Blackstone’s Horizon Parks opens ₹2,600 crore IPO to cut debt, fund logistics push

The IPO of Behari Lal Engineering Ltd, an integrated iron and steel manufacturing company, commenced today at a price band of ₹271-285 per share. The issue is being conducted through a book-building process, with not more than 50% of the net offer being allocated to qualified institutional buyers, 15% and 35% of the net offer being assigned to non-institutional bidders and retail investors, respectively.

The fresh issue is valued at Rs 93 crore, with the promoters and investor selling shares contributing up to 73.20 lakh shares. The proceeds from the fresh issuance will primarily be used for investments in new equipment and machinery, solar panels, repayment of borrowings, and general corporate purposes. The company, established in 1995, is one of India's leading metal rolls producers, contributing to approximately 10-11.5% of the country's demand in Fiscal 2026.

With plans to expand its capacity and focus on higher-value products, the company aims to improve profitability through scale. The IPO is currently valued at a P/E multiple of 18.7x at the upper price band, with a recommended "Subscribe-Long Term" rating by Anand Rathi.