Behari Lal Engineering IPO Allotment Today? Check Status After Massive 108x Subscription!

Behari Lal Engineering IPO Allotment Today? Check Status After Massive 108x Subscription!​

Punjab-based iron and steel manufacturer Behari Lal Engineering is set to finalize the allotment basis for its highly subscribed Rs 301.62-crore Initial Public Offering (IPO) on August 17. The issue saw an overwhelming market response, having been booked approximately 108 times across all segments.

The IPO, which opened on August 12 and closed on August 14, attracted significant interest from various investor groups. Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) led the demand, with both categories showing a subscription rate of 165 times. The retail portion was also strong, achieving a subscription multiple of 53.27 times.

IPO Subscription and Market Sentiment​

The pricing for Behari Lal Engineering was set within a band of Rs 271 to Rs 285 per equity share. While the shares are scheduled to list on the BSE and NSE on August 19, sentiment in the grey market suggests strong pre-listing momentum.

Tracking platforms reported a Grey Market Premium (GMP) estimated at around Rs 84 over the upper end of the IPO price band. This GMP indicates a potential premium approaching 30 percent over the issue price. It is important to note that the GMP is an unofficial indicator and does not guarantee the actual listing price or gains.

Structure and Use of Proceeds in Behari Lal Engineering IPO​

The Rs 301.62-crore IPO structure included a fresh issue comprising shares worth Rs 93 crore, coupled with an Offer for Sale (OFS) amounting to 73.2 lakh shares valued at around Rs 208.62 crore. This balanced approach catered both to growth capital and existing shareholder liquidity.

Ahead of the public offering, Behari Lal Engineering successfully raised substantial funds from anchor investors, totaling Rs 90.48 crore. WhiteOak Capital Asset Management was highlighted as a key anchor investor, acquiring 7.01 lakh shares through three schemes for approximately Rs 20 crore.

The company has outlined clear plans for the utilization of the net proceeds from the fresh issue. Of these funds, Rs 63 crore is earmarked for the purchase and installation of new equipment and machinery, including rooftop solar panels at its manufacturing facilities in Salani and Turan villages. Another portion, amounting to Rs 57 lakh, will be dedicated to debt repayment.

Investors Guide: How to Check Behari Lal Engineering IPO Allotment Status​

Investors who have participated in the highly successful offering can check their allotment status through multiple channels. MUFG Intime India is the official registrar for this issue, and investors can also verify the status directly on the BSE and NSE websites.

Checking Allotment Status on MUFG Intime​

To track the outcome via the registrar, visitors must first visit the designated MUFG Intime link. Investors should then select Behari Lal Engineering from the list of issues. The status can be checked by providing details such as PAN, application number, or DP ID/Client ID.

Verifying Allotment on BSE and NSE​

Investors seeking confirmation through stock exchange portals must follow specific steps for each platform. On the BSE website, users should select Equity under the issue type and input their required PAN or application number. Similarly, the NSE website requires applicants to provide all necessary application details to view their status.

Behari Lal Engineering is an established manufacturer of essential industrial components, producing metal rolls, engineering castings, alloy steel products, forging ingots, and customized components for industries including automotive, aerospace, power, and energy.