Behari Lal Engineering IPO allotment today, GMP signals 29% listing pop

Behari Lal Engineering IPO allotment is expected to be finalised today, 17 August, after the issue was subscribed 108.44 times. The retail investor portion was booked 53.27 times, while qualified institutional buyers (QIBs) subscribed 165.33 times and non-institutional investors (NIIs) 165.32 times.

The grey market premium (GMP) is at Rs 84, according to Investorgain, implying an estimated listing price of Rs 369, which is 29.47% above the IPO price of Rs 285. However, livemint.com reports GMP of Rs 84, while NDTV Profit reports a higher GMP of Rs 105, indicating a 36.84% listing gain. The Rs 302-crore IPO included a fresh issue of Rs 93 crore and an OFS of 73.20 lakh shares.

The company's shares are likely to be listed on BSE and NSE on 19 August. Applicants can check allotment status on the registrar MUFG Intime India's website, BSE or NSE platforms. Proceeds from the fresh issue will be used for machinery, solar panels and debt repayment.