Happy Forgings Launch IPO | Launch Happy Forgings IPO Today

Happy Forgings Launch IPO  

Incorporated in July 1979, Happy Forgings is an Indian manufacturer, specialising in designing and manufacturing heavy forgings and high-precision machined components.
Happy Forgings' initial public offering (IPO) will open for public bidding on Tuesday, December 19. The forging company is offering its shares in the price band of Rs 808-850 apiece. The lot size has been fixed at 17 equity shares. The IPO would conclude on Thursday, December 21.

Happy Forgings, which was incorporated in July 1979, is an Indian manufacturer specialising in designing and manufacturing heavy forgings and high-precision machined components. Happy Forging  has three manufacturing facilities in Ludhiana, Punjab: two in Kanganwal, one in Dugri,.

Happy Forgings seeks to raise a total of Rs 1,008.59 crore via IPO. This  would include a fresh sale of shares worth Rs 400 crore, in addition to an offer for sale of 71,59,920 shares by its promoter Paritosh Kumar Garg (HUF) and investor India Business Excellence Fund.
The net proceeds from the IPO will be used to purchase equipment, plant and machinery and  prepay outstanding borrowings.
 
The company manufactures and designs various products, including crankshafts, front axle carriers, steering knuckles, differential housings, transmission parts, pinion shafts, suspension products, and valve bodies. It has a global customer base, serving industries in Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkey, the United Kingdom, and the United States of America.

Happy Forgings’ notable clients included AAM India, Ashok Leyland, Bonfiglioli Transmissions, Dana India, IBCC Industries, International Tractors, JCB India, Mahindra & Mahindra, SML ISUZU, and Swaraj Engines.
 
 Ahead of its IPO, Happy Forgings raised Rs 302.60 crore,  as it finalised allocation of 35,59,740 shares to anchor investors at a price of Rs 850 apiece. Marquee names in the anchor book included Morgan Stanley, Ashoka Whiteoak ICAV, Optimix Wholesale Global Emerging Markets Share Trust, Janchor Partners, East Bridge Capital Master Fund.

 
The company has reserved half of the issue or 50 per cent for the qualified institutional bidders (QIBs), while the quota for retail investors in the net offer has been reserved at 35 per cent. The Remaining 15 per cent of the IPO shares will be allocated to noninstitutional investors.

JM Financial, Axis Capital, Equirus Capital, and Motilal Oswal Investment Advisors are the book running lead managers for the IPO, with Link In time India Private Ltd serving as the registrar. The listing of Happy Forgings shares is expected on December 27, with trading available on both BSE and NSE.