Happy Forgings offered its IPO within the price range of Rs 808-850 per share, featuring a lot size of 17 shares. The bidding window for this was active from December 19 to December 21.
SUMMARY
- Happy Forgings' IPO was available for purchase from December 19 to 21.
- Shares were sold within the price range of Rs 808-850, with a lot size of 17 shares.
- It garnered Rs 1009 crore and got listed on Wednesday, December 27.
Happy Forgings IPO Allocation: Verify application status, current GMP, and listing date.
Happy Forgings allotment date is likely to announce the basis of allotment for its shares on Friday, December 22. Bidders will receive messages, alerts, or emails by the end of the week or by Tuesday to cancel their funds' debits or IPO applications. The company, a primary offeror of precision and accurate machined components, received a solid response from bidders, providing substantial feedback.
Happy Forgings conducted its IPO, offering 17 shares in a price band of ₹808-850 per share from December 19 to December 21. The company aimed to raise approximately ₹1,008.59 crores, including the sale of fresh shares worth ₹400 crores and an offer for sale (OFS) of 4,705,882 equity shares.
The issue was oversubscribed 82.04 times in total, with qualified institutional bidders (QIBs) oversubscribing by 220.48 times, while non-institutional investors subscribed 62.17 times. The retail investor category saw a subscription of 15.09 times the reserved quota during the bidding process.
The total amount of oversubscription for the issue was 82.04, with non-institutional investors subscribing 62.17 times and qualified institutional bidders (QIBs) oversubscribing by 220.48 times. During the bidding process, the retail investor category saw a subscription of 15.09 times the reserved quota.
Despite market volatility, Happy Forgings has managed to maintain a stable grey market premium (GMP) thanks to strong bids from QIBs. Previous reports suggested a listing pop for investors of 48–52%, with a premium of ₹420–440 per share.
Happy Forgings is an Indian manufacturer that was founded in July 1979 and specializes in the design and manufacture of heavy forgings and high-precision machine components. The company is based in Ludhiana, Punjab, and runs three manufacturing facilities: two in Kanganwal and one in Dugri.
Brokerage firms largely expressed satisfaction with Happy Forgings, praising its solid business plan, rising product demand, enduring customer relationships, solid financial results, and history of steady growth. However, they pointed out difficulties like fierce competition and the negotiating power of big clients.
The registrar for the IPO is Link Intime India, and the book running lead managers for the offering are JM Financial, Axis Capital, IIFL Securities, and Motilal Oswal Investment Advisors. The shares of the company will be listed on the BSE and NSE; Wednesday, December 27, is the provisional listing date.
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