Bookbuilding IPO | ₹1,009 Cr | Listed at BSE, NSE | Tue, Dec 19, 2023 - Thu, Dec 21, 2023
Happy Forgings IPO is a book build issue of ₹1,008.59 crores. The issue is a combination of fresh issue of 0.47 crore shares aggregating to ₹400.00 crores and offer for sale of 0.72 crore shares aggregating to ₹608.59 crores.
Happy Forgings IPO bidding started from Dec 19, 2023 and ended on Dec 21, 2023. The allotment for Happy Forgings IPO was finalized on Dec 22, 2023. The shares got listed on BSE, NSE on Dec 27, 2023.
Happy Forgings IPO price band is set at ₹850 per share. The lot size for an application is 17. The minimum amount of investment required by an retail is ₹14,450 (17 shares) (based on upper price). The lot size investment for sNII is 14 lots (238 shares), amounting to ₹2,02,300, and for bNII, it is 70 lots (1,190 shares), amounting to ₹10,11,500.
JM Financial Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Happy Forgings IPO RHP for detailed Information.
IPO Open
Tue, Dec 19, 2023
IPO Close
Thu, Dec 21, 2023
Issue Price
₹850 per share
Market Cap (Pre-IPO)
₹8,007.42 Cr
| IPO Date | 19 to 21 Dec, 2023 |
| Listed on | Wed, Dec 27, 2023 |
| Face Value | ₹2 per share |
| Price Band | ₹808 to ₹850 |
| Issue Price | ₹850 per share |
| Lot Size | 17 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 1,18,65,802 shares (agg. up to ₹1,009 Cr) |
| Fresh Issue | 47,05,882 shares (agg. up to ₹400 Cr) |
| Offer for Sale | 71,59,920 shares of ₹2 (agg. up to ₹609 Cr) |
| Share Holding Post Issue | 9,42,04,882 shares |
| BSE Script Code / NSE Symbol | 544057 / HAPPYFORGE |
| ISIN | INE330T01021 |
Happy Forgings IPO offers total 1,18,65,802 shares. Out of which 59,32,900 (50.00%) allocated to QIB, 23,73,160 (20.00%) allocated to QIB (Ex- Anchor), 17,79,871 (15.00%) allocated to NII 41,53,031 (35.00%) allocated to RII and 35,59,740 (30.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 59,32,900 (50.00%) | NA |
| − Anchor Investor Shares Offered | 35,59,740 (30.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 23,73,160 (20.00%) | NA |
| NII (HNI) Shares Offered | 17,79,871 (15.00%) | NA |
| − bNII > ₹10L | 11,86,580 (10.00%) | 4,985 |
| − sNII < ₹10L | 5,93,291 (5.00%) | 2,492 |
| Retail Shares Offered | 41,53,031 (35.00%) | 2,44,295 |
| Total Shares Offered | 1,18,65,802 (100.00%) |
Investors can bid for a minimum of 17 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 17 | ₹14,450 |
| Retail (Max) | 13 | 221 | ₹1,87,850 |
| S-HNI (Min) | 14 | 238 | ₹2,02,300 |
| S-HNI (Max) | 69 | 1,173 | ₹9,97,050 |
| B-HNI (Min) | 70 | 1,190 | ₹10,11,500 |
Happy Forgings IPO raises ₹302.58 crore from anchor investors. Happy Forgings IPO Anchor bid date is December 18, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Dec 18, 2023 |
| Shares Offered | 35,59,740 |
| Anchor Portion (₹ Cr.) | 302.58 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sun, Jan 21, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | Thu, Mar 21, 2024 |
Incorporated in July 1979, Happy Forgings Limited is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components.
The company manufactures, designs and tests various products such as crankshafts, front axle carriers, steering knuckles, differential housings, transmission parts, pinion shafts, suspension products and valve bodies for different industries and customers.
The company's customer base includes AAM India Manufacturing Corporation Private Limited, Ashok Leyland Limited, Bonfiglioli Transmissions Private Limited, Dana India, IBCC Industries (India) Private Limited, International Tractors Limited, JCB India Limited, Liebherr CMCtec India Private Limited, Mahindra & Mahindra Limited, Meritor HVS AB, Meritor Heavy Vehicle Systems Cameri SPA, SML ISUZU Limited, Swaraj Engines Limited and others.
The company has served customers in various regions including Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkey, the United Kingdom and the United States of America.
Happy Forging Limited has three manufacturing facilities, two in Kanganwal and one in Dugri, all located in Ludhiana, Punjab. As of FY 2023, the operational revenue of the company has increased by 43.02%.
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 1,489.80 | 1,326.17 | 1,129.87 | 876.38 |
| Total Income | 675.73 | 1,202.27 | 866.11 | 590.81 |
| Profit After Tax | 119.30 | 208.70 | 142.29 | 86.45 |
| NET Worth | 1,103.33 | 988.31 | 787.62 | 645.16 |
| Reserves and Surplus | 1,088.25 | 978.66 | 769.72 | 636.21 |
| Total Borrowing | 258.97 | 218.52 | 240.35 | 153.47 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Purchase of equipment, plant and machinery | 187.03 |
| 2 | Prepayment of all or a portion of certain outstanding borrowings availed by our Company; and | 152.76 |
| 3 | General corporate purposes. | 53.94 |
| KPI | |
|---|---|
| ROE | 21.12% |
| ROCE | 24.24% |
| RoNW | 21.12% |
| PAT Margin | 17.44% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 23.32 | |
| P/E (x) | 36.45 | 33.56 |
| Promoter Holding | 88.24% | 78.60% |
| Market Cap | ₹8,007.42 Cr. |
The Happy Forgings IPO is subscribed 82.63 times on December 21, 2023 7:02:00 PM (Day 3). The public issue subscribed 15.4 times in the retail category, 214.65 times in the QIB category, and 63.45 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 214.65 | 23,73,160 | 50,94,04,218 |
| NII | 63.45 | 17,79,870 | 11,29,32,598 |
| bNII (bids above ₹10L) | 69.87 | 11,86,580 | 8,29,03,356 |
| sNII (bids below ₹10L) | 50.61 | 5,93,291 | 3,00,29,242 |
| Retail | 15.4 | 41,53,031 | 6,39,61,888 |
| Total | 82.63 | 83,06,061 | 68,62,98,704 |
Total Application : 33,65,600
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLMs and commissions (including underwriting commission, as applicable) | 29.75 |
| 2 | Commission/processing fee for SCSBs, Sponsor Banks and Bankers to the Offer and fee payable to the Sponsor Bank for Bids made by RIBs. Brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs (1)(2)(3)(4) | 3.53 |
| 3 | Fees payable to Registrar to the Offer | 0.47 |
| 4 | Advertising and marketing expenses | 4.32 |
| 5 | Fee payable to auditors, consultants and market research firms | 2.19 |
| 6 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 5.46 |
| 7 | Printing and distribution of stationery | 2.17 |
| 8 | Fees payable to legal counsel; and | 5.72 |
| 9 | Miscellaneous | 2.43 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹850.00 | ₹850.00 |
| Open | ₹1,001.25 | ₹1,000.00 |
| Low | ₹961.00 | ₹961.25 |
| High | ₹1,087.85 | ₹1,087.40 |
| Last Trade | ₹1,029.80 | ₹1,030.80 |
Happy Forgings IPO is a main-board IPO of 1,18,65,802 equity shares of the face value of ₹2 aggregating up to ₹1,009 Crores. The issue is priced at ₹850 per share. The minimum order quantity is 17.
The IPO opens on Tue, Dec 19, 2023, and closes on Thu, Dec 21, 2023.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Happy Forgings IPO using UPI as a payment gateway. Zerodha customers can apply in Happy Forgings IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Happy Forgings IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Happy Forgings IPO opens on Tue, Dec 19, 2023 and closes on Thu, Dec 21, 2023.
Happy Forgings IPO lot size is 17, and the minimum amount required for application is ₹14,450.
You can apply in Happy Forgings IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Happy Forgings IPO will be done on Friday, December 22, 2023, and the allotted shares will be credited to your demat account by Tue, Dec 26, 2023. Check the Happy Forgings IPO allotment status.
The Happy Forgings IPO listing date is on Wed, Dec 27, 2023.
