Happy Forgings IPO is a book built issue of Rs 1,008.59 crores.
The issue is a combination of fresh issue of 0.47 crore shares aggregating to Rs 400.00 crores and offer for sale of 0.72 crore shares aggregating to Rs 608.59 crores.
Happy Forgings IPO is open for subscription on December 19, 2023 and close today December 21, 2023. The allotment for the Happy Forgings IPO is expected to be finalized on Friday, December 22, 2023. Happy Forgings IPO will list on BSE, NSE with tentative listing date fixed as Wednesday, December 27, 2023.
Happy Forgings IPO price band is set at ₹808 to ₹850 per share. The minimum lot size for an application is 17 Shares. The minimum amount of investment required by retail investors is ₹14,450. The minimum lot size investment for sNII is 14 lots (238 shares), amounting to ₹202,300, and for bNII, it is 70 lots (1,190 shares), amounting to ₹1,011,500.
Jm Financial Limited, Axis Capital Limited, Equirus Capital Private Limited and Motilal Oswal Investment Advisors Limited are the book running lead managers of the Happy Forgings IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Happy Forgings IPO RHP for detailed information.
About Happy Forgings Limited
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%.
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Happy Forgings IPO Details
| IPO Date | December 19, 2023 to December 21, 2023 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | ₹808 to ₹850 per share |
| Lot Size | 17 Shares |
| Total Issue Size | 11,865,802 shares (aggregating up to ₹1,008.59 Cr) |
| Fresh Issue | 4,705,882 shares (aggregating up to ₹400.00 Cr) |
| Offer for Sale | 7,159,920 shares of ₹2 (aggregating up to ₹608.59 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 89,499,000 |
| Share holding post issue | 94,204,882 |
Happy Forgings IPO Reservation
Happy Forgings IPO offers 11,865,801 shares. 2,373,160 (20.00%) to QIB, 1,779,870 (15.00%) to NII, 4,153,031 (35.00%) to RII and 3,559,740 (30.00%) to Anchor investors. 244,295 RIIs will receive minimum 17 shares and 2,492 (sNII) and 4,985 (bNII) will receive minimum 238 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 3,559,740 (30.00%) | NA |
| QIB Shares Offered | 2,373,160 (20.00%) | NA |
| NII (HNI) Shares Offered | 1,779,870 (15.00%) | |
| bNII > ₹10L | 1,186,580 (10.00%) | 4,985 |
| sNII < ₹10L | 593,291 (5.00%) | 2,492 |
| Retail Shares Offered | 4,153,031 (35.00%) | 244,295 |
| Total Shares Offered | 11,865,801 (100%) |
Happy Forgings IPO Anchor Investors Details
Happy Forgings IPO raises Rs 302.58 crore from anchor investors. Happy Forgings IPO Anchor bid date is December 18, 2023. Happy Forgings IPO Anchor Investors list
| Bid Date | December 18, 2023 |
| Shares Offered | 3,559,740 |
| Anchor Portion Size (In Cr.) | 302.58 |
| Anchor lock-in period end date for 50% shares (30 Days) | February 5, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | April 29, 2024 |
Happy Forgings IPO Timeline (Tentative Schedule)
Happy Forgings IPO opens on December 19, 2023, and closes on December 21, 2023.
| IPO Open Date | Tuesday, December 19, 2023 |
| IPO Close Date | Thursday, December 21, 2023 |
| Basis of Allotment | Friday, December 22, 2023 |
| Initiation of Refunds | Tuesday, December 26, 2023 |
| Credit of Shares to Demat | Tuesday, December 26, 2023 |
| Listing Date | Wednesday, December 27, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 21, 2023 |
Happy Forgings IPO Lot Size
Investors can bid for a minimum of 17 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 17 | ₹14,450 |
| Retail (Max) | 13 | 221 | ₹187,850 |
| S-HNI (Min) | 14 | 238 | ₹202,300 |
| S-HNI (Max) | 69 | 1,173 | ₹997,050 |
| B-HNI (Min) | 70 | 1,190 | ₹1,011,500 |
Happy Forgings IPO Promoter Holding
The promoters of the company are Paritosh Kumar, Ashish Garg, Megha Garg, Ayush Capital & Financial Services Private Limited, Garg Family Trust, Paritosh Kumar Garg (HUF) and Ashish Garg & Sons (HUF)
| Share Holding Pre Issue | 88.24% |
| Share Holding Post Issue | 78.60% |
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