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

The allotment for Behari Lal Engineering IPO is expected to be finalised today, 17 August, after the subscription period from 12 to 14 August saw overwhelming demand. The overall subscription stood at 108.44 times, with the retail portion booked 53.27 times, qualified institutional buyers at 165.33 times, and non-institutional investors at 165.32 times.

In the grey market, shares are commanding a premium of Rs 84, indicating a listing price of Rs 369, which is 29.47% higher than the IPO price of Rs 285, according to Investorgain. The Rs 302-crore IPO included a fresh issue of Rs 93 crore and an offer for sale of 73.20 lakh shares. Anchor investors, including Tata AIA Life Insurance and Bandhan Mutual Fund, had earlier subscribed to 31.75 lakh shares at Rs 285 each.

The company, an integrated iron and steel manufacturer founded in 1995, will use proceeds for equipment purchase, rooftop solar panels, and debt repayment. Shares are set to list on the BSE and NSE on 19 August. Applicants can check allotment status on the registrar MUFG Intime India's website, or on BSE and NSE platforms.