Behari Lal Engineering Limited IPO opens for bidding today, Wednesday, 12 August and will remain open until Friday, 14 August. The IPO is priced at ₹271 to ₹285 per equity share with a face value of ₹10, representing a total issue size of ₹301.6 crore. According to latest reports, the Grey Market Premium (GMP) stands at ₹45, indicating an estimated listing price of ₹330, which is 15.79% higher than the IPO price. The IPO is structured as a book-built issue with total issue size of ₹301.6 crore, comprising fresh issue worth ₹93 crore and offer for sale (OFS) worth ₹208.62 crore. Emkay Global Financial Services Ltd. and Systematix Corporate Services serve as the book-running lead managers, while MUFG Intime India Pvt. Ltd. acts as the registrar for this IPO.
Behari Lal Engineering has successfully raised ₹90.48 crore from nine anchor investors ahead of its public issue launch. The company allotted 31.75 lakh equity shares at ₹285 apiece to anchor investors, with the allocation finalized on Tuesday according to a circular uploaded on BSE's website. WhiteOak Capital Asset Management emerged as the largest anchor investor, acquiring 7.01 lakh shares through its three schemes for ₹20 crore. Bandhan Mutual Fund picked up 4.91 lakh shares worth ₹14 crore, followed by 360 ONE, which bought 4.56 lakh shares valued at ₹13 crore. Market veteran Madhusudan Kela-backed Singularity AMC was allotted 3.5 lakh shares worth ₹10 crore. Other notable participants include Tata AIA Life Insurance, PineBridge Global Funds, and Amicorp Capital (Mauritius).
The IPO reserves not more than 50% of shares for qualified institutional buyers (QIB), not less than 15% for non-institutional institutional investors (NII), and not less than 35% for retail investors. As reported by The Economic Times, this allocation structure ensures balanced participation across different investor categories. The company has structured the issue to provide adequate access to institutional and retail investors while maintaining QIB dominance in the allocation. The retail portion allows investment from 1 to 13 lots (52 to 676 shares), with minimum investment of ₹14,820 and maximum of ₹1,92,660. HNI investors can invest from 14 to 67 lots (728 to 3,484 shares), with minimum investment of ₹2,07,480 and maximum of ₹9,92,940. Investors can bid for a minimum of 52 Equity Shares and multiples of 52 thereafter.
The company demonstrates strong financial growth with revenue increasing from ₹446.08 crore in FY2024 to ₹534.03 crore in FY2026, representing a 21.12% growth over the two-year period. Net income showed remarkable improvement from ₹35.79 crore in FY2024 to ₹64.64 crore in FY2026, with net margin expanding from 8.02% to 12.10%. The company's EBITDA margin also strengthened from 13.67% to 18.97% during this period, indicating enhanced operational efficiency. As of August 31, 2025, the company reported assets of ₹367.87 crore, net worth of ₹306.10 crore, and reserves & surplus of ₹267.06 crore. The company's EBITDA rose to ₹88.9 crore in FY26 from ₹57.1 crore in FY24, with EBITDA margin improving from 12.8% to 16.6% during the period. According to Anand Rathi, the company is one of India's largest metal rolls producers and met 10-11.5% of the country's demand in Fiscal 2026.
Behari Lal Engineering operates as a precision engineering manufacturer with over two decades of experience and serves 1,825 domestic and international clients as of March 31, 2026. The company, established in Punjab in 1995 as Behari Lal Ispat Pvt Ltd and converted to a public limited entity in 2024, was renamed to reflect its expanded product portfolio. The company's product portfolio is well diversified, with alloy steel products contributing 45.8% of FY26 revenue, followed by metal rolls (26.4%), engineering castings (19.5%), and forging products (4.4%). Its engineered components serve sectors including automobiles, infrastructure, mining, steel, power, aerospace & defence, cement, and heavy engineering. The company operates two integrated manufacturing facilities in Mandi Gobindgarh, Punjab with a combined installed capacity of 119,464 MT and achieved overall 87.7% capacity utilisation in FY26. The facilities span around 790,000 sq. ft. total area with 54,464 MT of finished steel capacity and 65,000 MT of rolling mill capacity. The company has recently commenced construction of a third facility in Fatehgarh Sahib district to expand its manufacturing footprint.
The company plans to use ₹63 crore of the net fresh issue proceeds to purchase and install new equipment and machinery, along with rooftop solar panels, at its two manufacturing facilities in Salani and Turan villages in Punjab. A further ₹57 lakh will be used to repay debt, while the remaining funds will be used for general corporate purposes. The proceeds from the ₹93 crore fresh issue will be allocated as follows: ₹19.58 crore for manufacturing facility 1 (₹13.4 crore for equipment/machinery, ₹3.4 crore for solar panels, ₹2.78 crore for civil work), ₹36.6 crore for manufacturing facility 2 (₹33.4 crore for equipment/machinery, ₹3.4 crore for solar panels, ₹3.6 crore for civil work), ₹3.4 crore for rooftop solar panels at facility 1, and ₹3.4 crore for rooftop solar panels at facility 2. The basis of allotment for Behari Lal Engineering IPO will be finalized on Monday, 17 August, with refunds initiated on Tuesday, 18 August. According to The Economic Times, shares will be credited to demat accounts of allottees on the same day following refund. The company's shares are expected to be listed on BSE and NSE on Wednesday, 19 August. The total IPO size is ₹301.6 crore with 73,20,01 shares being offered for sale. As of the latest reports, no recorded Grey Market Premium (GMP) quote is currently available for the IPO, with GMP being unofficial and not forecasting actual listing price. The company reported an order book of ₹178.57 crore as of May 31, 2026, highlighting sustained demand for its products and engineering capabilities. The promoters include Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg and Bhuvnesh Garg.
