Now Reading: Behari Lal Engineering IPO subscribed 2.10x on Day 2, GMP at ₹74
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Behari Lal Engineering IPO subscribed 2.10x on Day 2, GMP at ₹74
Behari Lal Engineering IPO subscribed 2.10x on Day 2, GMP at ₹74
Behari Lal Engineering's IPO was subscribed 2.10 times by the second day of bidding, after a 2.03x subscription on Day 1. The price band is ₹271-₹285 per share, with a lot size…
The Story in Brief
Behari Lal Engineering's IPO was subscribed 2.10 times by the second day of bidding, after a 2.03x subscription on Day 1. The price band is ₹271-₹285 per share, with a lot size of 52 shares. The issue closes on 14 August. Grey market premium (GMP) stands at ₹74, implying a listing price of ₹359, or 26% above the upper band.
The company raised ₹90.48 crore from anchor investors on 11 August. Brokers Swastika Investmart and SBICAP Securities have given "SUBSCRIBE" ratings, though Swastika notes the IPO is fully priced with no comparable listed peer. Proceeds will fund expansion and debt repayment. Allotment is expected on 17 August, with listing on 19 August.
The Indian Opinion
The usual hype around IPO grey market premiums overshadows real risks. Brokers flag high customer concentration and unhedged forex exposure, yet retail investors chase the GMP of ₹74. The company's own order book of ₹178.57 crore is modest. A better test: will the firm reduce its reliance on a few clients in the next two quarters?
Source: livemint.com
This story was synthesised by AI from the source linked above.
