Happy Forgings IPO allotment: Happy Forgings successfully conducted its Initial Public Offering (IPO) within the pricing bracket of Rs 808-850 per share, featuring a lot size of 17 shares. The bidding window for this offering was open from December 19 to December 21.
Happy Forgings IPO allotment: During this period, the company sought to generate approximately Rs 1,008.59 crore through its primary offering. This included a fresh shares sale amounting to Rs 400 crore and an offer-for-sale (OFS) involving up to 47,05,882 equity shares.
Remarkably, the subscription for the IPO reached an outstanding 82.04 times overall. Qualified institutional bidders (QIBs) subscribed a staggering 220.48 times, while the non-institutional investors’ category showed a subscription of 62.17 times. Retail investors subscribed at a rate of 15.09 times.
Happy Forgings’ Grey Market Premium (GMP) remained resilient, maintaining stability amid robust bidding from QIB investors amidst heightened market volatility. The company currently commands a premium of Rs 420-440 per share, hinting at a potential listing surge of 48-52 percent for investors.
Established in July 1979, Happy Forgings is an Indian manufacturer specializing in the design and production of heavy forgings and high-precision machined components. The company operates three manufacturing facilities, two in Kanganwal and one in Dugri, all situated in Ludhiana, Punjab.
Brokerage firms expressed predominantly positive sentiments regarding Happy Forgings’ IPO, recommending subscription based on its robust business models, escalating demand for its products, enduring customer relationships, solid financial performance, and a consistent growth track record. However, concerns were raised regarding pricing power with major clients and intense market competition.
The book running lead managers for the IPO include JM Financial, Axis Capital, Equirus Capital, and Motilal Oswal Investment Advisors. Link Intime India serves as the registrar for the issue. The listing of company shares is anticipated on both BSE and NSE, with a tentative date set for December 27, Wednesday.
Investors participating in the Happy Forgings IPO can verify their allotment status on the BSE website’s IPO application check page. Select “Happy Forgings Limited” under the issue type, enter the application number, and add the PAN card number before completing the ‘I am not a Robot’ verification and submitting the form.
Additionally, the allotment status can be verified through the online portal of Link Intime India, the registrar to the issue. Visit the Kfin Tech web portal, choose the Happy Forgings IPO in the dropdown menu, and enter the PAN card number, application number, or DP client ID in the designated tab. Click ‘search’ to retrieve the allotment status for the application.
Disclaimer: Country Connect News provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.