Happy Forgings To Float IPO On Dec 19

Auto components maker Happy Forgings Ltd announced that its initial share sale will open for public subscription on Dec 19.

The initial public offering will conclude on Dec 21 and the one-day bidding for the anchor investors will open on Dec 18, according to the red herring prospectus.

The IPO comprises a fresh issue of equity shares worth Rs 400 crore and an offer for sale of 71.6 lakh shares by promoter Paritosh Kumar Garg (HUF) and investor shareholder India Business Excellence Fund-III.

Proceeds from the fresh issue will be utilised towards the purchase of equipment, plant, and machinery, payment of debt and a portion of funds will also be used for general corporate purposes.

The Ludhiana-based auto components maker employs a vertically integrated approach encompassing engineering, process design, testing, manufacturing, and supply of diverse components.