IPO Details
Bidding Dates
18 Dec '23 - 20 Dec '23
Minimum Investment
₹14,450 / 1 Lots ( 17 Shares )
Price Range
₹808 - ₹850
Maximum Investment
₹187,850 / 13 Lots ( 221 Shares )
Retail Discount
Not Applicable
Issue Size
₹1,008.59 Cr
Investor category and sub category
Retail Individual Investors | Non-Institutional Investors | Qualified Institutional Buyers (QIB) |IPO Dates
Important dates with respect to IPO allotment and listing
Opening Date
Dec 18, 2023
Closing Date
Dec 20, 2023
Basis of Allotment
Dec 21, 2023
Initiation of Refunds
Dec 25, 2023
Credit of Shares to Demat
Dec 25, 2023
Listing Date
Dec 26, 2023
Cut-off time for UPI mandate confirmation
Dec 20, 2023
IPO Subscription Details
| Date | QIB | NII | Retail | Total |
|---|---|---|---|---|
Day 1Dec 18, 2023 |
0.01x | 3.68x | 3.17x | 2.38x |
Day 2Dec 19, 2023 |
0.02x | 5.45x | 4.12x | 3.23x |
IPO Subscription Live Status
| Investor Category | Subscription (Times) |
|---|---|
| Qualified Institutions Buyers | 0.02 |
| Non-Institutional Buyers | 5.45 |
| Retail Investors | 4.12 |
| Total | 3.23 |
About Happy Forgings Limited
Happy Forgings Limited is the fourth largest manufacturer specialising in complex, safety-critical, heavy forged, and high-precision machined components as of fiscal 2023. The company's operations are vertically integrated, encompassing engineering, process design, testing, manufacturing, and the supply of various components that contribute significantly to both margins and value.
The firm primarily serves domestic and international original equipment manufacturers (OEMs) in the automotive industry, particularly those producing commercial vehicles. In the non-automotive sector, their clientele includes manufacturers of farm equipment, off-highway vehicles, and a range of industrial equipment and machinery catering to sectors such as oil and gas, power generation, railways, and wind turbine industries.
With over four decades of expertise in manufacturing and supplying high-quality, complex components tailored to customer specifications, Happy Forgings Limited has established itself as a dominant force in India's crankshaft manufacturing sector. They are recognised for having the second-largest production capacity for commercial vehicles and high-horsepower industrial crankshafts in India.
Industry Outlook
- India's manufacturing sector is a magnet for foreign investments, with projections indicating a potential value of $1 trillion by 2025.
- The global market for forging and machining is expected to grow significantly. In 2023, the forging market is valued at about US$ 71.9 billion and the machining market at US$ 52.5 billion.
- By 2029, they're projected to reach US$ 97.0 billion and US$ 71.2 billion, respectively, growing at a CAGR of around 5.1% and 5.2%.
- Specifically, in the non-automotive sector (including farm equipment, off-highway vehicles, and industrial machinery), the forging and machining markets are valued at US$ 35.2 billion and US$ 13.3 billion in 2023 and are expected to grow to US$ 47.4 billion and US$ 18.0 billion by 2029.
Happy Forgings Limited IPO Details
Happy Forgings Limited IPO Dates
The IPO of Happy Forgings Limited is open for subscription from December 19, 2023 to December 21, 2023.
Happy Forgings Limited IPO's Price Band
Happy Forgings Limited’s IPO is a fresh issue and offer for sale IPO. It is a book-building issue. The exact price range is yet to be announced.
Happy Forgings Limited IPO's Lot Size
The exact lot size is not announced yet.
Happy Forgings Limited IPO's Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Purchase of equipment, plant and machinery.
- Prepayment of all or a portion of certain outstanding borrowings availed by our Company.
- General corporate purposes.
How To Check the Allotment Status of Happy Forgings Limited’s IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- As such, Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Happy Forgings Limited
Registered office: B XXIX, 2254/1, Kanganwal Road, P.O. Jugiana, Ludhiana – 141 120, Punjab, India
Contact Person: Bindu Garg (Company Secretary and Compliance Officer)
Phone: +91 161 5217162
Company Financials
| Particulars | Year ending on March 31, 2023 | Year ending on March 31, 2022 | Year ending on March 31, 2021 |
|---|---|---|---|
| Total Income | 12,022.71 | 8,661.05 | 5,908.13 |
| EBITDA Margin (%) | 28.49% | 26.85% | 27.14% |
| Profit After Tax (PAT) | 2,087.01 | 1,422.89 | 864.48 |
| PAT Margin (%) | 17.44% | 16.54% | 14.78% |
| Total Borrowings | 2,589.74 | 2,623.44 | 2,185.16 |
| Cash & Cash Equivalents | 0.13 | 0.20 | 28.87 |
| Debt to Equity Ratio(x) | 0.22 | 0.31 | 0.24 |
| Return on Equity (%) | 23.50% | 19.86% | 14.36% |
| Return on Capital Employed (RoCE) (%) | 24.24% | 19.38% | 16.13% |
| Earning Per Share (EPS) in absolute ₹ | 23.32 | 15.90 | 9.66 |
Know before investing
Strengths
5-
The company's strong performance record underscores its proficiency in infrastructure and building, contributing to its emphasis on capital efficiency.
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Maintaining enduring and robust relationships with clients across various industries, the company fosters brand loyalty among its customer base.
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As India's fourth largest producer in engineering, the company specializes in creating complex, precision-engineered, safety-critical, and heavy forged components. The industry's high barriers to entry limit competition.
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The firm benefits from the leadership of a team of seasoned professionals and a skilled senior management team.
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With a versatile business approach, Happy Forgings Limited maintains a significant presence in the market.
Risks
3-
Happy Forgings Limited's financial well-being is largely influenced by the fulfilment of its top 10 clients' needs. Losing business from any of these key clients could significantly impact the company's financial health.
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The company's operations are closely tied to the performance of certain sectors, such as agricultural equipment, commercial vehicles, and off-highway vehicles, both in India and abroad. Should these industries face downturns, it could lead to a decline in Happy Forgings Limited's revenue.
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The company operates under stringent standards, including those pertaining to quality and timely delivery. The inability to meet these standards might result in the termination of contracts with their clients.
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Happy Forgings Ltd IPO FAQs
Happy Forgings Limited IPO is a fresh issue and offer for sale IPO. It is a book-building issue.
The Happy Forgings Limited’s shares will be allotted on December 22, 2023.
The IPO subscription window for Happy Forgings Limited will open on December 19, 2023.
The exact lot size is 17 Shares.
Happy Forgings Limited will be listed on BSE and NSE. The stock will be listed on December 27, 2023.
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app
- Go to the IPO Section and then to IPO Orders
- Select the individual IPO that you had applied for and check the allotment status.
- As such, Angel One will notify you of your IPO allotment status via push notification and email.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.
Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
