Behari Lal Engineering IPO Day 2 Subscription Status: 7.78x Subscribed; GMP at ₹74
Behari Lal Engineering’s IPO was subscribed 7.78 times on Day 2, with Non-Institutional Investors (NIIs) leading at 11.11 times and retail demand at 9.36 times, according to the latest exchange-backed snapshot. The Grey Market Premium (GMP) stood at ₹74. The ₹301.62 crore issue remains open and closes on 14 August 2026, with bidding set to enter its final day.
| Metric | Latest update |
| Bidding day | Day 2 |
| Data status | Early evening (5:00 p.m. to 6:29 p.m. IST) on 13 August 2026 |
| Overall subscription | 7.78x |
| QIB subscription | Institutional demand had moved above full subscription during Day 2 |
| NII subscription | 11.11x |
| Retail subscription | 9.36x |
| Current GMP | ₹74 |
| GMP percentage | 26.0% |
| Indicative price | ₹359 |
| Closing date | 14 August 2026 |
The overall figure reflects bids for about 5.77 crore shares against 74.13 lakh shares on offer in the exchange-backed snapshot.
Behari Lal Engineering IPO Day 2 Subscription Status
Demand accelerated materially on the second bidding day. NIIs were the leading category at 11.11 times, while the retail portion reached 9.36 times. Institutional participation also strengthened during Day 2 after being below full subscription at the end of the opening session.
| Investor category | Day 2 latest | Day 1 close | Direction |
| Qualified Institutional Buyers (QIBs) | Above 1x during Day 2 | 0.73x | Higher |
| Non-Institutional Investors (NIIs) | 11.11x | 2.11x | Sharply higher |
| Retail Individual Investors | 9.36x | 2.70x | Sharply higher |
| Overall | 7.78x | 2.03x | Higher |
Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and retail investors have different reserved portions, so their subscription multiples should not be compared as if the underlying share allocations were identical. Subscription also measures the quantity of shares bid for, not the number of unique applicants.
How Subscription Changed From Day 1
Behari Lal Engineering IPO ended Day 1 at 2.03 times overall, with retail at 2.70 times, NIIs at 2.11 times, and QIBs at 0.73 times. By the latest Day 2 exchange-backed reading, overall demand had risen to 7.78 times.
The clearest change was in the NII book, which moved from 2.11 times to 11.11 times. Retail demand also increased substantially to 9.36 times. Institutional participation improved as the second day progressed. This suggests the order book became broader, although the final demand mix will only be known after Closing Day on 14 August.
Behari Lal Engineering IPO GMP Today and Estimated Listing Price
Behari Lal Engineering IPO’s adopted GMP reading is ₹74 per share. Two established grey-market trackers cited in the latest market update showed the same ₹74 figure, while another market report cited a higher reading of ₹78, showing that unofficial quotes can differ between trackers.
At the upper price band of ₹285:
Indicative price = ₹285 + ₹74 = ₹359
GMP percentage = ₹74 ÷ ₹285 × 100 = about 26.0%
The ₹74 reading was also available earlier on Day 2, so the adopted GMP was broadly unchanged across those observations.
GMP is unofficial, unregulated, and can change quickly. It is not published by the Securities and Exchange Board of India (SEBI), NSE, or BSE, and a ₹359 indicative price does not guarantee the eventual listing price or any listing gain.
What Stands Out in Today’s Bidding
Two signals are notable. First, overall subscription rose substantially from Day 1, with NII and retail demand contributing strongly to the increase. Second, institutional participation improved after QIB demand had ended Day 1 below one time.
There are also important limits. A high subscription multiple does not establish that the IPO is fairly valued, that the underlying business is high quality, or that the shares will deliver positive returns. GMP is a separate, unofficial market signal, and it can move differently from subscription demand.
IPO Details Retail Investors Need
| IPO detail | Information |
| Price band | ₹271 to ₹285 per share |
| Lot size | 52 shares |
| Minimum retail investment | ₹14,820 at ₹285 |
| Issue size | ₹301.62 crore |
| Fresh issue | ₹93 crore |
| Offer for Sale (OFS) | ₹208.62 crore |
| Issue type | Mainboard book-built IPO |
| Closing date | 14 August 2026 |
| Expected listing date | 19 August 2026 |
| Exchange | BSE and NSE |
The offer comprises a fresh issue of about 32.63 lakh shares and an Offer for Sale (OFS) of about 73.20 lakh shares.
Brief Company and Financial Context
Behari Lal Engineering is an integrated iron and steel manufacturer producing alloy steel products, metal rolls, engineering castings, forging ingots, and forged components for industries including automobiles, infrastructure, and industrial equipment. Alloy steel products were its largest product segment in FY2026. Revenue from operations rose to about ₹534.03 crore in FY2026 from ₹507.91 crore in FY2025, while profit increased to ₹64.64 crore from ₹52.95 crore.
Fresh proceeds are mainly intended for machinery, civil works, rooftop solar installations, some debt repayment, and general corporate purposes. One material consideration is exposure to demand conditions in major end-use industries, particularly automobiles, infrastructure, aggregate-crusher manufacturers, and industrial equipment.
What Happens Next
Behari Lal Engineering IPO enters its Closing Day on 14 August 2026. Investors tracking the issue can watch whether QIB participation strengthens further, whether NII and retail demand continues to build, and whether the GMP remains near its current level or diverges from the subscription trend. The tentative listing date is 19 August 2026.
Frequently Asked Questions (FAQs)
Q: How many times was the Behari Lal Engineering IPO subscribed on Day 2?
A: The IPO was subscribed 7.78 times in the latest exchange-backed Day 2 snapshot on 13 August 2026. NIIs led the reported demand at 11.11 times, while retail investors subscribed 9.36 times.
Q: What is the Behari Lal Engineering IPO GMP today?
A: The adopted GMP is ₹74 per share. Two trackers cited in the latest market update reported ₹74, although another market report quoted ₹78. GMP is unofficial and can vary between trackers.
Q: What listing price does the current Behari Lal Engineering IPO GMP indicate?
A: A ₹74 GMP over the upper issue price of ₹285 gives an indicative price of about ₹359 per share. This is only a grey-market calculation and does not predict the actual listing price.
Q: How did Behari Lal Engineering IPO demand change from Day 1 to Day 2?
A: Overall subscription increased from 2.03 times at the end of Day 1 to 7.78 times in the latest Day 2 exchange-backed snapshot. NII and retail demand recorded particularly large increases.
Q: Does high subscription guarantee a premium listing for Behari Lal Engineering?
A: No. Subscription multiples show bid demand relative to shares available, while GMP is an unofficial market indicator. Neither guarantees the listing price, fair valuation, business performance, or future shareholder returns.
Disclaimer
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