Punjab-based iron and steel manufacturerBehari Lal Engineeringis expected to finalise the basis of allotment for its Rs 301.62-crore initial public offering (IPO) today, on August 17, after an overwhelming subscription window which saw the issue booked around 108 times.
The issue received bids for 80,38,28,324 shares against 74,12,769 shares on offer. Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) led the demand, with both categories subscribed 165 times. The retail portion was subscribed 53.27 times.
The IPO opened for subscription on August 12 and closed on August 14. The price band was fixed at Rs 271 to Rs 285 per equity share. The shares are scheduled to list on the BSE and NSE on August 19.
According to IPO-tracking platforms InvestorGain and IPO Watch, Behari Lal Engineering shares were commanding a grey market premium (GMP) of around Rs 84 over the upper end of the IPO price band of Rs 285. This indicated a potential premium of nearly 30 percent over the issue price.
Read Also:Molbio Diagnostics shares list at 21% premium over IPO price on NSE, BSE
The GMP is an unofficial and unregulated indicator of sentiment in the grey market. It can change before listing and does not guarantee the actual listing price or listing gains.
Behari Lal Engineering IPO allotment: How to check status
Investors can check their IPO allotment status through MUFG Intime India, the registrar to the issue, as well as the BSE and NSE websites. The registrar for the Behari Lal Engineering IPO is MUFG Intime India, formerly known as Link Intime India.
Behari Lal Engineering IPO allotment on MUFG Intime
Step 1. Visit MUFG Intime at https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Step 2. Select Behari Lal Engineering from the list of issues.
Step 3. Select the relevant option to check the status using PAN, application number or DP ID/Client ID.
Step 7. Your Behari Lal Engineering IPO allotment status will be displayed on the screen.
Behari Lal Engineering IPO allotment on BSE
1. Visit the BSE website at www.bseindia.com/investors/appli_check.aspx
3. Select Behari Lal Engineering from the issue name.
5. Enter the captcha displayed on the screen.
7. The IPO allotment status will be displayed on the screen.
Behari Lal Engineering IPO allotment on NSE
Step 1. Visit the NSE website at www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Step 2. Select Behari Lal Engineering from the list of issues.
Step 3. Enter the required application details.
Step 6. Your IPO application status will be displayed on the screen.
The Rs 301.62-crore IPO comprises a fresh issue of shares worth Rs 93 crore and an offer for sale (OFS) of 73.2 lakh shares worth around Rs 208.62 crore.
Ahead of the public issue, Behari Lal Engineering raised Rs 90.48 crore from nine anchor investors. The company allotted 31.74 lakh equity shares to anchor investors at Rs 285 per share, the upper end of the price band.
WhiteOak Capital Asset Management was the largest anchor investor, acquiring 7.01 lakh shares through three schemes for about Rs 20 crore. Bandhan Mutual Fund was allotted 4.91 lakh shares worth around Rs 14 crore, while 360 ONE acquired 4.56 lakh shares valued at approximately Rs 13 crore. Singularity AMC, backed by market veteran Madhusudan Kela, picked up 3.5 lakh shares for about Rs 10 crore.
The company plans to deploy Rs 63 crore from the net proceeds of the fresh issue towards the purchase and installation of new equipment and machinery, including rooftop solar panels, at its manufacturing facilities in Salani and Turan villages in Punjab.
Another Rs 57 lakh has been earmarked for debt repayment, while the remaining proceeds will be used for general corporate purposes.
Emkay Global Financial Services and Systematix Corporate Services are the book-running lead managers to the issue, while MUFG Intime India is the registrar.
Behari Lal Engineering manufactures metal rolls, engineering castings, alloy steel products, forging ingots, forged shafts and blocks, along with other customised engineering components.
Its products are used across industries including steel, iron ore mining, power, sugar, automotive, aerospace, oil and gas, energy and heavy engineering.
Disclaimer:The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before making any investment decisions.
Discover the latestBusiness News,Sensex, andNiftyupdates. ObtainPersonal Financeinsights, tax queries, and expert opinions onMoneycontrolor download theMoneycontrol Appto stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.