Behari Lal Engineering’s public issue picked up substantial pace on Day 2, with the total subscription climbing to 7.02 times as of the latest update. The standout move came from the Qualified Institutional Buyers (QIB) category, which jumped 87.3% intraday, nearly doubling its subscription from 1.18x to 2.21x between 09:45 and 10:45 IST. This surge helped push the overall subscription up by 15.7% from the previous close. Non-Institutional Buyers (bHNI) and Retail investors also saw healthy gains, ticking up by 14.0% and 11.0% respectively.

Subscription Status

The IPO remains fully subscribed across all categories, with institutional interest accelerating sharply in the early hours of Day 2. Here is the detailed breakdown comparing Day 1 and the latest Day 2 snapshot:

Intra-day timeline on 13-08-2026

The momentum was evident within the first hour of trading on Day 2:

Subscription progression

About the Company

Behari Lal Engineering is an integrated iron and steel manufacturing company specializing in customized engineering solutions. Founded in 1995, it is one of India's largest metal rolls producers, meeting 10.00-11.5% of the country's demand in Fiscal 2026. The company’s products include Metal Rolls, Engineering Castings, Alloy Steel Products, and Forging Ingots, serving industries like automobile, steel, mining, and defence. Promoters Parkash Chand Garg and Dinesh Garg lead the management team.

Financial Highlights

The company has shown consistent growth over the last three years. Revenue from operations grew from ₹446.08 crore in FY24 to ₹534.02 crore in FY26. Profit after tax increased from ₹35.79 crore to ₹64.64 crore over the same period.

Objects of the Issue

The proceeds from the IPO will be utilized for the following purposes:

• Funding capital expenditure for new equipment/machinery and solar panels at Manufacturing Facility 1: ₹22.99 crore
• Funding capital expenditure for new equipment/machinery and solar panels at Manufacturing Facility 2: ₹40.05 crore
• Repayment/pre-payment of certain borrowings: ₹0.57 crore
• General corporate purposes

Risk Factors

• Customer Concentration Risk: Top 10 customers constituted 38.00% of revenue in Fiscal 2026, with no long-term contracts.
• Raw Material Cost Risk: Raw material costs accounted for 61.02% of total expenses in Fiscal 2026.
• Outstanding Creditor Dues: The company had outstanding dues of ₹201.77 million to 42 creditors as of March 31, 2026.

Key Dates

• IPO Open Date: 12-08-2026
• IPO Close Date: 14-08-2026
• Allotment Date: To be announced
• Listing Date: To be announced

Behari Lal Engineering’s initial public offering (IPO) opened today, attracting significant interest from retail investors on the first day of bidding. The issue has been subscribed 2 times overall as of the end of Day 1, with the retail category leading the demand at 2.66x.

Subscription Status

The IPO saw varied interest across different investor categories on its opening day. While retail investors showed strong enthusiasm, Qualified Institutional Buyers (QIBs) remained cautious. Below are the Day 1 subscription details:

About the Company

Behari Lal Engineering is a player in the engineering sector. The company has chosen to go public to raise capital for its business operations and future growth initiatives. With a minimum bid quantity of 52 shares, the IPO is accessible to small investors, which likely contributed to the robust retail subscription seen on Day 1.

Offer Details

Key details of the Behari Lal Engineering IPO include:

• Price Band: ₹271.00 – ₹285.00
• Issue Size: ₹14,092 – ₹5,00,000 (Min – Max)
• Lot Size: 52 shares
• IPO Status: Opened Today

Investors can apply during the bidding window, keeping in mind that the final allotment will depend on the overall subscription levels by the close of the issue.