Shares of integrated iron and steel manufacturing company Behari Lal Engineering Ltd on Wednesday listed with a massive premium of over 63% against the issue price of ₹285.
Strong Market Debut For Behari Lal Engineering; Shares Surge Over 63%
The initial public offer of Behari Lal Engineering Ltd was subscribed 108.44 times on the final day of bidding on Friday.
Strong Market Debut For Behari Lal Engineering; Shares Surge Over 63% behari lal engineering
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The stock made its market debut at ₹458, registering a jump of 60.70% from the issue price on the BSE.
At the NSE, it listed at ₹465, a premium of 63.15%.
The company's market valuation stood at ₹2,135.22 crore.
The initial public offer of Behari Lal Engineering Ltd was subscribed 108.44 times on the final day of bidding on Friday.
The ₹302-crore IPO had a price band of ₹271-285 per equity share.
The public issue had a fresh issuance of shares aggregating up to ₹93 crore and an Offer for Sale (OFS) of up to 73.20 lakh equity shares.
The company plans to use the proceeds from the fresh issue for purchase and installation of equipment and machinery, including computers and peripherals, and related civil work at its manufacturing facilities.
The funds will also be used for installing rooftop solar panels at the company's two facilities, repayment or pre-payment of certain borrowings and general corporate purposes.
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Behari Lal Engineering operates two manufacturing facilities at Mandi Gobindgarh in Punjab and has recently commenced construction of a third facility in Fatehgarh Sahib district.
It manufactures metal rolls, engineering castings, alloy steel products and forging ingots for industries including steel, power and heavy engineering.