BLS Polymers has filed preliminary papers with markets regulator SEBI to seek its approval for raising funds through an initial public offering. The company's maiden public issue is an entirely fresh issue of 1.7 crore equity shares with no offer for sale component, according to the draft red herring prospectus filed on Wednesday.Proceeds from the issue to the tune of Rs 69.84 crore will be used for expanding the company's manufacturing facility by increasing the capacity of certain existing products; around Rs 75 crore will be allocated towards meeting the working capital requirements of the company; and the balance will be used for general corporate purposes.BLS Polymers manufactures a wide range of custom polymer compounds used across industries such as telecommunications, power, railways, water, and oil & gas distribution. These compounds are essential for sheathing, jacketing, and insulating wires and cables in power, telecom, and railway sectors, as well as for coating underground pipelines to protect them from corrosion and environmental damage.The company's diverse product portfolio offers tailored solutions for the wire, cable, and infrastructure industries.Polymer compounding is an important part of India's polymer industry, acting as a key link between raw material producers and end-product manufacturers.According to a Crisil report, the Indian market has seen steady growth, rising from $5,967 million in 2019 to $8,330 million in 2023. This growth has been driven by rapid industrialisation and strong demand from sectors like automotive, construction, packaging, telecom, electronics, and wires & cables.With a growing preference for lightweight and high-performance materials, the market is expected to continue expanding at a CAGR of around 8.2% from 2024 to 2029 to $13,415 million, it added.Unistone Capital is the sole book-running lead manager to the issue.IPO Investment: Is SEBI Leaving The Retail Investors High And Dry?. Read more on IPOs by NDTV Profit.