Happy Forgings IPO: Earning opportunity! Retail investors pounce on machine parts manufacturing company, know GMP and details
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Happy Forgings IPO: There is special enthusiasm in the market regarding Happy Forgings Limited, a machine parts manufacturing company. IPO On the second day, retail investors subscribed it three times. On Wednesday, the second day of share sale, subscription was received 7.46 times. According to the data, bids were received for 6,23,78,219 shares on the second day against the total offer of 83,65,639 shares. The company has fixed the price range of Rs 808 to Rs 850 per share for the Rs 1,008 crore IPO. 16.49 times subscription was received in the category of non-institutional investors. On the other hand, the share of retail individual investors (RII) was subscribed 7.40 times and the share of qualified institutional investors (QIB) got 45 percent subscription. The IPO involves issuance of new shares worth Rs 400 crore and offer for sale of 71.6 lakh shares by the promoter and shareholders (OFS) is included. The IPO will close today. The Ludhiana-based company’s customers include domestic and global Original Equipment Manufacturers (OEMs) from the commercial vehicle sector. The company aims to raise ₹1,008.59 crore from the IPO ending today.
Happy Forgings IPO Details
Happy Forgings IPO worth ₹1,008.59 crore opened for subscription on December 19 and will close on December 21. The IPO comprises a fresh issue of equity shares worth ₹400 crore and an offer for sale (OFS) of 71.59 lakh shares. The price range of the IPO has been set at ₹808 to ₹850 per share. The IPO lot size is 17 shares and the minimum investment amount required for retail investors is ₹14,450. The shares will be listed on both the stock exchanges – BSE and NSE, with the provisional listing date fixed for December 27. The company has raised ₹303 crore from anchor investors even before the opening of its IPO. According to stock exchange filings, it has allotted 35,59,740 equity shares to 25 anchor investors at ₹850 per share. JM Financial, Axis Capital, Equirus Capital and Motilal Oswal Investment Advisors are the book running lead managers to the Happy Forgings IPO, while Link Intime India Pvt Ltd is the IPO registrar.
Happy Forgings IPO Subscription Status
Happy Forgings IPO was subscribed 2.31 times on December 19, the first day of the bidding process. According to data available on NSE, the public issue received bids for 1.93 crore equity shares against 83.65 lakh shares on offer. The IPO has so far been subscribed 3.02 times in the retail category and 3.58 times in the non-institutional investor (NII) category. Qualified Institutional Buyers (QIB) portion was booked at 1%.
Happy Forgings IPO GMP Today
According to market observers, Happy Forgings IPO GMP today or gray market premium today is ₹415 per share. This shows that Happy Forgings shares are trading at a 48.82% premium to the issue price of ₹1,265 in the gray market. Swastika Investmart Ltd says Happy Forgings’ attractive valuation of 36.44x P/E coupled with its impressive track record and promising outlook, makes it a worthy investment option for investors looking to invest in the manufacturing sector. The brokerage firm has given ‘Subscribe’ rating to the IPO for listing gains and long term.
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