Behari Lal Engineering IPO Day 3: Issue subscribed 108 times; GMP at 28%
The Rs 302-crore initial public offering (IPO) of Behari Lal Engineering saw strong response from investors as on the third and final day, getting 108
The Rs 302-crore initial public offering (IPO) of Behari Lal Engineering saw strong response from investors as on the third and final day, getting 108 times bids for shares on offer. In the grey market, the IPO is currently commanding a 28% premium, signalling expectations of a strong listing for the iron and steel manufacturing company.On the second day of bidding, the issue was subscribed 7.78 times, against the 74.12 lakh shares on offer. The retail portion was subscribed 9.36 times, with bids received for 37.63 lakh shares.The IPO consists of a fresh issue of shares worth Rs 93 crore and an offer for sale (OFS) of 73.20 lakh equity shares worth approximately Rs 209 crore. The price band has been set at Rs 271âRs 285 per share.A day before the IPO opened for public subscription, Behari Lal Engineering raised Rs 90.48 crore from anchor investors. The company allotted 31.75 lakh equity shares to anchor investors at Rs 285 per share. The anchor book included Tata AIA Life Insurance Company, PineBridge Global Funds, Amicorp Capital (Mauritius) Ltd, WhiteOak Capital and Bandhan Mutual Fund.The allotment for the Behari Lal Engineering IPO is expected to be finalized on August 17, 2026.
The companyâs shares are likely to be listed on the NSE and the BSE on August 19, 2026.Emkay Global Financial Services Ltd. is acting as the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. is the registrar.Behari Lal Engineering IPO GMPThe Behari Lal Engineering IPO is generating considerable buzz in the grey market, with the issue commanding a GMP of Rs 80, translating into a 28% premium over the upper price band of Rs 285 per share. At the current GMP, the estimated listing price works out to around Rs 365 per share, suggesting a potential upside for investors from the IPO price.That said, GMP is only an unofficial market indicator and should not be viewed as a guarantee of listing gains. The actual listing price could vary significantly depending on market conditions and investor sentiment on the listing day.Behari Lal Engineering IPO Subscription Status:The strong grey market sentiment is also reflected in the subscription figures. By the end of the day 3 of the subscription period, the IPO was subscribed 108.44 times overall, with 80.38 crore bids pouring in for the 74.12 lakh shares on offer.Qualified Institutional Buyers (QIBs): 165.33 times subscribed, with bids for 20.36 lakh shares.Non-Institutional Investors (NIIs): 165.32 times subscribed, with bids for 16.12 lakh shares.Retail Individual Investors (RIIs): 53.27 times subscribed, with bids for 37.63 lakh shares.How will the IPO proceeds be used?Behari Lal Engineering plans to use the proceeds from the fresh issue for purchasing and installing equipment and machinery, including computers and peripherals, and related civil work at its manufacturing facilities.Funds will also be used for installing rooftop solar panels at both facilities, repayment or pre-payment of certain borrowings and general corporate purposes.Should you subscribe to Behari Lal Engineering IPO?Anand Rathi maintained a âSubscribe-Long Termâ rating for Behari Lal Engineeringâs maiden public issue, believing that the IPO is fairly priced.
The BriefWire