Behari Lal Engineering’s initial public offering has concluded with a robust overall subscription of 25.63x. The issue saw overwhelming interest from individual investors, with the Non-Institutional Investors (NII) category leading the charge. The large HNI (bHNI) segment booked a massive 65.80x, while retail investors subscribed 24.56x. Qualified Institutional Buyers (QIBs) accounted for 2.33x of the offer. The IPO closed on August 14, 2026, after opening on August 12.

Final Subscription Status

The subscription momentum accelerated significantly in the final hours of Day 3, pushing the total from 16.85x to 25.63x. The NII category was the primary driver of this surge, with bHNI jumping 59.1% intra-day.

Intra-day timeline on 14-08-2026

Category-wise Breakdown

• QIB: 2.33x
• NII (bHNI): 65.80x
• NII (sHNI): 53.44x
• Retail: 24.56x
• Total: 25.63x

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 according to CRISIL. The company’s products include Metal Rolls, Engineering Castings, Alloy Steel Products, and Forging Ingots, serving industries such as automobile, steel, mining, infrastructure, power, aerospace, defence, and cement. The management team includes Director Parkash Chand Garg, MD Dinesh Garg, VP of Sales Rajesh Garg, and Director Lovlish Garg.

Financial Highlights

The company reported consistent growth over the last three years, with revenue rising from ₹446.08 crore in FY24 to ₹534.02 crore in FY26. Profit After Tax (PAT) grew from ₹35.79 crore in FY24 to ₹64.64 crore in FY26.

Objects of the Issue

• Funding capital expenditure for Manufacturing Facility 1: ₹22.99 crores for new equipment/machinery and roof-top solar panels to enhance machining capacity for metal rolls.
• Funding capital expenditure for Manufacturing Facility 2: ₹40.05 crores for new equipment/machinery and roof-top solar panels to increase heat treatment and forging capacity.
• Repayment of borrowings: ₹0.57 crores for full or partial repayment/pre-payment of fund-based borrowings to deleverage the company.
• General corporate purposes: Funds for ongoing corporate exigencies, working capital requirements, strategic initiatives, and business development.

Risk Factors

• Customer Concentration Risk: Top 10 customers constituted 38.00%, 39.91%, and 37.81% of revenue in Fiscals 2026, 2025, and 2024 respectively; no long-term contracts are in place.
• Dependence on Repeat Customers: The company derived 84.69%, 86.10%, and 80.04% of revenue from repeat customers in Fiscals 2026, 2025, and 2024 respectively.
• Raw Material Cost and Supply Risk: Cost of raw materials constituted 61.02%, 60.78%, and 68.62% of total expenses in Fiscals 2026, 2025, and 2024 respectively.

What's Next

The IPO closed on 2026-08-14. Investors should wait for the allotment date announcement by the registrar. The listing date will be communicated subsequently. Basis of allotment will be determined based on the oversubscription levels in each category.