Behari Lal Engineering IPO
LISTEDMAINBOARDSUBSCRIBEListing Performance
▲ 63.16%
Issue Price
₹285
Listing Price
₹465
Listed On
19 Aug 2026
- Price Band
- ₹271 – ₹285
- Lot Size
- 52
- Lot Value
- ₹14,820
- Open Date
- 12 Aug 2026
- Close Date
- 14 Aug 2026
- Min Investment
- ₹14,820
About Behari Lal Engineering
Manufactures alloy steel products, metal rolls, engineering castings, and forged components for industrial customers across automotive, infrastructure, aggregate crushing, and engineering equipment sectors.
Use of IPO Proceeds
Total allocation: ₹7.67 Cr (excludes issue expenses)
Promoters
Parkash Chand Garg
Chairman and Non-Executive Director
Rajesh Garg
Vice Chairman and Non-Executive Director · age 59
Dinesh Garg
Managing Director · age 55
Lovlish Garg
Whole-Time Director · age 36
Bhuvnesh Garg
Chief Executive Officer · age 31
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE, NSE
Strengths (6)
- •Strategic location in Mandi Gobindgarh steel hub with excellent road, rail, and airport connectivity
- •Over 1,600 approved customers across diverse industries with stringent qualification requirements
- •Wide product portfolio including alloy steel, castings, and forged components for multiple sectors
- •Advanced integrated facilities with digital steel melting, ladle refining, and heat treatment capabilities
- •Strong customer retention with 63% repeat customers generating majority of revenue
- •Entry barriers from customer approvals and ISO certifications including 9001, 14001, and PED
Risk Factors (6)
- •Top 10 customers represent 39.91% of revenue; loss of customers without long-term contracts would materially harm business
- •86.10% revenue from repeat customers; loss of repeat customers could adversely affect operations and financial condition
- •Automobile, infrastructure, ACM and engineering industries contribute >95% revenue; adverse impact on these industries would harm business
- •95.75% sales concentrated in India; inability to maintain Indian revenue growth may adversely affect financial condition
- •Raw material costs constitute 60.78% of expenses; delays in procurement could adversely impact operations and customer obligations
- •Top 10 vendors represent >35% of material purchases; loss of vendors or price increases could adversely impact business
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
▲ Listed +63.2%Strong investor demand with 108x subscription suggests positive listing momentum. GMP indicates market expects a listing premium.
Pre-listing prediction: SUBSCRIBE
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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) | 66 | 3,432 | ₹9,78,120 |
| B-HNI (min) | 67 | 3,484 | ₹9,92,940 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.73x | 2.22x | 165.33x |
| sNII (S-HNI) | — | — | — |
| bNII (B-HNI) | — | — | — |
| Retail | 2.66x | 9.30x | 52.78x |
| Total | 2.00x | 7.73x | 108.16x |
Colour: red <1x · green 1–5x · blue 5–10x · orange >10x.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
52.78x
Allotment Ratio
1 lot per 53 applicants
Allotment Probability
~1.9%
Non-Institutional Investors (NII / HNI)
Subscription
165.20x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
165.33x
Allotment Type
Discretionary allotment
Total Subscription
108.16x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
IPO Timeline
Issue Opens
12 Aug 2026 · Wed
Issue Closes
14 Aug 2026 · Fri
Bidding Cut-off (UPI Mandate)
14 Aug 2026 · 5:00 PM IST
Allotment
17 Aug 2026 · Mon
Listing
19 Aug 2026 · Wed
Issue Opens
12 Aug 2026 · Wed
Issue Closes
14 Aug 2026 · Fri
Bidding Cut-off (UPI Mandate)
14 Aug 2026 · 5:00 PM IST
Allotment
17 Aug 2026 · Mon
Listing
19 Aug 2026 · Wed
IPO Details
| Registrar | MUFG Intime India Private Limited |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹301.62 Cr |
| Fresh Issue | ₹110.00 Cr |
| OFS Size | — |
| Lead Managers | Emkay, Systematix |
3-Year Financial Summary
Financial data not available yet.
Company Fundamentals
9 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | — |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
| Preference Shares | 104 |
Source: Behari Lal Engineering offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
- Sh. Dinesh Garg(Promoter)+8.43%
- Sh. Parkash Chand Garg(Promoter)+9.00%
- Sh. Lovlish Garg(Promoter)+9.91%
- Sh. Rajesh Kumar Garg(Promoter)+9.62%
- Sh. Bhuvnesh Garg(Promoter Group)+4.09%
- Parkash Chand Garg (HUF)(Promoter Group)+7.78%
- Dinesh Garg HUF(Promoter Group)+9.93%
- Rajesh Kumar Garg Huf(Promoter Group)+4.92%
- Anju Garg(Promoter Group)+9.50%
- Yogita Garg(Promoter Group)+9.96%
- Kiran Garg Huf(Promoter Group)+0.48%
- Pratibha Goyal(Promoter Group)+0.00%
- Lovlish Garg HUF(Promoter Group)+0.63%
- Kanav Garg(Promoter Group)+9.27%
- Bhanu Garg(Promoter Group)+6.45%
- Aakanksha Garg(Promoter Group)+0.01%
- Ridhisha Achal Bansal(Promoter Group)+0.00%
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Behari Lal Engineering's filing.
Source: Behari Lal Engineering offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Rajesh Garg20,45,985 sh
- Lovlish Garg5,14,028 sh
- Yogita Garg22,64,720 sh
- Dinesh Kumar Garg HUF2,97,033 sh
- SG Tech Engineering Private Limited27,32,755 sh
Source: Behari Lal Engineering offer document (DRHP/RHP).
Board & Management
Board of Directors (10)
- Parkash Chand Garg
Chairman and Non-Executive Director
- Rajesh Garg₹0.01 Cr p.a.
Vice Chairman and Non-Executive Director
- Dinesh Garg
Managing Director
- Lovlish Garg
Whole Time Director
- Manvinder Partap Singh
Executive Director
- Anil Dhawan
Independent Director
Bachelor's degree and Master's degree in Science from University of Delhi; Doctor of Philosophy from University of Delhi; Executive development programme from Indian Institute of Foreign Trade, New Delhi; Course in Economics of the Steel Industry from Fordham University
Around 36 years of experience in steel industry
- Anil Kumar Bansal
Independent Director
Bachelor's Degree in Commerce from Punjabi University; Certified associate of the Indian Institute of Bankers; Certificate in commercial credit from Moody's Analytics
Around 39 years of experience in banking
- Ayussh Mittaal
Independent Director
Member of the Institute of Chartered Accountants of India; Certificate of practice from the Institute of Chartered Accountants of India since 2017
Around 8 years of experience in accounting and finance
- Meena Rohilla
Independent Director
Bachelor's Degree in Business Administration from Kurukshetra University; Associate member of the Institute of Company Secretaries of India
Around 14 years of experience in secretarial, regulatory and statutory compliance
- Rajesh Kumar Sinha
Independent Director
Bachelor's degree in Engineering from Rajasthan University; Provisional Master's Degree in Science in engineering from Regional Institute of Technology, Jamshedpur
Around 22 years of experience in steel and metals industry
Key Managerial Personnel (6)
- Dinesh Garg
Managing Director
- Lovlish Garg
Whole Time Director
- Manvinder Partap Singh
Executive Director
- Bhuvnesh Garg₹0.02 Cr p.a.
Chief Executive Officer
Bachelor's Degree in Business Administration from Amity University, Uttar Pradesh; Post Graduate Program in Global Family Managed Business from S P Jain School of Global Management
Around 8 years of experience; associated with the Company since October 1, 2019
- Aakarsh Goyal₹0.01 Cr p.a.
Chief Financial Officer
Bachelor's Degree in Commerce from University of Delhi; Chartered Accountant; Member of the Institute of Chartered Accountants of India
Around 7 years of experience
- Sanjeev Kumar Sehgal₹0.01 Cr p.a.
Company Secretary and Compliance Officer
Bachelor's Degree in Commerce and Bachelor's Degree in Law from Ch. Charan Singh University, Meerut; Member of the Institute of Company Secretaries of India
Over 11 years of experience
Source: Behari Lal Engineering offer document (DRHP/RHP).
Industry & Market
Per CRISIL, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Behari Lal Engineering Limited | — | — | 21.14 | 61.89 |
| AIA Engineering Limited | — | — | — | — |
Material Litigation
The Company has 5 tax proceedings (2 direct tax, 3 indirect tax) with aggregate amount of ₹13.96 million against it, and Promoters have 2 direct tax proceedings with aggregate amount of ₹0.80 million. No material outstanding litigation exists as per the Board-approved materiality policy.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:MUFG Intime India Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Behari Lal Engineering IPO opening?
The Behari Lal Engineering IPO opens on 12 Aug 2026 and closes on 14 Aug 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Behari Lal Engineering IPO?
The price band for the Behari Lal Engineering IPO is ₹271 to ₹285. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Behari Lal Engineering IPO?
The minimum lot size is 52 shares with a minimum investment of ₹14,820. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Behari Lal Engineering IPO today?
The latest Grey Market Premium for Behari Lal Engineering is ₹83 (+29.12%). GMP is unofficial data and is not a guarantee of listing price.
When will the Behari Lal Engineering IPO list on NSE and BSE?
The Behari Lal Engineering IPO is expected to list on 19 Aug 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Behari Lal Engineering IPO allotment status?
The registrar for this IPO is MUFG Intime India Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Behari Lal Engineering IPO a mainboard or SME issue?
Behari Lal Engineering is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Behari Lal Engineering IPO?
You can apply for the Behari Lal Engineering IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Behari Lal Engineering IPO?
Based on the current GMP of ₹83, the expected listing price of Behari Lal Engineering is ₹368 (issue price ₹285 + GMP ₹83). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Behari Lal Engineering IPO?
Based on the retail subscription of 52.78x, the estimated allotment ratio is 1 lot per 53 applicants (approximately 1.9% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Behari Lal Engineering IPO?
Based on our algorithmic analysis, Behari Lal Engineering IPO is rated SUBSCRIBE with high confidence. Strong investor demand with 108x subscription suggests positive listing momentum. GMP indicates market expects a listing premium. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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