IPO
Behari Lal Engineering’s Rs.302-Cr IPO subscribed 108x
The INR 301.62 crore initial public offering (IPO) of Punjab-based Behari Lal Engineering has been subscribed 108.44 times. The issue received bids for 80,38,28,324 shares against the 74,12,769 shares on offer. Qualified institutional buyers and non-institutional investors recorded 165 subscription times, while the retail portion was subscribed 53.27 times.Behari Lal Engineering produces metal rolls, engineering castings, alloy steel products, forging ingots, forged shafts, and blocks. The company plans to use the net proceeds of the fresh issue to purchase and install new equipment and machinery, including rooftop solar panels, at its manufacturing facilities in Salani and Turan villages. A portion of the funds has been allocated for debt repayment.The company had earlier raised INR 90.48 crore from nine anchor investors, including WhiteOak Capital Asset Management, Bandhan Mutual Fund, 360 ONE, and Singularity AMC. The IPO is managed by Emkay Global Financial Services and Systematix Corporate Services.
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