Behari Lal Engineering shares debut 63% above IPO price
Shares of integrated iron and steel manufacturing company Behari Lal Engineering Ltd made a strong market debut on Wednesday, listing at a premium of more than 63 per cent over the IPO issue price of Rs 285.
On the BSE, the stock opened at Rs 458, a gain of 60.70 per cent over the issue price.
On the NSE, the shares debuted at Rs 465, representing a premium of 63.15 per cent.
Following the listing, the company's market valuation stood at Rs 2,135.22 crore.
The initial public offering (IPO) of Behari Lal Engineering 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 share. The public issue comprised a fresh issue of shares worth 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 to purchase and install equipment and machinery, including computers and peripherals, as well as fund related civil work at its manufacturing facilities.
The funds will also be used to install rooftop solar panels at the company's two existing facilities, repay or prepay certain borrowings and meet general corporate requirements.
Behari Lal Engineering operates two manufacturing facilities in Mandi Gobindgarh, Punjab, and has recently started construction of a third facility in Fatehgarh Sahib district.
The company manufactures metal rolls, engineering castings, alloy steel products and forging ingots for industries including steel, power and heavy engineering.
