Behari Lal Engineering IPO Day 3: Subscription, GMP, Key Dates and IPO Details

Behari Lal Engineering IPO Day 3: Subscription, GMP and Key Dates

The Behari Lal Engineering IPO continued to attract strong investor interest on the third day of bidding on Friday, August 14, 2026.

The IPO had received 7.78 times subscription by the end of Day 2, compared with 2.03 times subscription on the first day.

The issue has a price band of ₹271–₹285 per share.

The company had also raised approximately ₹90.48 crore from anchor investors ahead of the public issue.

Behari Lal Engineering operates manufacturing facilities in Mandi Gobindgarh, Punjab, and is developing a third manufacturing facility in the Fatehgarh Sahib district.

Behari Lal Engineering IPO Highlights

IPO Price Band: ₹271–₹285

Fresh Issue: ₹93 crore

Offer for Sale: 73.20 lakh shares

Anchor Investment: ₹90.48 crore

IPO Closing Date: August 14, 2026

Allotment Date: August 17, 2026

Refund Date: August 18, 2026

Demat Credit: August 18, 2026

Expected Listing Date: August 19, 2026

Behari Lal Engineering IPO Subscription

The Behari Lal Engineering IPO witnessed increasing participation during the three-day bidding period.

The issue had been subscribed 2.03 times on Day 1 and 7.78 times by the end of Day 2.

The source headline reported that the issue was subscribed 21.52 times so far on Day 3.

Separately, BSE data cited in the source showed the issue at 17.33 times subscription at 11:06 IST, with bids received for 12,84,52,376 shares against 74,12,769 shares on offer.

The category-wise subscription at that time was reported as

Retail: 17.87 times

NII: 35.05 times

QIB: 2.29 times

Subscription figures can change throughout the trading session until the IPO closes.

Behari Lal Engineering IPO GMP Today

The reported grey market premium (GMP) for the Behari Lal Engineering IPO stood at approximately ₹80.

Based on the upper end of the IPO price band of ₹285 and the reported GMP, the implied price was around ₹365.

This represents an indicative premium of approximately 28.07% over the upper issue price.

However, GMP is an unofficial market indicator and does not guarantee the actual listing price or post-listing performance.

According to the source, the GMP had moved between ₹0 and ₹80 during the previous nine sessions.

Behari Lal Engineering IPO Review: Key Factors

Several brokerage firms highlighted the company's growth, manufacturing expansion and improving profitability.

Swastika Investmart noted that the company's EBITDA margin improved from 13.67% in FY24 to 18.97% in FY26.

The PAT margin also increased to 12.10%.

The company had an order book of approximately ₹178.57 crore as of May 31, 2026, providing some revenue visibility.

At the upper price band of ₹285, the issue was valued at around 18.7 times FY26 P/E on post-issue capital, according to the source.

Manufacturing Expansion Plans

Behari Lal Engineering operates in the manufacturing of

• Metal rolls
• Engineering castings
• Alloy steel products
• Forging ingots

Its products cater to industries including steel, power and heavy engineering.

The company currently operates two manufacturing facilities in Mandi Gobindgarh, Punjab.

It has also started construction of a third manufacturing plant in Fatehgarh Sahib, Punjab.

How the IPO Funds Will Be Used

The company plans to use proceeds from the fresh issue primarily for manufacturing capacity expansion and upgrades.

The planned expenditure includes

• Purchase and installation of new machinery
• Equipment for manufacturing facilities
• Computers and other peripherals
• Related civil works
• Rooftop solar panels at existing facilities

A portion of the proceeds is also intended for repayment or prepayment of certain borrowings.

The remaining funds will be used for general corporate purposes.

Behari Lal Engineering IPO Structure

The Behari Lal Engineering IPO consists of a fresh issue worth ₹93 crore along with an Offer for Sale of 73.20 lakh equity shares by existing shareholders.

The IPO has allocated

QIBs: Up to 50%

NIIs: At least 15%

Retail Investors: At least 35%

The book-running lead manager for the issue is Emkay Global Financial Services.

MUFG Intime India is acting as the registrar.

Key Risks Highlighted

Brokerages also pointed to several factors investors should monitor.

These include

• Customer concentration
• Unhedged foreign exchange exposure
• Steel price volatility
• Raw material cost fluctuations
• Cyclical industrial demand
• IPO valuation
• Execution of manufacturing expansion

The absence of a directly comparable listed peer was also highlighted as a factor that can make valuation assessment more difficult.

IPO Timeline

IPO Opens: August 12, 2026

IPO Closes: August 14, 2026

Allotment: August 17, 2026

Refund Initiation: August 18, 2026

Demat Credit: August 18, 2026

Expected Listing: August 19, 2026

Key Takeaways

• Behari Lal Engineering IPO has a price band of ₹271–₹285.
• The IPO includes a ₹93 crore fresh issue.
• The OFS component consists of 73.20 lakh shares.
• The issue received 7.78 times subscription by Day 2.
• The source headline reported 21.52 times subscription on Day 3.
• BSE data cited at 11:06 IST showed 17.33 times subscription.
• Reported GMP stood at around ₹80.
• The indicative GMP-based price was around ₹365.
• The company plans to expand and upgrade its manufacturing capacity.
• The expected listing date is August 19, 2026.
• Key risks include raw material volatility, customer concentration and cyclical industrial demand.

What to Watch Next

With the IPO closing on August 14, the next important events are the basis of allotment, refund process, demat credit and stock market listing.

Investors and market participants may also track the company's manufacturing expansion, order book, profitability trends and the contribution of higher-value products in the coming periods.

The reported GMP can provide an indication of market sentiment before listing, but actual market performance can differ significantly.

Disclaimer

This article is published solely for educational and informational purposes and should not be considered financial, investment, legal, or tax advice.

TrendRipperX is not registered with the Securities and Exchange Board of India (SEBI) as an Investment Adviser or Research Analyst. The information presented in this article is based on publicly available information and the analyst views cited in the source.

This article does not constitute a recommendation or solicitation to buy, sell, subscribe to, or hold any security. GMP figures are unofficial and may not accurately predict the actual listing price or subsequent market performance.

IPO investments involve risks, including market volatility, valuation risk, business risk and the possibility of loss of capital. Readers should conduct their own research and consult a SEBI-registered financial professional before making any investment decisions.