The initial public offering (IPO) of Happy Forgings Ltd has witnessed robust demand, with the issue subscribed 82.63 times by the close of the bidding process on December 21, 2023. The company is now set to finalize the share allocation by Friday, December 22, while successful bidders will get allotment on December 26. Happy Forgings will subsequently make its stock market debut on December 27.
Happy Forgings IPO Receives Strong Response
The ₹1,008.59 crore Happy Forgings IPO comprised a fresh issue of 47 lakh shares worth ₹400 crore and an offer for sale (OFS) of 72 lakh equity shares aggregating to ₹608.59 crore.
The public issue has met with an overwhelming response across all categories of investors. The Qualified Institutional Buyers (QIB) portion was subscribed a massive 214.65 times, while Non-Institutional Investors (NII) bid for 63.45 times the shares set aside for them. The retail category saw bids for 15.40 times the allocation.
Check Allotment Status on BSE, NSE, Registrar’s Website
With bidding completed, investors who applied for the IPO can now check their allotment status online. The allotment information will be available on the website of the stock exchanges BSE and NSE.
Applicants can also visit the online portal of the IPO registrar, Link Intime India Private Ltd, to know if they have been allotted any shares. The registrar’s website allows checking application status through three options – Application No, DP ID/Client ID or PAN ID.
Here are the steps to check Happy Forgings IPO allotment status on BSE:
- Go to BSE’s website https://www.bseindia.com/investors/appli_check.aspx
- Select ‘Equity’ under Issue Type
- Choose ‘Happy Forgings Limited’ from the drop-down menu under Issue Name
- Enter Application Number or PAN
- Enter Captcha and click on Submit
The allotment status will be visible on the next screen. The same process can be followed on NSE’s website as well.
Happy Forgings IPO Allotment Likely Today
The share allocation for Happy Forgings IPO is expected to be finalized on Friday, December 22, 2023.
Link Intime will initiate refunds for unsuccessful applications, while shares will be credited to the demat accounts of eligible investors by Tuesday, December 26.
Trading of Happy Forgings shares will commence on Wednesday, December 27, 2023 upon the listing of the stock on BSE and NSE.
Happy Forgings IPO GMP at ₹406 Today
In the grey market today, Happy Forgings IPO GMP (grey market premium) stands at a strong ₹406 per equity share.
Considering the GMP and IPO price band of ₹850-865 per share, the stock may debut at around ₹1,256 which translates into a premium of 47.76% over the upper end of the price range.
About Happy Forgings IPO
Company Profile
Incorporated in 1988, Happy Forgings Limited is one of India’s leading forging companies engaged in manufacturing and supplying forged and machined components for diverse end-use industries.
The company has three strategically located manufacturing facilities in India with a total installed capacity of 75,000 MTPA.
Financials
For FY22, Happy Forgings clocked a total revenue from operations amounting to ₹1,039.68 crore compared to ₹876.56 crore in the previous year. Net profit stood at ₹102.83 crore, rising from ₹65.24 crore in FY21.
Use of IPO Proceeds
Out of the Rs 400 crore raised through the fresh issue, Happy Forgings will utilize:
- Rs 270 crore for debt payment
- Rs 65 crore for funding working capital requirements
- Remaining amount for general corporate purposes
The strong response seen in the IPO indicates robust investor appetite, and the listing is likely to be at a significant premium over the issue price. Retail investors will be closely tracking the trading debut of Happy Forgings shares on December 27, 2023.