CRISIL says the company was one of India’s largest metal rolls producers in FY26
MUMBAI, Sug 11 (The CONNECT) – Behari Lal Engineering Limited, an integrated iron and steel manufacturer specialising in customised engineering solutions, has raised Rs 90.48 crore from anchor investors ahead of its initial public offering, which opens for public subscription on Wednesday.
The company said it allotted 31,74,946 equity shares at Rs 285 apiece to anchor investors. The anchor book saw participation from marquee institutions, including Tata AIA Life Insurance Company Ltd A/C Flexi Growth Fund ULIP, PineBridge Global Funds – PineBridge India Equity Fund and Amicorp Capital (Mauritius) Limited.
Among equity-oriented schemes, shares were allotted to WhiteOak Capital Balanced Advantage Fund, Bandhan Large & Mid-Cap Fund and Dynasif Equity – Ex Top 100 Long Short Fund.
Of the total shares allotted to anchor investors, 10,87,718 equity shares were allocated to three domestic mutual funds through three schemes.
Behari Lal Engineering has fixed the price band for its maiden public issue at Rs 271-285 per equity share of face value Rs 10. The IPO will open on August 12 and close on August 14.
Investors can bid for a minimum of 52 equity shares and in multiples of 52 thereafter.
The offer comprises a fresh issue aggregating up to Rs 93 crore and an offer-for-sale of up to 73,20,001 equity shares by promoters Rajesh Garg, Lovlish Garg, Yogita Garg and Dinesh Kumar Garg HUF, along with investor selling shareholder SG Tech Engineering Private Limited. The company has 3,90,39,325 equity shares outstanding as on date.
The fresh issue proceeds will primarily fund capacity expansion and infrastructure upgrades at the company’s two manufacturing facilities. Of the proceeds, Rs 19.59 crore will be used for purchase and installation of new equipment and machinery, including computers, printers and peripherals, along with associated civil work at Manufacturing Facility 1. Another Rs 3.40 crore will be used for rooftop solar panels at the facility.
At Manufacturing Facility 2, Rs 36.65 crore will be deployed towards new equipment and machinery and related civil work, while another Rs 3.40 crore will be used for rooftop solar panels. About Rs 57 lakh will go towards repayment or pre-payment of certain borrowings, with the balance earmarked for general corporate purposes.
The offer is being made through the book-building process in compliance with SEBI ICDR Regulations. Not more than 50 per cent of the net offer will be available for allocation to qualified institutional buyers, while not less than 15 per cent will be allocated to non-institutional investors and not less than 35 per cent to retail individual investors.
Incorporated in 1995, Behari Lal Engineering manufactures metal rolls, engineering castings, alloy steel products and forging ingots for industries including steel, power and heavy engineering. According to CRISIL, the company was one of India’s largest metal rolls producers in FY26 and accounted for 10-11.5 per cent of the country’s demand for metal rolls.
The company operates two manufacturing facilities in Mandi Gobindgarh, Punjab, and has recently commenced construction of a third facility at Mandi Gobindgarh in Fatehgarh Sahib district.
With more than two decades of experience in the steel industry, the company has developed an integrated manufacturing setup comprising a digital steel melting shop, ladle refining furnace, vacuum degassing, foundry, heat treatment, machine shops and rolling mills.
Its precision-engineered products cater to industries such as automobiles, steel, mining, infrastructure and construction, power, aerospace and defence and cement.
As of March 31, 2026, the company served 1,825 customers. Since April 1, 2024, it has exported its precision-engineered components to 21 countries across five continents, including the US, Germany, France, Brazil, Mexico, South Africa, Tanzania and the UAE.
Its customer base includes BMW Industries Limited, Embross Autocomp Limited, Forge Auto International Limited and Hailstone Innovations Private Limited.
The company’s manufacturing facilities use CNC lathes, heavy-duty all-geared lathes, boring machines, CNC boring machines, roll-grinding machines, vertical turning lathes, CNC VTLs, radial drills, Plano milling machines and CNC vertical milling machines to manufacture customised products.
The facilities have ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications for quality management, environmental management and occupational health and safety, respectively.
The company has also installed around 2 MW of rooftop solar capacity for its offices and manufacturing facilities and uses 100 per cent recycled steel scrap as part of its efforts to reduce carbon emissions and dependence on virgin raw materials.
Revenue from operations rose to Rs 534.03 crore in FY26 from Rs 446.08 crore in FY24, while net profit increased to Rs 64.64 crore from Rs 35.79 crore during the same period.
Emkay Global Financial Services Limited and Systematix Corporate Services Limited are the book-running lead managers, while MUFG Intime India Private Limited is the registrar to the offer.
The equity shares are proposed to be listed on the BSE and NSE.
