Happy Forgings IPO Day 2: Issue booked over 4 times so far; check subscription status, GMP, other key details
Happy Forgings IPO: Heavy forgings and high-precision machined components manufacturer Happy Forgings Ltd launched its initial public offering (IPO) on December 19. The issue has so far received decent buying interest from investors.
Happy Forgings plans to raise ₹1,008.59 crore from the IPO that will end on December 21.
Let us check Happy Forgings IPO subscription status, GMP today and other key details:
Happy Forgings IPO Subscription Status
Happy Forgings IPO was subscribed 4.63 times on December 20, the second day of the bidding process. The public issue received bids for 3.87 crore equity shares as against 83.65 lakh shares on the offer, as per data available on NSE till 1:00 pm.
The IPO has been subscribed 5.39 times in the retail category and 8.70 times in the Non-Institutional Investors’ (NII) category so far. The Qualified Institutional Buyers’ (QIBs) portion was booked 4%.
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Happy Forgings IPO GMP Today
Happy Forgings IPO GMP today, or grey market premium today, rose to ₹444 per share, as per market observers. This indicates that Happy Forgings shares are trading higher by ₹444 or at a premium of 52.24% to its issue price in the grey market at ₹1,294 apiece.
Happy Forgings IPO Details
Happy Forgings IPO commences on December 19 and will conclude on December 21. The IPO size is ₹1,008.59 crore which comprises a fresh issue of equity shares worth ₹400 crore and an offer for sale (OFS) of 71.59 lakh shares.
Happy Forgings IPO price band has been set at ₹808 to ₹850 per share. The IPO lot size is 17 shares and the minimum investment amount required by retail investors is ₹14,450.
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The company has raised ₹303 crore ahead of the IPO by allocating 35,59,740 equity shares at ₹850 apiece to 25 anchor investors, as per stock exchange filing.
Happy Forgings shares will list on both the stock exchanges – BSE and NSE, with a tentative listing date fixed on December 27.
JM Financial, Axis Capital, Equirus Capital and Motilal Oswal Investment Advisors are the book running lead managers of the Happy Forgings IPO, while Link Intime India Private Ltd is the IPO registrar.
The company proposes to utilise the net issue proceeds towards the purchase of equipment, plant and machinery; prepayment of all or a portion of certain outstanding borrowings and for general corporate purposes.
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Happy Forgings IPO Review
Happy Forgings has transformed from being a forging led player to a leading manufacturer of machined components in India and consistently grew its product basket with a strong focus on manufacturing margin accretive value-added products to achieve higher margins improving its share.
With a high entry barriers business, lengthy customer and product approval process, its in-house design capabilities & fungible production lines have led to a diverse product offering and continuous value addition to its long standing relationships with customers across industries and countries would drive growth for the company, Reliance Securities said.
“Happy Forgings will continue to grow better than the industry able to diversify its product basket, with a focus on capital efficiency building healthy financial metrics. Therefore we recommend a Subscribe to the issue,” said the brokerage.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Published: 20 Dec 2023, 01:05 PM IST
