Happy Forgings IPO day 1: Retail leads as IPO subscribed 0.76 times

19 Dec 2023 , 12:28 PM

The Rs 1,009-crore initial public offering (IPO) of Happy Forgings opened for subscription on Tuesday, and as of 12:27 PM on the first day, it has received bids for 61,53,524 shares out of 83,65,639 equity shares available for subscription.  Click here to subscribe the IPO.

The retail portion of the Happy Forgings IPO has been subscribed 1.17 times, indicating strong interest from individual investors. However, the non-institutional investor (NII) portion of the public issue has been subscribed 0.76 times.

Happy Forgings, an engineering-led manufacturer specializing in safety-critical, heavy-forged, and high-precision machined components, offers a diverse range of products, including crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, planetary carriers, suspension brackets, and valve bodies.

The price band for the IPO is set at Rs 808-850 per share, and investors can bid for a minimum of 17 shares in one lot, with multiples thereafter. 

The IPO, which closes on December 21, comprises a fresh equity issue of Rs 400 crore and an offer-for-sale (OFS) of 71.59 lakh shares.

The OFS includes the sale of 49.22 lakh shares by promoter Paritosh Kumar Garg and 22.37 lakh shares by investor India Business Excellence Fund. The public issue has been subscribed 0.76 times overall, with the retail portion subscribed 1.17 times and the non-institutional investor (NII) portion subscribed 0.76 times.