Behari Lal Engineering IPO Fully Subscribed on Day 1

New Delhi: The initial public offering of integrated iron and steel manufacturing company Behari Lal Engineering Ltd was subscribed 2.03 times on the first day of bidding on Wednesday.

The Rs 302-crore IPO attracted bids for 1,50,12,556 shares against 74,12,769 shares on offer, as per NSE data.

The retail portion was subscribed 2.69 times, while the portion for non-institutional investors was booked 2.11 times. The Qualified Institutional Buyers (QIBs) segment was subscribed 73 per cent.

Behari Lal Engineering Ltd on Tuesday said it has raised Rs 90.48 crore from anchor investors.

The company’s IPO will close on August 14. The price band has been fixed at Rs 271-285 per equity share.

The public issue comprises a fresh issuance of shares aggregating up to Rs 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.

Funds will also be used for installing rooftop solar panels at both facilities, repayment or pre-payment of certain borrowings and general corporate purposes.

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.

The company manufactures metal rolls, engineering castings, alloy steel products and forging ingots for industries including steel, power and heavy engineering.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)