds (if any, for Anchor Investors) / unblocking of funds from ASBA Account# On or about Monday, November 2, 2026 internet banking, mobile banking and Syndicate UPI ASBA applications where Only between 10.00 a.m. and up to 4.00 p.m. IST Bid Amount is up to J 5.00 lakhs) Credit of Equity Shares to demat accounts of Allottees On or about Monday, November 2, 2026 Submission of electronic applications (Syndicate non-retail, non-individual applications) Only between 10.00 a.m. and up to 3.00 p.m. IST Commencement of trading of the Equity Shares on the Stock Exchanges On or about Tuesday, November 3, 2026 Submission of physical applications (Bank ASBA) Only between 10.00 a.m. and up to 1.00 p.m. IST * Our Company, in consultation with the BRLM, may consider closing the Bid/Issue Period for QIBs one Working Day prior to the Bid/Issue Closing Date in accordance with the SEBI ICDR Submission of physical applications (Syndicate non-retail, non-individual Only between 10.00 a.m. and up to 12.00 p.m. IST Regulations.
applications where Bid Amount is more than J 5.00 lakhs) ^ UPI mandate end time and date shall be at 5:00 p.m. on the Bid/Issue Closing Date.
Modification/ Revision/ Cancellation of Bids # In case of any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the UPI Mechanism) exceeding two Working Days from the Bid/Issue Closing Date, the Only between 10.00 a.m. and up to 4.00 p.m. IST Bidder shall be compensated at a uniform rate of J100 per day or 15% per annum of the Bid Amount, whichever is higher, for the entire duration of delay exceeding two Working Days from the U pward revision of Bids by QIBs and Non-Institutional Bidders# on the Bid/Issue Closing Date Bid/Issue Closing Date by the intermediary responsible for causing such delay in unblocking. The BRLM shall, in its sole discretion, identify and fix the liability on such intermediary or entity responsible for such delay in unblocking. Further, investors shall be entitled to compensation in the manner specified in the SEBI Master Circular no. HO/38/13/(4)2026-MIRSD-POD/I/4298/2026 Upward or downward revision of Bids or cancellation of Bids by RIBs Only between 10.00 a.m. and up to 5.00 p.m. IST dated Feb 6, 2026, in case of delays in resolving investor grievances in relation to blocking/unblocking of funds.
on the Bid/Issue Closing Date On the Bid/Issue Closing Date, the Bids shall be uploaded until (i) 4.00 p.m. IST in case of Bids by QIBs and Non-Institutional Bidders; and (ii) until 5.00 p.m. IST or such extended time as permitted by the Stock Exchanges, in case of Bids by RIBs. On the Bid/Issue Closing Date, extension of time may be granted by the Stock Exchanges only for uploading Bids received from RIBs, after taking * UPI mandate end time and date shall be at 5:00 p.m. on the Bid/Issue Closing Date.
into account the total number of Bids received up to closure of timings for acceptance of Bid cum Application Forms as stated herein and as reported by the BRLM to the Stock Exchanges. # QIBs and Non-Institutional Bidders can neither revise their Bids downwards nor cancel/withdraw their Bids.
ASBA* Simple, Safe, Smart way of Application – *Applications Supported by Blocked Amount (ASBA) is a better way of applying to issues by simply blocking the fund in the bank account. For details, check section on ASBA Make use of it!!! below. Mandatory in public issues. No cheque will be accepted.
UPI – Now available in ASBA for all individual investors applying in public issues where the application amount is up to L 5.00 lakhs, applying through Registered Brokers, Syndicate, CDPs and RTAs. UPI Bidders also have the option to submit the application directly to the ASBA Bank (SCSBs) or to use the facility of linked online trading, demat and bank account. Bidders are required to ensure that the bank account used for bidding is linked to their PAN. Bidders must ensure that their PAN is linked with Aadhaar and are in compliance with CBDT notification dated February 13, 2020 and the subsequent press releases, including press release dated June 25, 2021, read with press release dated September 17, 2021, CBDT circular no. 7 of 2022 dated March 30, 2022, read with press release dated March 28, 2023 and any subsequent press release in this regard.
ASBA has to be availed by all the investors except Anchor Investors. UPI may be availed by (i) RIBs; and (ii) individual Non-Institutional Bidders applying in the Issue where the application amount is up to J 5.00 lakhs. For details on the ASBA and UPI process, please refer to the details given in the Bid cum Application Form and the Abridged Prospectus and also please refer to the section “Issue Procedure” beginning on page 466 of the RHP. The process is also available on the website of the Association of Investment Bankers of India (“AIBI”) and the Stock Exchanges in the General Information Document. The Bid cum Application Forms and the Abridged Prospectus can be downloaded from the websites of the Stock Exchanges and can be obtained from the list of banks that is displayed on the website of SEBI at www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35 and
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43, respectively, as updated from time to time. For the list of UPI Apps and Banks live on IPO, please refer to the link: www.sebi.gov.in. ICICI Bank Limited has been appointed as the Sponsor Bank for the Issue, in accordance with the requirements of the SEBI circulars, as amended. For Issue related queries, please contact the BRLM at its e-mail ID as mentioned below. For UPI related queries, investors can contact NPCI at the toll free number: 18001201740 and mail ID: ipo.upi@npci.org.in.
THE EQUITY SHARES OF OUR COMPANY WILL GET LISTED ON THE MAIN BOARD OF NSE AND BSE In case of any revision in the Price Band, the Bid/Issue Period will be extended by at least three additional Working Days after such revision in the Price Band, subject to the Participant to ensure accuracy of records. Any delay resulting from failure to update the Demographic Details would be at the Bidders/Applicants’ sole risk. Investors Bid/Issue Period not exceeding 10 Working Days. In cases of force majeure, banking strike or similar unforeseen circumstances, our Company, in consultation with the BRLM, may, must ensure that their PAN is linked with Aadhaar and are in compliance with the notification issued by Central Board of Direct Taxes notification dated February 13, for reasons to be recorded in writing, extend the Bid/Issue Period for a minimum period of one Working Day, subject to the Bid/Issue Period not exceeding a total of 10 Working 2020 and read with press releases dated June 25, 2021, March 30, 2022 and March 28, 2023 and any subsequent press releases in this regard.
Days. Any revision in the Price Band and the revised Bid/Issue Period, if applicable, will be widely disseminated by notification to the Stock Exchanges, by issuing a public notice, CONTENTS OF THE MEMORANDUM OF ASSOCIATION OF OUR COMPANY AS REGARDS ITS OBJECTS: For information on the main objects and other objects of our and also by indicating the change on the website of the BRLM and at the terminals of the Syndicate Member and by intimation to the Designated Intermediaries and the Sponsor Company, kindly refer “History and Certain Corporate Matters” beginning on page 284 of the RHP. The Memorandum of Association of our Company is a material document for Bank, as applicable. inspection in relation to the Issue. For further details, kindly refer “Material Contracts and Documents for Inspection” beginning on page 525 of the RHP.
This is an Issue in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”), read with Regulation 31 of the SEBI ICDR Regulations. The LIABILITY OF MEMBERS OF THE COMPANY: Limited by shares.
Issue is being made through the Book Building Process in terms of Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Issue shall be available for
AMOUNT OF SHARE CAPITAL OF THE COMPANY AND CAPITAL STRUCTURE: As on the date of the RHP, the authorised share capital of the Company is J 7,000.00 lakhs allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Company, in consultation with the BRLM, may allocate up to 60% divided into 7,00,00,000 Equity Shares of face value of J 10 each. The issued, subscribed and paid-up share capital of the Company before the Issue is J 4,503.18 lakhs divided into of the QIB Portion to Anchor Investors, on a discretionary basis in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”), of which 40% shall be reserved in the 4,50,31,834 Equity Shares of face value of J 10 each. For details of the capital structure, kindly refer “Capital Structure” beginning on page 100 of the RHP.
following manner: (i) 33.33% shall be available for allocation to domestic Mutual Funds, and (ii) 6.67% shall be available for allocation to Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds at or above the Anchor Investor Allocation Price. In the NAMES OF THE INITIAL SIGNATORIES TO THE MEMORANDUM OF ASSOCIATION OF THE COMPANY AND THE NUMBER OF EQUITY SHARES SUBSCRIBED BY event of under-subscription in (ii) above, the allocation may be made to domestic Mutual Funds. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, THEM: For details of the initial signatories of the Memorandum of Association of the Company and the number of Equity Shares subscribed by them at the time of signing of the the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”). Further, 5% of the Net QIB Portion shall be available for Memorandum of Association please refer to “Capital Structure” beginning on page 100 of the RHP.
allocation on a proportionate basis only to Mutual Funds, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, LISTING: The Equity Shares offered through the RHP are proposed to be listed on the Stock Exchanges. Our Company has received in-principle approvals from BSE and NSE for including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not less than 15% of the Issue shall be available for allocation to Non-Institutional listing of the Equity Shares pursuant to their letters each dated November 4, 2025, respectively. For the purposes of the Issue, National Stock Exchange of India Limited shall be the Bidders (“Non-Institutional Category”), of which one-third of the Non-Institutional Category shall be available for allocation to Bidders with an application size of more than J 2.00 Designated Stock Exchange. A signed copy of the RHP has been filed with the RoC and the Prospectus shall be filed with the RoC in accordance with Sections 26(4) and 32 of the lakhs and up to J 10.00 lakhs, and two-thirds of the Non-Institutional Category shall be available for allocation to Bidders with an application size of more than J 10.00 lakhs, and Companies Act, 2013. For details of the material contracts and documents available for inspection from the date of the RHP up to the Bid/Issue Closing Date, kindly refer “Material under-subscription in either of these two sub-categories may be allocated to Bidders in the other sub-category, in accordance with the SEBI ICDR Regulations, subject to valid Bids Contracts and Documents for Inspection” beginning on page 525 of the RHP.
being received at or above the Issue Price. Further, not less than 35% of the Issue shall be available for allocation to Retail Individual Bidders (“Retail Category”), in accordance with DISCLAIMER CLAUSE OF SECURITIES AND EXCHANGE BOARD OF INDIA (“SEBI”): SEBI only gives its observations on the issue documents and this does not constitute the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Issue Price. In case of revision of the Price Band, the Bid Lot shall remain the same. All approval of either the Issue or the specified securities stated in the issue document. The investors are advised to refer to page 446 of the RHP for the full text of the Disclaimer potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their Clause of SEBI.
respective ASBA Accounts and UPI ID (in case of UPI Bidders using the UPI Mechanism), in which case the corresponding Bid Amounts will be blocked by the SCSBs or by the DISCLAIMER CLAUSE OF NSE (THE DESIGNATED STOCK EXCHANGE): It is to be distinctly understood that the permission given by NSE should not in any way be deemed or Sponsor Bank under the UPI Mechanism, as applicable, to participate in the Issue. Anchor Investors are not permitted to participate in the Issue through the ASBA process. For construed that the RHP has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to details, kindly refer “Issue Procedure” beginning on page 466 of the RHP.
refer to page 449 of the RHP for the full text of the Disclaimer Clause of NSE.
Bidders/Applicants should ensure that DP ID, PAN and the Client ID and UPI ID (for UPI Bidders bidding through the UPI Mechanism) are correctly filled in the Bid cum
DISCLAIMER CLAUSE OF BSE: It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been Application Form. The DP ID, PAN and Client ID provided in the Bid cum Application Form should match with the DP ID, PAN, Client ID and UPI ID (for UPI Bidders cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to page 449 of the RHP bidding through the UPI Mechanism) available in the Depository database, otherwise, the Bid cum Application Form is liable to be rejected. Bidders/Applicants should for the full text of the Disclaimer Clause of BSE.
note that on the basis of the PAN, DP ID, Client ID and UPI ID (for UPI Bidders bidding through the UPI Mechanism) as provided in the Bid cum Application Form, the
GENERAL RISKS: Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in the Issue unless they can afford to take the risk Bidder/Applicant may be deemed to have authorised the Depositories to provide to the Registrar to the Issue any requested Demographic Details of the of losing their entire investment. Investors are advised to read the risk factors carefully before taking an investment decision in the Issue. For taking an investment decision, investors must Bidder/Applicant as available on the records of the Depositories. These Demographic Details may be used, among other things, for giving Allotment Advice or rely on their own examination of our Company and the Issue, including the risks involved. The Equity Shares in the Issue have not been recommended or approved by SEBI, nor does unblocking of ASBA Account or for other correspondence(s) related to the Issue. Bidders/Applicants are advised to update any changes to their Demographic Details SEBI guarantee the accuracy or adequacy of the contents of the RHP. Specific attention of the investors is invited to “Risk Factors” beginning on page 25 of the RHP.
as available in the records of the Depository NOTICE TO INVESTORS – ADDENDUM TO THE RED HERRING PROSPECTUS AND THE PRICE BAND ADVERTISEMENT, EACH DATED OCTOBER 17, 2026 This Addendum is with reference to the red herring prospectus dated October 17, 2026, filed by BLS Polymers Limited (“Company”) with the Registrar of Companies, National 3. In the chapter titled “Material Contracts and Documents for Inspection” on page 525 of RHP, the reference of the Cash Escrow and Sponsor Bank Agreement and the Syndicate Capital Territory of Delhi-II, at Central Delhi, and thereafter with SEBI and the Stock Exchanges, as applicable, and the advertisement for announcement of the Price Band and the Agreement has been updated and shall be read as below:
Minimum Bid Lot dated October 17, 2026, ("RHP" or "Red Herring Prospectus") and published on October 19, 2026, in all editions of Financial Express (a widely circulated Material contracts for the issue English daily national newspaper) and all editions of Jansatta (a widely circulated Hindi national daily newspaper, Hindi being the regional language of New Delhi where our
3. Cash Escrow and Sponsor Bank Agreement dated October 1, 2026 read with amendment agreement dated October 23, 2026, between our Company, the Registrar to the registered office is located) (“Advertisement”), in relation to the Issue. Potential Bidders should note the following in relation to the disclosures in the RHP and the Advertisement.
Issue, the BRLM, the Syndicate Members, the Banker(s) to the Issue.
The Company appointed L.F.C. Securities Private Limited as the Syndicate Member for the Issue pursuant to the Syndicate Agreement dated October 1, 2026, entered among the
4. Syndicate agreement dated October 1, 2026 read with amendment agreement dated October 23, 2026 between our Company, the BRLM, the Registrar to the Issue and Company, the BRLM, the Registrar to the Issue and L.F.C. Securities Private Limited. The Company now has appointed Share India Securities Limited as an additional Syndicate Syndicate Members.
Member for the Issue pursuant to an amendment agreement dated October 23, 2026 to the Syndicate Agreement. Accordingly, the details of the same shall be updated in the
following sections of the RHP: The sections titled “Definitions and Abbreviations”, “General Information” and “Material Contracts and Documents for Inspection”, beginning on pages 2, 90 and 525 of the RHP, respectively, along with other related disclosures, will be appropriately updated in the Prospectus, as and when filed with the RoC, SEBI and the Stock Exchanges.
1. In the chapter titled “Definitions and Abbreviations” on page 2 of the RHP, the definition of Cash Escrow and Sponsor Bank Agreement, Syndicate Member and Syndicate
Agreement have been updated and shall be read as below: The above changes are to be read in conjunction with the RHP and Advertisement and accordingly their references in the RHP and Advertisement stand updated to the extent stated in this Addendum. The information contained in this Addendum supplements and updates the information contained in the RHP and the Advertisement, as applicable. However, this “Cash Escrow and Sponsor Bank Agreement: Agreement dated October 1, 2026 read with the amendment agreement dated October 23, 2026 entered into and amongst Addendum does not reflect all the changes that have occurred between the date of filing of the RHP and the date hereof and accordingly does not include all the changes and/ or our Company, the Registrar to the Issue, the Book Running Lead Manager, the Syndicate Members, the Escrow Collection Bank(s), Public Issue Bank(s), Sponsor Bank and updates that will be included in the Prospectus, as and when filed with the RoC, SEBI and the Stock Exchanges. The Equity Shares offered in the Issue have not been and will not be Refund Bank(s) in accordance with Circular on Streamlining of Public Issues, for inter alia, the appointment of the Sponsor Bank in accordance, for the collection of the Bid registered, listed or otherwise qualified in any jurisdiction except India and may not be offered or sold to persons outside of India except in compliance with the applicable laws of each Amounts from Anchor Investors, transfer of funds to the Public Issue Account(s) and where applicable, refunds of the amounts collected from Bidders, on the terms and such jurisdiction. In particular, the Equity Shares offered in the Issue have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S.
conditions thereof.” Securities Act”), or any state securities laws in the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction “Syndicate Members: Intermediaries (other than Book Running Lead Manager) registered with SEBI who are permitted to accept bids, application and place orders with not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws in the United States. Accordingly, the Equity Shares are being offered and respect to the Issue and carry out activities as an underwriter namely, L.F.C Securities Private Limited and Share India Securities Limited.” sold outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and “Syndicate Agreement: Agreement dated October 1, 2026 read with the amendment agreement dated October 23, 2026 among our Company, the Registrar to the Issue, sales are made.
the BRLM and the Syndicate Members in relation to collection of Bid cum Application Forms by the Syndicate.”
2. In the chapter titled “General Information”, under the heading “Syndicate Member” on page 90 of RHP, details of Share India Securities Limited have been updated and shall
be read as below:
Share India Securities Limited Unit No. 615 and 616, 6th Floor, X-Change Plaza, Dalal Street Commercial Co-Operative Society Limited, Road 5E, Block 53, Zone 5, Gift City, Gandhinagar – 382 355, Gujarat, India.
Telephone: +91 120 491 0000
Email ID: info@shareindia.com
Website: www.shareindia.com
Investor grievance email: investors@shareindia.com
Contact Person: Vikas Aggarwal
SEBI Registration: INZ000178336
CIN: L67120GJ1994PLC115132 BOOK RUNNING LEAD MANAGER REGISTRAR TO THE ISSUE COMPANY SECRETARY AND COMPLIANCE OFFICER R Neha Kumar Sunit 3rd Floor, Vijaya Building, Barakhamba Road, New Delhi – 110 001, Delhi, India;
Tel.: +91 112 331 0658 E-mail: secretarial@blspolymers.com UNISTONE CAPITAL PRIVATE LIMITED KFIN TECHNOLOGIES LIMITED A/305, Dynasty Business Park, Andheri-Kurla Road, Andheri East, Mumbai – 301, The Centrium, 3rd Floor, 57, Lal Bahadur Shastri Road, Nav Pada, 400 059, Maharashtra, India Kurla (West), Mumbai – 400 070, Maharashtra, India Tel.: +91 22 4604 6494 Tel.: +91 406 716 2222 / 1800 309 4001 Investors may contact the Company Secretary and Compliance Officer, the BRLM or the Registrar to the Issue E-mail: mb@unistonecapital.com E-mail: blspolymers.ipo@kfintech.com in case of any pre-Issue or post-Issue related grievances including non-receipt of letters of Allotment, non- Investor Grievance E-mail: compliance@unistonecapital.com Investor Grievance E-mail: einward.ris@kfintech.com credit of Allotted Equity Shares in the respective beneficiary account, non-receipt of refund orders or non-
Contact Person: Deep Shah / Mittal Dixit Contact Person: Williams R receipt of funds by electronic mode. For all Issue related queries and for redressal of complaints, investors
Website: www.unistonecapital.com Website: www.kfintech.com may also write to the BRLM.
SEBI Registration Number: INM000012449 SEBI Registration Number: INR000000221
AVAILABILITY OF THE RHP: Investors are advised to refer to the RHP and the section titled “Risk Factors” beginning on page 25 of the RHP before applying in the Issue. A copy Polymers Limited (Tel.: +91 114 352 6312); BRLM – Unistone Capital Private Limited (Tel.: +91 22 4604 6494); Syndicate Member – L F C Securities Private Limited (Tel.: 022- of the RHP will be made available on the website of SEBI at www.sebi.gov.in, the website of the BRLM, Unistone Capital Private Limited, at www.unistonecapital.com, the websites 35006999 / +91 8291002988; Share India Securities Limited +91 120 491 0000); and at the select locations of the Sub-Syndicate Members (as given below), Registered Brokers, of the Stock Exchanges at www.nseindia.com and www.bseindia.com, respectively, and the website of the Company at www.blspolymers.com. Designated RTA Locations and Designated CDP Locations for participating in the Issue. Bid cum Application Forms will also be available on the websites of NSE
AVAILABILITY OF THE ABRIDGED PROSPECTUS: A copy of the Abridged Prospectus shall be available on the websites of the Company, the BRLM and the Registrar to the (www.nseindia.com) and BSE (www.bseindia.com) and at all the Designated Branches of SCSBs, the list of which is available on the websites of the Stock Exchanges and SEBI.
Issue at www.blspolymers.com, www.unistonecapital.com and www.kfintech.com, respectively. BANKERS TO THE ISSUE – ESCROW COLLECTION BANK, REFUND BANK, PUBLIC ISSUE ACCOUNT BANK AND SPONSOR BANK: ICICI Bank Limited
AVAILABILITY OF BID CUM APPLICATION FORMS: Bid cum Application Forms can be obtained from the Registered Office of the Company, BLS UPI: UPI Bidders can also Bid through the UPI Mechanism.
All capitalised terms used herein and not specifically defined shall have the same meaning as ascribed to them in the RHP.
For BLS POLYMERS LIMITED On Behalf of the Board of Directors Sd/- Neha Kumar Sunit
Place: New Delhi Company Secretary and Compliance Officer
Date: October 23, 2026
DISCLAIMER : BLS POLYMERS LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its Equity Shares and has filed the RHP dated October 17, 2026 with the Registrar of Companies, National Capital Territory of Delhi-II, at Central Delhi (“RoC”). The RHP shall be available on the website of SEBI at www.sebi.gov.in, the website of the BRLM at www.unistonecapital.com, the website of the Company at www.blspolymers.com and the websites of the Stock Exchanges at www.nseindia.com and www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to the same, kindly refer “Risk Factors” beginning on page 25 of the RHP. Potential investors should not rely on the DRHP filed with SEBI and the Stock Exchanges for making any investment decision and should instead rely on the information included in the RHP filed by the Company with the RoC, SEBI and the Stock Exchanges.
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws of the United States and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold only outside the United States in “offshore transactions” as defined in, and in reliance on, Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where those offers and sales occur.
FORTUNA + SHARK Page 2
Size : 33 cm (w) x 50 cm (h)