Behari Lal Engineering IPO listing: Behari Lal Engineering share price made a strong debut on the BSE and the NSE on Wednesday, 19 August, defying weak stock market sentiment.
Behari Lal Engineering shares were listed at ₹458 on the BSE, a premium of nearly 61% over the issue price of ₹285. On the NSE, the stock debuted at ₹465, up over 63% from the issue price.
After a strong listing, the stock further extended gains, rising 85% from the issue price to ₹529 on the NSE and ₹528.70 on the BSE.
According to grey market sources, the stock’s listing exceeded expectations, with the last grey market premium (GMP) on Behari Lal Engineering shares at ₹133, suggesting the stock could list at ₹418, a premium of nearly 47%.
Meanwhile, market benchmarks, the Sensex and the Nifty 50, declined by up to 0.40% in the morning session on Wednesday.
Behari Lal Engineering IPO details
Behari Lal Engineering IPO was a book build issue, combining a fresh issue of 33 lakh shares to raise ₹93 crore and an offer for sale (OFS) of 73.20 lakh shares aggregating to ₹208.62 crore.
Priced at ₹285, the issue opened for public subscription on Wednesday, 12 August, and concluded on Friday, 14 August, with an overall subscription of 118 times. Behari Lal Engineering IPO share allotment was finalised on 17 August.
Emkay Global Financial Services Limited and Systematix Corporate Services Limited were the book-running lead managers, while MUFG Intime India Private Limited was the registrar of the Behari Lal Engineering IPO.
The company wants to use the net proceeds from the fresh issue to purchase and install new equipment and rooftop solar panels for its two manufacturing facilities in Punjab. Some parts of the net proceeds will be used for the repayment and/or pre-payment of certain borrowings as well as for general corporate purposes.
Founded in 1995, Behari Lal Engineering operates as an integrated iron and steel manufacturer, offering customised engineering solutions. The company manufactures precision-engineered products used in critical industrial applications, including metal rolls, engineering castings, alloy steel products, forging ingots and forged shafts.
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
About The Author
