Behari Lal Engineering Shares Jump 76% After Strong IPO Debut

New Delhi, Aug 19 (PTI) Shares of integrated iron and steel manufacturing company Behari Lal Engineering Ltd on Wednesday ended with a massive premium of over 76 per cent against the issue price of Rs 285.

The stock made its market debut at Rs 458, registering a jump of 60.70 per cent from the issue price on the BSE. During the day, it zoomed 88.54 per cent to Rs 537.35. Shares of the firm ended at Rs 502.55, up 76.33 per cent.

On the NSE, the stock listed at Rs 465, a premium of 63.15 per cent. It ended at Rs 502.20, rallying 76.21 per cent.

The company's market valuation stood at Rs 2,125.91 crore.

The initial public offer of Behari Lal Engineering Ltd was subscribed 108.44 times on the final day of bidding on Friday.


The Rs 302-crore IPO had a price band of Rs 271-285 per equity share.

The public issue had a fresh issuance of shares aggregating up to Rs 93 crore and an Offer for Sale (OFS) of up to 73.20 lakh equity shares.

The company plans to use the proceeds from the fresh issue for purchase and installation of equipment and machinery, including computers and peripherals, and related civil work at its manufacturing facilities.

The funds will also be used for installing rooftop solar panels at the company's two facilities, repayment or pre-payment of certain borrowings and general corporate purposes.

Behari Lal Engineering operates two manufacturing facilities at Mandi Gobindgarh in Punjab and has recently commenced construction of a third facility in Fatehgarh Sahib district.

It manufactures metal rolls, engineering castings, alloy steel products and forging ingots for industries including steel, power and heavy engineering.