Introduction
Happy Forgings recently concluded its Initial Public Offering (IPO), attracting significant attention from investors. The IPO, priced between Rs 808-850 per share with a lot size of 17 shares, was open for bidding from December 19 to December 21. This article delves into the key details surrounding the IPO, from subscription numbers to the basis of allotment.
Table of Contents
IPO Details
Happy Forgings aimed to raise approximately Rs 1,008.59 crore through its primary offering. This included a fresh shares sale of Rs 400 crore and an offer-for-sale (OFS) of up to 47,05,882 equity shares. The bidding process witnessed a robust response, with the issue oversubscribed at an impressive 82.04 times.
Subscription Breakdown
- Qualified Institutional Bidders (QIBs): 220.48 times
- Non-Institutional Investors: 62.17 times
- Retail Investors: 15.09 times
Grey Market Premium (GMP) and Market Expectations
Despite market volatility, Happy Forgings maintained a stable Grey Market Premium (GMP). The company’s shares were commanding a premium of Rs 420-440, indicating a potential listing pop of 48-52 percent for investors. This reflects strong confidence from QIB investors.
Company Overview
Founded in July 1979, Happy Forgings has positioned itself as a key player in the manufacturing sector, focusing on the production of heavy forgings and high-precision machined components. With a steadfast commitment to excellence, the company operates three state-of-the-art manufacturing facilities in Ludhiana, Punjab. These facilities serve as a testament to Happy Forgings’ enduring dedication to the industry, allowing them to deliver top-notch products. Through decades of experience, the company has honed its expertise, ensuring that it remains at the forefront of technological advancements in forging and machining, thereby solidifying its reputation as a reliable and innovative industry leader.
Brokerage Recommendations and Risks
Brokerage firms expressed optimism about Happy Forgings, citing its sound business models, rising product demand, customer relationships, and strong financial performance. However, they also highlighted key risks, such as pricing power among major clients and stiff competition.
Key Players in the IPO
The Initial Public Offering (IPO) of Happy Forgings is facilitated by a group of distinguished Book Running Lead Managers, namely JM Financial, Axis Capital, Equirus Capital, and Motilal Oswal Investment Advisors. These reputable financial institutions play a pivotal role in overseeing and managing various aspects of the IPO, including pricing, marketing, and ensuring regulatory compliance. Their collective expertise in financial markets and strategic advisory services contributes to the success of the IPO.
In addition, Link Intime India serves as the registrar for the issue. As the registrar, Link Intime India is responsible for maintaining accurate records of investors, processing share allotments, and handling other administrative aspects of the IPO. Their role is crucial in ensuring a seamless and organized IPO process, instilling confidence among investors and stakeholders. Through the collaboration of these key entities, Happy Forgings aims to achieve a smooth and efficient IPO journey.
Listing Details
Shares of Happy Forgings are scheduled to be listed on both BSE and NSE, with December 27 as the tentative date. Investors are eagerly anticipating the listing to capitalize on potential gains.
Checking Allotment Status
Investors who participated in the Happy Forgings IPO can check their allotment status through various platforms. The BSE website’s IPO application check page and the online portal of Link Intime India, the registrar to the issue, are two avenues for investors to track the status.
BSE Website
- Visit the IPO application check page on the BSE website.
- Select “Happy Forgings Limited” under the issue type.
- Enter the application number and PAN card details.
- Complete the ‘I am not a Robot’ verification and submit.
Link Intime India Online Portal
- Visit the web portal of Kfin Tech.
- Select the IPO of Happy Forgings from the dropdown menu.
- Enter either the PAN card number, application number, or DP client ID.
- Click ‘search’ to retrieve the allotment status for your application.
Conclusion ( Happy Forgings )
As the eagerly anticipated basis of allotment for Happy Forgings is slated to be unveiled on December 22, investors are strongly advised to stay tuned for timely updates. This comprehensive overview offers valuable insights into the entire trajectory of Happy Forgings’ IPO journey, encompassing crucial details such as subscription numbers and listing expectations. By providing a nuanced understanding of the company’s financial performance, market response, and potential growth prospects, this overview empowers investors to make well-informed decisions. Keeping a vigilant eye on these updates will enable investors to navigate the post-subscription phase with confidence, ensuring they are well-positioned to capitalize on opportunities and respond effectively to market dynamics.