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Steel IPO Surges: Investor Frenzy Continues
13 Aug
Summary
- IPO subscribed 3.59 times by August 13, showing strong investor interest.
- Grey market premium stands at Rs 74, indicating a 25.96% potential increase.
- Company plans to use Rs 63 crore for new machinery and solar panel installation.
The initial public offering for Punjab-based Behari Lal Engineering has garnered significant investor attention. By 11 am on August 13, the IPO was subscribed 3.59 times, indicating substantial demand. Data from the NSE showed bids for 2,65,77,408 shares against the 74,12,769 shares available.
The strong performance extended to the grey market, with a premium of Rs 74 reported on August 13. This unofficial indicator suggests a potential listing price of approximately Rs 359 per share, a 25.96% rise over the upper price band.
The Rs 301.62 crore IPO, which opened on August 12 and closes on August 14, features a price band of Rs 271-285 per share. Prior to the public offering, the company successfully raised Rs 90.48 crore from anchor investors, including WhiteOak Capital Asset Management and Bandhan Mutual Fund.
Funds raised will support the purchase and installation of new machinery and solar panels at its Punjab facilities, with a portion allocated for debt repayment and general corporate purposes. The shares are expected to list on the BSE and NSE around August 19.
