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Behari Lal Engineering IPO heads to BSE and NSE with ₹118 grey premium
The IPO priced at ₹271 to ₹285, with a likely listing price around ₹403, about 41.4% above the IPO price range midpoint.
Behari Lal Engineering’s IPO allotment was finalized on Monday, August 17, and the shares are set to list on BSE and NSE on August 19, LiveMint Markets reported. Ahead of debut, grey market tracking websites cited a premium of ₹118 over the issue price.
The IPO opened for subscription on August 12 and closed on August 17, and the estimated listing price is expected to be around ₹403, about 41.4% higher than the IPO price of ₹285, according to the same reporting. Investors cited by LiveMint Markets highlighted that while grey market enthusiasm can support near term sentiment, sustaining any premium will depend on the company’s ability to convert capacity into revenue, cash flows, and improved return ratios.
LiveMint Markets said the company’s IPO size totaled ₹302 crore, made up of a fresh issue worth ₹93 crore and an offer for sale of 73.20 lakh equity shares totaling about ₹209 crore. The issue was offered in a price range of ₹271 to ₹285 per share, and it raised ₹90.48 crore from anchor investors via the allotment of 31.75 lakh equity shares at ₹285 apiece.
According to the report, the anchor book included Tata AIA Life Insurance Company, PineBridge Global Funds, Amicorp Capital (Mauritius) Ltd, WhiteOak Capital, and Bandhan Mutual Fund among others. Analysts cited by LiveMint Markets advised existing allottees to consider booking partial gains while keeping remaining shares for the medium to long term, subject to post listing price performance.