BEHARI LAL ENGINEERING LTD IPO: Company Review, Subscription and Allotment Updates
2026-08-11 — Company overview and issue details BEHARI LAL ENGINEERING LTD IPO (ABOUT THE COMPANY) BEHARI LAL ENGINEERING LTD – COMPANY BACKGROUND Behari Lal Engineering Ltd has been in this business for over 30 years now and it…
2026-08-11 — Company overview and issue details
BEHARI LAL ENGINEERING LTD IPO (ABOUT THE COMPANY)
BEHARI LAL ENGINEERING LTD – COMPANY BACKGROUND
Behari Lal Engineering Ltd has been in this business for over 30 years now and it specializes in customized engineering solutions. It makes precision engineered components for key industrial applications like metal rolls, engineering castings, alloy steel, shafts, forging ingots etc. Most of its products are precision products and hence entry barriers remain high. Some of its key customers include Shyam Metalics, BMW Industries, MSP Steel & Power, Jai Balaji Industries, Metso India etc. Management has deep expertise in the steel sector.
Behari Lal Engineering Ltd has been promoted by Parkash Chand Garg, Rajesh Garg, Dinesh Garg, and Bhuvnesh Garg. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue funds will be used for funding capex, installation of new machinery, purchase of rooftop solar panels, repayment of loans, and general corporate purposes. The OFS is being done entirely by promoter shareholders and investor shareholders. The issue is being lead-managed by Emkay Global and Systematix Corporate Services; while MUFG Intime India Private Ltd is the registrar to the IPO.
HIGHLIGHTS OF THE IPO ISSUE OF BEHARI LAL ENGINEERING LTD
Here are the key highlights of the public issue of Behari Lal Engineering Ltd.
The IPO is open from August 12th, 2026 to August 14th, 2026. It has a face value of ₹10 per share and the IPO price band has been fixed in the range of ₹271 to ₹285 per share.
The IPO of Behari Lal Engineering Ltd will be a combination of a fresh issue of shares and an offer for sale of shares by the promoter shareholders.
The Fresh Issue portion of the IPO comprises the issue of 32,63,157 shares (32.63 lakh shares), which at the upper price band of ₹285 per share, translates into a fresh issue size of ₹93.00 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 73,20,001 shares (73.20 lakh shares), which at the upper price band of ₹285 per share, translates into an OFS size of ₹208.62 crore.
Therefore, the overall IPO will comprise of the fresh issue portion and offer for sale (OFS) portion comprising of 1,05,83,158 shares (105.83 lakh shares), which at the upper price band of ₹285 per share translates into overall issue size of ₹301.62 crore.
Due to the dilutive impact of the fresh issue; the promoter’s stake in the company will get reduced from 88.51% to 70.84% of the total shares outstanding post the IPO.
The IPO of Behari Lal Engineering Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on August 11, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Behari Lal Engineering Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wednesday, 12 August, 2026 |
| IPO Close Date | Friday, 14 August, 2026 |
| Basis of Allotment | Monday, 17 August, 2026 |
| Initiation of Refunds to non-allottees | Tuesday, 18 August, 2026 |
| Credit of Shares to Demat | Tuesday, 18 August, 2026 |
| Listing Date on NSE and BSE | Wednesday, 19 August, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 31,74,946 shares | 29.99% of total IPO size |
| QIB Shares Offered | 20,36,900 shares | 19.24% of total IPO size |
| NII (HNI) Shares Offered | 16,12,761 shares | 15.23% of total IPO size |
| Retail Shares Offered | 37,63,108 shares | 35.54% of total IPO size |
| Total Shares Offered | 1,05,87,715 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Behari Lal Engineering Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 52 | ₹ 14,820 |
| Retail (Max) | 13 | 676 | ₹ 1,92,660 |
| S-HNI (Min) | 14 | 728 | ₹ 2,07,480 |
| S-HNI (Max) | 67 | 3,484 | ₹ 9,92,940 |
| B-HNI (Min) | 68 | 3,536 | ₹ 10,07,760 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 52 shares)
FINANCIAL HIGHLIGHTS OF BEHARI LAL ENGINEERING LTD
The table captures the key financials of Behari Lal Engineering Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 534.03 | 507.91 | 446.08 |
| Sales Growth (%) | 5.14% | 13.86% | |
| Profit after Tax (₹ in crore) | 64.64 | 52.95 | 35.79 |
| PAT Margins (%) | 12.10% | 10.43% | 8.02% |
| Total Equity (₹ in crore) | 306.10 | 241.62 | 193.94 |
| Total Assets (₹ in crore) | 367.87 | 295.98 | 262.08 |
| Return on Equity (%) | 21.12% | 21.92% | 18.45% |
| Return on Assets (%) | 17.57% | 17.89% | 13.66% |
| Asset Turnover Ratio (X) | 1.45 | 1.72 | 1.70 |
| Earnings per share (₹) | 16.56 | 13.56 | 10.07 |
| EBITDA (₹ in Crore) | 101.33 | 81.31 | 60.99 |
| EBITDA Margins (%) | 18.97% | 16.01% | 13.67% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
While sales of the company have grown steadily, the PAT margins have grown at a rapid rate from 8.0% to 12.1% in the last 2 years. ROE has been steady above 21%, while the EBITDA margins also steadily improved from 13.67% to 18.97% in the last 2 fiscal years. The robust asset turnover points to aggressive sweating of assets of the business.
VALUATION METRICS OF BEHARI LAL ENGINEERING LTD IPO
Based on the latest EPS of ₹16.56, the IPO price of ₹285 per share is being discounted at a P/E ratio of 17.2X. if we compare with other peer group companies in the same engineering business, the P/E is substantially lower with the industry average closer to above 30%. The company has the best RONW in the industry, which puts it in a sweet spot. This does make case in favour of the company from a valuation perspective.
Let us look at some of the intangibles that the company brings to the table. It has de-risked its model with a diversified product portfolio. Its customers are also well spread out across an array of user industries. It has a strong presence in the steel industry and that is one of the fastest growing industry in India today. The company has also maintained consistent financial performance over the years. Investors can look for a longer-term holding period.
2026-08-11 — Anchor allocation
BEHARI LAL ENGINEERING LTD IPO (ANCHOR ALLOCATION 29.99%)
BRIEF ON ANCHOR ALLOCATION OF BEHARI LAL ENGINEERING LTD
The anchor issue of Behari Lal Engineering Ltd saw a robust response on 11th August 2026 with 29.99% of the IPO size absorbed by anchors. Out of 1,05,87,715 shares (105.88 lakh shares) on offer in the IPO; anchors picked up 31,74,946 shares (31.75 lakh shares) accounting for 29.99% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹285 per share. This includes the face value of ₹10 per share plus a share premium of ₹275 per share. The anchor bidding opened and closed on 11th August 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Behari Lal Engineering Ltd
| Bid Date | August 11, 2026 |
|---|---|
| Shares Offered | 31,74,946 shares |
| Anchor Portion Size (₹ in crore) | ₹90.49 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Sep 15, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Nov 14, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN BEHARI LAL ENGINEERING LTD
On 11th August 2026, Behari Lal Engineering Ltd allotted 31,74,946 shares to a total of 11 anchor investors. The allocation was done at the upper IPO price band of ₹285 per share which resulted in overall anchor allocation of ₹90.49 crore. The anchors have already absorbed 29.99% of the total issue size of ₹301.75 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹85.49 crores, or, 94.47% of the overall anchor allocation of shares, one trading day ahead of the IPO of Behari Lal Engineering Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted, and captured in the table below.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Bandhan Large & Mid Cap Fund | 4,91,228 | 15.47% | ₹ 14.00 |
| 02 | 360-One Equity Opportunity Fund | 4,56,140 | 14.37% | ₹ 13.00 |
| 03 | Whiteoak Capital BAF | 3,50,896 | 11.05% | ₹ 10.00 |
| 04 | Singularity Large Value Fund | 3,50,896 | 11.05% | ₹ 10.00 |
| 05 | Tata AIA Life Insurance Company | 3,15,790 | 9.95% | ₹ 9.00 |
| 06 | Amicorp Capital Mauritius Ltd | 2,62,646 | 8.27% | ₹ 7.49 |
| 07 | Dynasif Equity Long-Short Fund | 2,45,594 | 7.74% | ₹ 7.00 |
| 08 | Whiteoak Capital Equity Fund | 1,75,439 | 5.53% | ₹ 5.00 |
| 09 | Pinebridge India Equity Fund | 1,75,439 | 5.53% | ₹ 5.00 |
| 10 | IKIGAI Small Cap Fund | 1,75,439 | 5.53% | ₹ 5.00 |
| Grand Total | 29,99,507 | 94.47% | ₹ 85.49 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 31,74,946 shares allocated to the anchors in the IPO, there was an allocation of 10,87,718 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 3 MF scheme of 3 asset management company (AMC). Mutual funds accounted for 34.26% of the overall anchor allocation.
Out of the 31,74,946 shares allocated to the anchors in the IPO, there was an allocation of 3,15,790 shares made to 1 life insurance company regulated by IRDAI. Life insurance companies accounted for 9.95% of the anchor allocation. The remaining anchor allocation was spread across FPIs, ODIs, and alternate investment funds (AIFs).
NEXT STEPS IN BEHARI LAL ENGINEERING LTD IPO
Post the closure of the IPO subscription on 14th August 2026, the basis of allotment will be finalized on 17th August 2026 and the refunds will be initiated on 18th August 2026. In addition, the demat credits are expected to also happen on 18th August 2026 and the stock will list on 19th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 18th August 2026 under ISIN (INE1EEM01017).
2026-08-14 — Day-3 subscription update
Behari Lal Engineering Ltd (Day-3 Final Subscription at 108.44 times)
BEHARI LAL ENGINEERING LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.20 pm on 14th August 2026, out of the 74.13 lakh shares on offer in the IPO (excluding anchor portion), Behari Lal Engineering Ltd saw bids for 8,038.30 lakh shares. This implies an overall subscription of 108.44X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Behari Lal Engineering Ltd was as under:
| Employees (N.A.) | QIBs (165.33X) | HNI / NII (165.32X) | Retail (53.27X) |
|---|
The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. The company saw steady anchor participation a day ahead of the IPO opening with 29.99% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 31,74,946 | 31,74,946 | 276.54 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 165.33 | 20,36,900 | 33,67,52,156 | 29,331.11 |
| HNIs / NIIs | 165.32 | 16,12,761 | 26,66,14,140 | 23,222.09 |
| Retail Investors | 53.27 | 37,63,108 | 20,04,63,744 | 17,460.39 |
| Total | 108.44 | 74,12,769 | 80,38,30,040 | 70,013.60 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Behari Lal Engineering Ltd was open up to August 14, 2026, and has closed for subscription as of the close of trading hours on August 14, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹70,290.13 crore.
NEXT STEPS IN THE BEHARI LAL ENGINEERING LTD IPO
Post the closure of the IPO subscription on 14th August 2026, the basis of allotment will be finalized on 17th August 2026 and the refunds will be initiated on 18th August 2026. In addition, the demat credits are expected to also happen on 18th August 2026 and the stock will list on 19th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 18th August 2026 under ISIN (INE1EEM01017).
2026-08-14 — Allotment guidance and next steps
Behari Lal Engineering Ltd IPO (How to check allotment status)
ABOUT THE BEHARI LAL ENGINEERING LTD IPO
The IPO of Behari Lal Engineering Ltd opened on August 12th, 2026 and closed on August 14th, 2026. The overall IPO comprised of a fresh issue and an offer for sale (OFS) of 1,05,87,715 shares (105.88 lakh shares) worth ₹301.75 crore at the upper price band of ₹285 per share. The allotment status will be finalized by end of day (EOD) of August 17, 2026. Here is how to check your allotment status for the IPO of Behari Lal Engineering Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd).
CHECKING THE ALLOTMENT STATUS OF BEHARI LAL ENGINEERING LTD IPO ON BSE WEBSITE
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select Behari Lal Engineering Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip OR
Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Behari Lal Engineering Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.
CHECKING ALLOTMENT STATUS OF BEHARI LAL ENGINEERING LTD IPO ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select BLEL from the dropdown box
Enter the Application Number / CAF exactly as in the acknowledgement slip AND
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Behari Lal Engineering Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF BEHARI LAL ENGINEERING LTD ON MUFG INTIME INDIA PRIVATE LIMITED (REGISTRAR TO THE IPO)
Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:
https://in.mpms.mufg.com/Initial_Offer/public-issues.html
There are 4 options available to you to access the allotment status, and you can use any of these options to query.
You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book.
Finally, click on the SUBMIT button.
In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to ipo.helpdesk@in.mpms.mufg.com or you can call on (0)-81081-14949 for voice call.
NEXT STEPS IN THE BEHARI LAL ENGINEERING LTD IPO
Post the closure of the IPO subscription on 14th August 2026, the basis of allotment will be finalized on 17th August 2026 and the refunds will be initiated on 18th August 2026. In addition, the demat credits are expected to also happen on 18th August 2026 and the stock will list on 19th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 18th August 2026 under ISIN (INE1EEM01017).
Interested in applying for this IPO?
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