The initial public offering (IPO) of Behari Lal Engineering, an integrated iron and steel manufacturing company, received an overwhelming response from investors during its bidding period from August 12 to August 14. The company aimed to raise Rs 302 crore through a fresh issue of Rs 93 crore and an offer-for-sale (OFS) of 73.20 lakh equity shares worth Rs 209 crore.
IPO Details and Subscription Status
Shares were offered in a price band of Rs 271-285 apiece, with a lot size of 52 shares. The IPO was subscribed a remarkable 108.44 times overall, attracting nearly 33.67 lakh applications and bids exceeding Rs 22,900 crore. The qualified institutional bidders (QIBs) and non-institutional investors (NIIs) portions were subscribed 165.33 times and 165.32 times, respectively, while the retail quota saw a subscription of 53.27 times.
Allotment Odds and Grey Market Premium (GMP)
Based on the robust bidding, the probabilities of allotment for various investor categories were:
- Big HNI category: Approximately 3.17% (2 out of 63 investors received 728 shares)
- Small HNI category: Approximately 0.83% (1 out of 121 investors received 728 shares)
- Retail category: Approximately 2.50% (1 out of 40 investors received 52 shares)
The Grey Market Premium (GMP) for Behari Lal Engineering has shown an upward trend. It was last reported commanding a discount of Rs 83-85 per share, suggesting a potential listing gain of 29-30 percent for investors. When the issue initially opened, the GMP was around Rs 75 per share.
About Behari Lal Engineering
Incorporated in 1995 and based in Punjab, Behari Lal Engineering specializes in customized engineering solutions within the integrated iron and steel manufacturing sector. The company produces precision-engineered components for critical industrial applications, including metal rolls, engineering castings, alloy steel products, forging ingots, and shafts.
Emkay Global Financial Services and Systematix Corporate Services served as the book-running lead managers for the IPO, with MUFG Intime India acting as the registrar.
How to Check Allotment Status
Investors who applied for the Behari Lal Engineering IPO can check their allotment status through several channels:
1. On the BSE Website:
- Visit https://www.bseindia.com/investors/appli_check.aspx
- Under 'Issue Type', select Equity.
- Under 'Issue Name', choose Behari Lal Engineering Limited from the dropdown menu.
- Enter your Application Number.
- Add your PAN card ID.
- Click on 'I am not a Robot' and then hit the Search button.
2. On the NSE Website:
- Go to https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
- Select ‘Equity & SME IPO Bid details’.
- Under ‘Select Symbol’, choose ‘BLEL’.
- Enter your PAN No. and Application No.
- Click on ‘Submit’ to proceed.
3. Through the Registrar's Website (MUFG Intime India):
MUFG Intime India, the registrar for the issue, handles the electronic processing of applications and the allotment process. You can check the status on their portal:
- Visit the web portal of MUFG Intime India Limited: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
- Select the IPO/FPO from the dropdown box (the name will appear once allotment is finalized).
- Choose one of the three modes: Application number, Demat Account number, or PAN ID.
- In 'Application Type', select between ASBA and non-ASBA.
- Enter the details corresponding to your selected mode.
- Fill the captcha accurately for security purposes.
- Hit Submit.
Refunds for unsuccessful bidders are expected by Tuesday, August 18, with shares of Behari Lal Engineering scheduled to list on both the BSE and NSE on Wednesday, August 19.