Behari Lal Engineering IPO Day 3: Issue booked 93.21x so far. Check GMP, subscriptions, key dates. Apply or skip?

The Behari Lal Engineering IPO was subscribed 7.78 times on the second day of bidding on Thursday, showing strong investor interest ahead of the issue closing on Friday, 14 August. The IPO had received 2.03 times subscription on the first day of bidding on Wednesday.

The company had also raised ₹90.48 crore from anchor investors ahead of the public issue. The Behari Lal Engineering IPO price band has been fixed at ₹271– ₹285 per share.

Behari Lal Engineering operates two manufacturing facilities in Mandi Gobindgarh, Punjab, and has recently started construction of a third plant in the Fatehgarh Sahib district.

The company manufactures metal rolls, engineering castings, alloy steel products and forging ingots, catering to industries such as steel, power and heavy engineering.

The Behari Lal Engineering IPO has reserved up to 50% of the issue for QIBs, at least 15% for NIIs and at least 35% for retail investors.

The Behari Lal Engineering IPO allotment is tentatively scheduled to be finalised on 17 August, with refunds expected to begin on 18 August. Shares are also likely to be credited to the demat accounts of successful allottees on 18 August.

The Behari Lal Engineering IPO listing date is expected to be 19 August, with the shares likely to list on both the BSE and NSE.

Behari Lal Engineering IPO GMP today

Behari Lal Engineering IPO GMP today is +80. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Behari Lal Engineering share was ₹365 apiece, which is 28.07% higher than the IPO price of ₹285.

According to grey market trends over the past nine sessions, the IPO's GMP is showing an upward trend today, suggesting that a strong listing is anticipated. Throughout this time, the GMP fluctuated between a low of ₹0.00 and a high of ₹80, as noted by analysts.

Behari Lal Engineering IPO subscription status

Behari Lal Engineering IPO subscription status was 17.33x on day 3, so far. The retail portion is subscribed 17.87x, and NII portion has been booked 35.05x, QIBs portion received 2.29x bids.

The company has received bids for 12,84,52,376 shares against 74,12,769 shares on offer at 11:06 IST, according to BSE data.

Behari Lal Engineering IPO review

Swastika Investmart said Behari Lal Engineering has delivered steady growth in revenue and profitability, with its EBITDA margin improving from 13.67% in FY24 to 18.97% in FY26. The PAT margin also increased to 12.10%. The brokerage highlighted the company's ₹178.57 crore order book as of 31 May 2026, which provides some revenue visibility.

However, Swastika Investmart noted that the IPO appears fully priced, while the absence of a directly comparable listed peer makes valuation assessment difficult. It also flagged high customer concentration and unhedged foreign exchange exposure as key risks. Well-informed investors may consider the issue from a medium- to long-term perspective, it said.

SBICAP Securities recommended subscribing to the IPO, citing the company's plans to deploy fresh issue proceeds towards capital expenditure at existing facilities and development of its third manufacturing plant. The brokerage expects a higher contribution from value-added products, coupled with capacity expansion, to support operating leverage and profitability. At the upper price band of ₹285, the issue is valued at 18.7x FY26 P/E on post-issue capital. SBICAP Securities assigned a “SUBSCRIBE” rating.

BP Equities said improving profitability has been supported by a rising contribution from value-added products, while net debt declined from ₹4.07 crore in FY24 to ₹1.66 crore in FY26. The brokerage highlighted the company's diversified product portfolio, integrated manufacturing capabilities and low leverage as positives for long-term growth. At ₹285, the issue is valued at 17.2x FY26 P/E, based on diluted EPS of ₹16.56. It also recommended a “SUBSCRIBE” rating for long-term investors.

Kantilal Chhaganlal Securities said the IPO valuation of 18.7x post-issue P/E at the upper price band appears reasonable considering the company's growth profile and peer valuations. The brokerage expects capacity expansion and a greater contribution from higher-value products to improve operating leverage, product mix and profitability. It recommended investors subscribe to the issue.

Arihant Capital Markets said the IPO is valued at around 18.7x FY26 P/E at the upper price band of ₹285, based on annualised EPS of ₹16.56. The brokerage highlighted strong revenue growth, expanding EBITDA margins and an integrated product portfolio as key positives. However, it flagged steel price volatility, raw material costs and the cyclical nature of industrial demand as key risks. Arihant Capital Markets also assigned a “SUBSCRIBE” rating to the issue.

Behari Lal Engineering IPO details

Behari Lal Engineering IPO comprises a fresh issue of equity shares worth ₹93 crore and an offer for sale (OFS) of 73.20 lakh equity shares by existing shareholders.

The company plans to utilise the net proceeds from the fresh issue primarily to expand and upgrade its manufacturing capacity. The funds will be used to purchase and install new machinery and equipment, along with computers, printers, and other peripherals, and to undertake related civil works at its two manufacturing facilities in Mandi Gobindgarh, Punjab.

The company also plans to install rooftop solar panels at both facilities as part of its expansion and energy-efficiency initiatives. A portion of the proceeds will be used to repay or prepay certain borrowings, while the remaining funds will be allocated to general corporate purposes.

Emkay Global Financial Services is the book-running lead manager to the issue, while MUFG Intime India is acting as the registrar.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.