Happy Forgings IPO: The initial public offering (IPO) of Happy Forgings Ltd opened for subscription today, on December 19, and has so far received decent investor participation.
Happy Forgings is a manufacturer of heavy forgings and high-precision machined components. The company aims 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 Details
The ₹1,008.59 crore worth Happy Forgings IPO opened for subscription on December 19 and will close on December 21. The IPO 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.
Read here: Happy Forgings IPO opens today; check price band, GMP, among 10 key things to know before investing
The shares will list on both the stock exchanges – BSE and NSE, with a tentative listing date fixed on December 27.
The company has already raised ₹303 crore from anchor investors, ahead of its IPO opening. It has allocated 35,59,740 equity shares at ₹850 per share to the 25 anchor investors, as per stock exchange filing.
JM FinancialAxis 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 Subscription Status
Happy Forgings IPO was subscribed 2.31 times on December 19, the first day of the bidding process. The public issue received bids for 1.93 crore equity shares as against 83.65 lakh shares on the offer, as per data available on NSE.
The IPO has been subscribed 3.02 times in the retail category and 3.58 times in the Non-Institutional Investors’ (NII) category so far. The Qualified Institutional Buyers’ (QIBs) portion was booked 1%.
Happy Forgings IPO GMP Today
Happy Forgings IPO GMP today, or grey market premium today, is ₹415 per share, as per market observers. This indicates that Happy Forgings shares are trading at a premium of 48.82% to the issue price at ₹1,265 apiece in the grey market.
Happy Forgings IPO Review
Happy Forgings’ attractive valuation of 36.44x P/E, coupled with its impressive track record and promising outlook, makes it a worthy investment option for investors seeking exposure to the manufacturing sector, says Swastika Investmart Ltd.
The brokerage firm has assigned a ‘Subscribe’ rating to the IPO for listing gains and long term.
Read all IPO-related news here
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: 19 Dec 2023, 12:17 PM IST
