Behari Lal Engineering IPO
Behari Lal Engineering IPO is a mainboard IPO raising ₹302 Cr at ₹271 – ₹285 a share. It listed on 19 Aug 2026 at ₹465, +63.2% against its issue price of ₹285, and trades at ₹444 today (+56.0% since issue). It was subscribed 108× in total.
108.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
69% of this issue is existing shareholders cashing out. Only ₹93 Cr reaches the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs285. Checked: exchange issue size Rs302 Cr vs derived Rs301.6 Cr (0.1% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 52% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Jayaswal Neco Industries Limited | 18.48× | 16.39% | ₹4.77 |
| AIA Engineering Limited | 34.43× | 15.53% | ₹136.11 |
| Steelcast Limited | 37.99× | 21.89% | ₹8.58 |
| RHI Magnesita India Limited | — | -10.81% | ₹-18.54 |
| Vardhman Special Steel Limited | 23.19× | 9.59% | ₹13.13 |
| IFGL Refractories Limited | 43.46× | 7.93% | ₹4.81 |
| Kennametal India Limited | 62.02× | 13.7% | ₹46.82 |
| This issue | 17.2× | 21.12% | ₹16.56 |
derived: cut-off price Rs285 / stated EPS Rs16.56 (FY2026 diluted EPS (basic and diluted are equal at 16.56); calculated on restated standalone financial statements (company states it has no subsidiary/associate/joint venture, so consolidation not applicable)). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.