Bihari Lal Engineering IPO listing: Following a robust demand for its initial public offering (IPO), Bihari Lal is set to make its stock market debut, with grey market premium (GMP) signalling a strong trend.

Bihari Lal Engineering IPO shares are set to list on Dalal Street on Wednesday, August 19. The offer opened for bidding on August 12 and closed on August 14. During this period, the IPO garnered bids for 60 crore shares as against 74 lakh shares on offer, resulting in an overall subscription of 81.63 times.

The non-institutional investors segment was booked the most at 135.65 times, followed by qualified institutional buyer (QIB) segment was booked the most at 128 times, while the retail quota just scraped through at 33.3 times bids. 

Mahesh Ojha, VP-research & business development, Kantilal Chhaganlal Securities, said that At the upper price band, the IPO is valued at approximately 18.7x post-issue P/E, which appears reasonable given the company’s growth trajectory, improving earnings profile and relative peer valuations. 

"Existing allottees may consider booking partial listing gains while retaining the balance for the medium to long term, subject to post-listing price performance. Fresh investors are advised to wait for price discovery and stability after listing before initiating positions, particularly given the potential for initial post-IPO volatility," he added.

Behari Lal Engineering Ltd is an integrated iron and steel manufacturer offering customized engineering solutions and ranks among India’s leading metal roll producers, catering to approximately 10–11.5% of domestic demand in FY26.

Bihari Lal Engineering IPO details

The offer was a mix of fresh issue of ₹93.00 crore and an offer for sale (OFS) of ₹208.62 crore. The price band for the offer was set at ₹271 to ₹285 per share. Investors needed to apply for the offer in lots of 52 shares and multiples thereof. 

The company plans to use the proceeds from share sale for funding capex requirement at manufacturing facilities, repaying debt and meeting general corporate purposes. 

Bihari Lal IPO listing: GMP & strategy

Ahead of its listing, Bihari Lal IPO GMP is ₹118 apiece. This means shares of the company are trading at ₹403 in the unlisted market, suggesting a listing pop of nearly 41.40 per cent.

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