Behari Lal shares debut at 63% premium over IPO price
What's the story
Behari Lal Engineering, a Punjab-based iron and steel manufacturer, made a stellar debut on the stock exchanges today. The company's shares opened at a significant premium over its initial public offering (IPO) price of ₹285 per share. On the National Stock Exchange (NSE), the stock debuted at ₹465, translating into a premium of 63% over the issue price. On the Bombay Stock Exchange (BSE), Behari Lal Engineering shares listed at ₹458, reflecting a premium of 60.7%.
Market performance
IPO was oversubscribed 108.44 times
The strong market debut comes after an overwhelming response to the company's ₹301.62 crore IPO.
The issue was subscribed 108.44 times during the three-day bidding period from August 12 to August 14.
It received bids for over 80.3 crore shares against the 74,12,769 shares on offer.
The Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) categories were each subscribed around 165 times, while retail portion was subscribed 53.27 times.
IPO details
Fresh issue, OFS component in IPO
The company's IPO was priced in the range of ₹271-₹285 per share. It consisted of a fresh issue worth ₹93 crore and an offer for sale (OFS) of 73.2 lakh shares worth around ₹208.62 crore.
Before the IPO opened, Behari Lal Engineering had raised ₹90.48 crore from nine anchor investors by allotting them 31.74 lakh equity shares at ₹285 each, the upper end of the price band.