Behari Lal Engineering Ltd.'s shares listed at Rs 465 on the NSE on Wednesday, a bumper 63.16% gain to the upper band of issue price of Rs 285.
The stock opened at Rs 458 on the BSE, up 60% from the upper price brand of the issue price.
The company's bidding opened for subscription on Aug 12 and closed on Aug 14. The shares are set to list on NSE and BSE on Wednesday, Aug. 19, following strong subscription demand of more than 108 times.
The IPO was subscribed 108.34 times on the third and final day of bidding led by Qualified Institutional Buyers (QIBs):
- QIBs: 165.33 times
- NIIs: 165.31 times
- RIIs: 53.27 times
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IPO was a book-build issue of Rs 301.62 crores. The issue comprised fresh issue of 0.33 crore shares aggregating to Rs 93 crore and offer for sale of 0.73 crore shares worth Rs 208.62 crore.
The price band for the Behari Lal Engineering IPO was set at Rs 271 to Rs 285 per share.
The lot size for an application was 52 shares. This means retail investors needed to bid a minimum amount of Rs 14,820 (based on the upper price band).
Emkay Global Financial Services Ltd. was the book running lead manager and MUFG Intime India Pvt. Ltd. is the registrar of the issue. The share allotment status for the IPO was finalised on Aug. 17.
The net proceeds from the fresh issue will be used for capital expenditure, debt repayment and general corporate purposes, the company said in its DRHP.
Share Price
The shares surged 66.4% to trade at Rs 474.30 on the NSE, and over 70% on the BSE shortly after listing.
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