Happy Forgings held its initial public offering (IPO) between December 19 and December 21, with a lot size of 17 shares and a price range of Rs 808-850 per share.
Happy Forgings is expected to make an announcement on Friday, December 22, regarding the basis for sharing its shares. Over the weekend, or at the latest by Tuesday, bidders will receive messages, alerts, or emails regarding the debiting of their funds or the revocation of their IPO mandate. The bidders had responded well to the forgings and precision machined components manufacturer’s first offer.
Happy Forgings held its initial public offering (IPO) between December 19 and December 21, with a lot size of 17 shares and a price range of Rs 808-850 per share. Through its primary offering, which comprised an offer-for-sale (OFS) of up to 47,05,882 equity shares and a fresh share sale of Rs 400 crore, the company hoped to raise approximately Rs 1,008.59 crore.
The portion reserved for qualified institutional bidders (QIBs) was booked a staggering 220.48 times, while the category for non-institutional investors was subscribed 62.17 times. The issue was subscribed an astounding 82.04 times overall. During the bidding process, the retail investor quota was subscribed 15.09 times.
Happy Forgings’ grey market premium (GMP) has not changed despite strong bidding from QIB investors and increased market volatility. As of the last hearing, the company was asking a premium of Rs 420–440 per share, indicating a 48–52% listing premium for investors.
Happy Forgings is an Indian manufacturer that was founded in July 1979 and specializes in creating heavy forgings and highly accurate machined components. Happy Forging is based in Ludhiana, Punjab, with three manufacturing facilities: two in Kanganwal and one in Dugri.
Brokerage firms were largely in favor of Happy Forgings and advised subscribing to it due to its solid business models, growing product demand, enduring customer relationships, strong financial performance, and history of steady growth. The main risks, however, were identified as fierce competition and pricing power among large clients.
The book running lead managers for the IPO are JM Financial, Axis Capital, Equirus Capital, and Motilal Oswal Investment Advisors. Link Intime India is the registrar for the offering. The company’s shares are scheduled to go on sale on Wednesday, December 27, at both the BSE and NSE.
Investors who placed a bid for Happy Forgings can visit the IPO application check page on the BSE website to verify the allotment status. Check-in equity: Under “I am not a Robot,” choose Happy Forgings Limited from the drop-down menu; enter the application number and PAN card number before checking in, then click the “Submit” button.
The registrar of the issue, Link Intime India, has an online portal where one can check the status of their allocation. Go to the Kfin Tech website and choose Happy Forgings’ IPO from the dropbox. To find out the allotment status for your application, enter your PAN card number, application number, or DP client ID in the designated tab and click “search.”
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