Happy Forgings IPO Subscribed 2.32 Times On Day 1
The IPO was subscribed 2.32 times as of 5 p.m. on Tuesday.
Happy Forgings Ltd.'s initial public offering to raise up to Rs 1,008.6 crore opened on Tuesday. Investors can subscribe to the offer till Dec. 21.
The IPO is a mix of fresh issue of Rs 400 crore and an offer for sale of Rs 608.6 crore. The company has fixed a price band in the range of Rs 808 to Rs 850. The minimum order lot is 17.
The company raised Rs 302.5 crore from anchor investors.
IPO Details
Issue opens: Dec. 19.
Issue closes: Dec. 21.
Total issue size: Rs 1,008 crore.
Price band: Rs 808–850 per share.
Lot size: 17 shares.
Listing: BSE and NSE.
Business
Happy Forgings is the fourth-largest engineering-led manufacturer of complex and safety-critical, heavy-forged and high-precision machined components in India in terms of forgings capacity. The company primarily caters to domestic and global original equipment manufacturers.
It also serves a wide range of industries in the non-automotive sector—farm equipment, off-highway vehicles and industrial machinery for oil and gas, power generation, railways and wind turbine sectors.
Subscription Status: Day 1
The IPO was subscribed 2.32 times as of 5 p.m. on Tuesday.
Institutional investors: 0.01 times
Non-institutional investors: 3.58 times
Retail investors: 3.03 times
