Happy Forgings Limited is poised to launch its IPO, scheduled to run from December 19th to December 21st, 2023. The company specializes in the production of intricate, heavy forged, and high-precision machined components critical for safety purposes. Remarkably, it holds the fourth position within this specialized segment in India.
The IPO structure comprises a fresh issue valued at Rs. 400 crores alongside an Offer-for-Sale (OFS) involving 7,159,920 shares, totalling Rs. 608.59 crores. Consequently, the total IPO size amounts to Rs. 1008.59 crores. Investors can anticipate the share allotment on December 22nd, with the IPO scheduled for listing on December 27th across multiple stock exchanges.
Priced in the band of Rs. 808 to Rs. 850 per share, the lot size for this IPO is fixed at 17 shares. Facilitating this offering, JM Financial Limited, Axis Capital Limited, Equirus Capital Private Limited, and Motilal Oswal Investment Advisors Limited serve as the book-running lead managers, while Link Intime India Private Limited operates as the registrar.
Established in 1979, Happy Forgings Limited excels in crafting intricate, safety-critical, heavy forged, and high-precision machined components, holding the fourth position in this segment within India as of FY23. Renowned for its extensive experience, the company stands as a key player in the domestic crankshaft manufacturing industry, boasting the second-largest production capacity for commercial vehicles and high-horsepower industrial crankshafts in India.
Notably, Happy Forgings Limited boasts the highest EBITDA margin among its peers for both FY23 and FY22. The company operates across the engineering spectrum, encompassing design, testing, and manufacturing of components. Its clientele spans global and Indian original equipment manufacturers (OEMs) across various sectors, including automotive, farm equipment, off-highway vehicles, oil and gas machinery, power generation, railways, and wind turbines. Operating from three manufacturing units based in Ludhiana, India, the company’s product line ranges from crankshafts, front axle beams, steering knuckles to transmission parts, pinion shafts, suspension products, and valve bodies.
Among its esteemed clients are notable names such as Manufacturing Corporation Private Limited, Ashok Leyland Limited, Mahindra & Mahindra Limited, Swaraj Engines Limited, Same Deutz Fahr India Private Limited, Tata Cummins Private Limited, Watson & Chalin India Private Limited, and more.
Happy Forgings Limited is gearing up for its IPO scheduled to be available for subscription from December 19th to December 21st, 2023. Allocation of shares is set for December 22nd, 2023, with the IPO slated for listing on the stock exchanges on December 27th, 2023.
| IPO Open Date | 19th December 2023 (Tuesday) |
| IPO Close Date | 21st December 2023 (Thursday) |
| Allotment Date | 22nd December 2023 (Friday) |
| Initiation of Refunds | 26th December 2023 (Tuesday) |
| Credit to Demat Account | 26th December 2023 (Tuesday) |
| Listing Date | 27th December 2023 (Wednesday) |
| Deadline for UPI mandate confirmation | 5 PM on 21st December 2023 (Thursday) |
| IPO Date | 19th to 21st December 2023 |
| Listing Date | 27th December 2023 |
| Face Value | Rs. 2 per share |
| Price Band | Rs. 808 to Rs. 850 per share |
| Lot Size | 17 Shares |
| Total Issue Size | 11,865,802 shares (aggregating up to Rs. 1,008.59 Cr) |
| Fresh Issue | 4,705,882 shares (aggregating up to Rs. 400.00 Cr) |
| Offer for Sale | 7,159,920 shares of Rs. 2 (aggregating up to Rs. 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 |
Between the fiscal years concluding on March 31, 2023, and March 31, 2022, Happy Forgings Limited witnessed a substantial upswing in its financial performance. The company experienced a noteworthy surge in revenue, marking a 38.81% increase, while concurrently achieving a commendable rise in profit after tax (PAT) by 46.67%.
| 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 |
| Revenue | 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 Rs. Crore | ||||
What is Happy Forgings IPO?
The Happy Forgings IPO presents a main-board offering comprising 11,865,802 equity shares, each with a face value of Rs. 2, aggregating to Rs. 1,008.59 Crores. Priced in the range of Rs. 808 to Rs. 850 per share, the minimum order quantity is set at 17 shares. This IPO subscription window commences on December 19, 2023, and concludes on December 21, 2023.
When Happy Forgings IPO will open for apply?
The Happy Forgings IPO is scheduled to open for application on December 19, 2023.
What are the minimum lot size and investment needed for participating in the Happy Forgings IPO?
The Happy Forgings IPO mandates a minimum lot size of 17 shares, necessitating an investment totaling Rs. 13,736.
When is Happy Forgings IPO allotment date?
The allotment date for the Happy Forgings IPO is expected to be finalized on Friday, December 22, 2023.
What is the Happy Forgings IPO listing date?
The Happy Forgings IPO is anticipated to be listed on the NSE and BSE platform with a tentative listing date set for Wednesday, December 27, 2023.
What is the price band of Happy Forgings IPO?
The price band for the Happy Forgings IPO is set between Rs. 808 to Rs. 850 per share.
Comments