Bookbuilding IPO | ₹25 Cr | Listing at NSE SME | Thu, Jul 9, 2026 - Mon, Jul 13, 2026 O
Happy Steels IPO is a book build issue of ₹25.00 crores. The issue is entirely a fresh issue of 0.38 crore shares of ₹25.00 crore.
Happy Steels IPO bidding opened for subscription on Jul 9, 2026 and will close on Jul 13, 2026. The allotment for the Happy Steels IPO is expected to be finalized on Jul 14, 2026. Happy Steels IPO will list on the NSE SME with a tentative listing date fixed as Jul 16, 2026.
Happy Steels IPO is set issue price band at ₹62 to ₹66 per share. The lot size for an application is 2,000 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,64,000 (4,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (6,000 shares), amounting to ₹3,96,000.
Share India Capital Services Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Share India Securities Ltd.
Refer to Happy Steels IPO RHP for detailed Information.
IPO Open
Thu, Jul 9, 2026
IPO Close
Mon, Jul 13, 2026
Issue Price
₹66 per share
Market Cap (Pre-IPO)
₹94.29 Cr
| IPO Date | 9 to 13 Jul, 2026 |
| Listing Date | Thu, Jul 16, 2026T |
| Face Value | ₹10 per share |
| Price Band | ₹62 to ₹66 |
| Issue Price | ₹66 per share |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 37,88,000 shares (agg. up to ₹25 Cr) |
| Reserved for Market Maker | 1,90,000 shares Share India Securities Ltd. (agg. up to ₹1 Cr) |
| Fresh Issue (Ex Market Maker) | 35,98,000 shares (agg. up to ₹24 Cr) |
| Net Offered to Public | 35,98,000 shares (agg. up to ₹24 Cr) |
| Share Holding Pre Issue | 1,04,98,180 shares |
| Share Holding Post Issue | 1,42,86,180 shares |
Happy Steels IPO comprises a total issue size of 37,88,000 shares. The net offer to the public is 35,98,000 shares, after excluding 1,90,000 shares allotted on a firm basis. Of the Net offer 17,98,000 (49.97%) are allocated to QIB, 5,40,000 (15.01%) allocated to NII 12,60,000 (35.02%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 17,98,000 | 49.97% | 47.47% |
| − Anchor Investor Shares Offered | 10,76,000 | 28.41% | |
| − QIB (Ex. Anchor) Shares Offered | 7,22,000 | 19.06% | |
| NII (HNI) Shares Offered | 5,40,000 | 15.01% | 14.26% |
| − bNII > ₹10L | 1,70,000 | 4.49% | |
| − sNII < ₹10L | 1,80,000 | 4.75% | |
| Retail Shares Offered | 12,60,000 | 35.02% | 33.26% |
| Firm Reservations | |||
| Market Maker Shares Offered | 1,90,000 | 5.02% | |
| Total Shares Offered | 37,88,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 4,000 | ₹2,64,000 |
| Individual investors (IND) (Max) | 2 | 4,000 | ₹2,64,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,96,000 |
| S-HNI (Max) | 7 | 14,000 | ₹9,24,000 |
| B-HNI (Min) | 8 | 16,000 | ₹10,56,000 |
Happy Steels IPO raises ₹7.10 crore from anchor investors. Happy Steels IPO Anchor bid date is July 8, 2026.
📝 Anchor Investors Letter (PDF)
| Bid Date | Wed, Jul 8, 2026 |
| Shares Offered | 10,76,000 |
| Anchor Portion (₹ Cr.) | 7.10 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Aug 13, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Oct 12, 2026 |
Incorporated in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle (EV), and defence applications.
The company operates across the complete manufacturing value chain, with capabilities spanning raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This integrated process framework enables the company to deliver components with defined mechanical properties, high dimensional accuracy, and consistent quality in line with stringent customer specifications.
Its product portfolio includes a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components that play a crucial role in vehicle performance and safety. These products are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas markets.
The company operates a manufacturing facility in Ludhiana, Punjab, covering approximately 16,427 square yards with an installed capacity of 8,640.00 MT per annum for cutting operations, 7,776.00 MT per annum for forging, and 5,861.21 MT per annum for machining, enabling scalable production across multiple product categories.
As of May 31, 2026, Happy Steel Ltd. employed 403 personnel across various departments, supporting operations, quality assurance, engineering, and management functions.
Competitive Strengths:
Happy Steels Ltd.'s revenue increased by 17% and profit after tax (PAT) rose by 203% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 99.66 | 78.62 | 78.37 |
| Total Income | 96.57 | 82.52 | 82.24 |
| Profit After Tax | 7.10 | 2.34 | 4.69 |
| EBITDA | 15.27 | 8.49 | 11.08 |
| NET Worth | 39.98 | 32.88 | 30.54 |
| Reserves and Surplus | 29.48 | 31.38 | 29.04 |
| Total Borrowing | 47.18 | 34.21 | 35.69 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Anubhav Plast Ltd. | SME | ₹24.00 Cr | ₹80 | 10.67 | ₹76.00 | -5.00% | ₹51.81 (-4.95%) |
| Kasturi Metal Composite Ltd. | SME | ₹17.61 Cr | ₹64 | 23.59 | ₹63.16 | -1.31% | ₹48.60 (-4.71%) |
| Shri Kanha Stainless Ltd. | SME | ₹46.28 Cr | ₹90 | 16.23 | ₹83.60 | -7.11% | ₹24.45 (-0.20%) |
| Mittal Sections Ltd. | SME | ₹52.91 Cr | ₹143 | 31.15 | ₹108.70 | -23.99% | ₹28.98 (-4.98%) |
| M P K Steels (I) Ltd. | SME | ₹25.74 Cr | ₹79 | 9.04 | ₹83.50 | +5.70% | ₹117.95 (+2.48%) |
| Rajputana Stainless Ltd. | Mainboard | ₹254.98 Cr | ₹122 | 21.1 | ₹113.03 | -7.35% | ₹129.15 (-1.49%) |
| VMS TMT Ltd. | Mainboard | ₹148.50 Cr | ₹99 | 22.24 | ₹99.65 | +0.66% | ₹46.33 (-0.30%) |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit | 13.16 |
| 2 | Repayment/ Prepayment of Term Loans to Banks | 4.98 |
| 3 | General Corporate Purposes | |
| Total | 18.14 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 19.49% |
| ROCE | 20.89% |
| Debt/Equity | 1.18 |
| RoNW | 17.76% |
| PAT Margin | 7.50% |
| EBITDA Margin | 16.14% |
| Price to Book Value | 1.73 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.77 | 4.97 |
| P/E (x) | 9.76 | 13.28 |
| Promoter Holding | 99.33% | 72.99% |
| Market Cap | ₹94.29 Cr. |
Lead Manager Reports
Happy Steels IPO is a SME IPO of 37,88,000 equity shares of the face value of ₹10 aggregating up to ₹25 Crores. The issue is priced at ₹66 per share. The minimum order quantity is 2000.
The IPO opens on Thu, Jul 9, 2026, and closes on Mon, Jul 13, 2026.
Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Happy Steels IPO using UPI as a payment gateway. Zerodha customers can apply in Happy Steels IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Happy Steels IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Happy Steels IPO opens on Thu, Jul 9, 2026 and closes on Mon, Jul 13, 2026.
Happy Steels IPO lot size is 2000, and the minimum amount required for application is ₹2,64,000, with 2 lots being the minimum application size.
You can apply in Happy Steels 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 Steels IPO will be done on Tuesday, July 14, 2026, and the allotted shares will be credited to your demat account by Wed, Jul 15, 2026. Check the Happy Steels IPO allotment status.
The Happy Steels IPO listing date is not yet announced. The tentative date of listing is Thu, Jul 16, 2026.
