The stock opened at ₹465 on the NSE, compared with its issue price of ₹285 per share. On the BSE, the stock debuted at ₹458, marking a premium of around 61%.
The ₹301.62-crore initial public offering (IPO) of the Punjab-based iron and steel manufacturer was open for subscription from August 12 to August 14, with the price band fixed at ₹271-₹285 per share.
The issue was subscribed around 108 times overall, receiving bids for 80.38 crore shares against 74.13 lakh shares on offer.
Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) led the demand, with both categories subscribed 165 times. The retail portion was subscribed 53.27 times.
The IPO comprised a fresh issue of shares worth ₹93 crore and an offer-for-sale (OFS) of 73.2 lakh shares worth around ₹208.62 crore.
Ahead of the public issue, Behari Lal Engineering raised ₹90.48 crore from nine anchor investors. The company allotted 31.74 lakh equity shares to anchor investors at ₹285 apiece, the upper end of the price band.
WhiteOak Capital Asset Management was the largest anchor investor, acquiring 7.01 lakh shares through three schemes for around ₹20 crore. Bandhan Mutual Fund was allotted 4.91 lakh shares worth around ₹14 crore, while 360 ONE acquired 4.56 lakh shares valued at approximately ₹13 crore. Singularity AMC, backed by market veteran Madhusudan Kela, picked up 3.5 lakh shares for around ₹10 crore.The company plans to use ₹63 crore from the net proceeds of the fresh issue to purchase and install new equipment and machinery, including rooftop solar panels, at its manufacturing facilities in Salani and Turan villages in Punjab.
Another ₹57 lakh has been earmarked for debt repayment, while the remaining proceeds will be used for general corporate purposes.
Emkay Global Financial Services and Systematix Corporate Services are the book-running lead managers to the issue, while MUFG Intime India is the registrar.
About Behari Lal Engineering
Behari Lal Engineering manufactures metal rolls, engineering castings, alloy steel products, forging ingots, forged shafts and blocks, as well as other customised engineering components.
Its products are used across industries including steel, iron ore mining, power, sugar, automotive, aerospace, oil and gas, energy and heavy engineering.
