Happy Forgings Limited IPO
Happy Forgings Limited IPO
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Happy Forgings Limited's has transitioned to a publicly listed entity following its IPO debut on 27-12-2023 at the NSE, BSE exchange. The public offering successfully raised 1,18,65,802 Shares, consisting of 47,05,882 Sharesin new capital and ₹608.00 Cr in existing shareholder sales.
The IPO featured a competitive price range of ₹808 to ₹850 and minimum application size of 17 shares. Market reception was evidenced through subscription activity between 19-12-2023 and 21-12-2023, reflecting investor appetite for the offering.
Allotment of shares was completed on 23-12-2023, distributing equity to successful applicants. The listing marked the beginning of the company's journey as a publicly traded corporation, subject to market dynamics and regulatory oversight.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Happy Forgings IPO About Company
Incorporated in July 1979, Happy Forgings Limited is a leading Indian manufacturer of heavy forgings and high-precision machined components like crankshafts, front axle carriers, steering knuckles, differential housings and suspension parts. The company supplies to major OEMs such as Ashok Leyland, Mahindra, JCB, Tata Cummins and many global customers across the USA, UK, Brazil, Italy, Japan and more. It operates three manufacturing facilities in Ludhiana, Punjab and has installed 10 robots for automation. In FY 2023, the company’s operating revenue grew by 43.02%. With strong manufacturing integration, diversified products and experienced management, Happy Forgings is well-positioned for future growth.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Happy Forgings IPO Strength Factors
- Integrated Operations: In-house design, manufacturing, and process development ensure high-quality, value-added production.
- Future-Ready Business Model: Diversified portfolio positions the company well for evolving motor technologies.
- Strong Customer Relationships: Decades-long engagements with key industry players.
- Proven Track Record: Demonstrated history of strategic growth and efficient use of capital.
- Experienced Leadership: Promoters and senior management with deep industry expertise.
Happy Forgings IPO Risk Factors
NA
Happy Forgings IPO Lead Manager(s)
- Jm Financial Limited
- Axis Capital Limited
- Equirus Capital Private Limited
- Motilal Oswal Investment Advisors Limited
Happy Forgings IPO Promoter(s)
- Paritosh Kumar
- Ashish Garg, Megha Garg
- Ayush Capital & Financial Services Private Limited
- Garg Family Trust
- Paritosh Kumar Garg (HUF)
- Ashish Garg & Sons (HUF)
Happy Forgings IPO FAQs
Happy Forgings Limited IPO subscribed 82.04 times. The public issue subscribed 15.09 times in the retail category,220.48times in QIB, and 68.46 times in the HNI (10+) category byNovember 4, 2025 10:18:25 AM (Day 4).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Happy Forgings IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Happy Forgings IPO FAQs
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