Happy Forgings IPO fully subscribed: GMP, subscription status, review, other details. Apply or not?

Happy Forgings IPO: The initial public offering (IPO) of Happy Forgings Limited has opened today and it will remain open till 21st December 2023 i.e. till Thursaday this week. This means, Happy Forgings IPO date of subscription will remain open from Tuesday to Thursday this week. The heavy forging maker company has fixed Happy Forgings IPO price band at ₹808 to ₹850 per equity share. It aims to raise ₹1,008.59 crore from its initial offer. The public issue is proposed for listing on BSE and NSE.

Meanwhile, shares of Happy Forgings Ltd are available for trade in unlisted market. According to stock market observers, Happy Forgings shares are available at a premium of ₹411 in grey market today.

Happy Forgings IPO subscription status

By 2:12 PM on day one of bidding, the public issue has been subscribed 1.33 times whereas its retail portion has been subscribed 1.90 times. The NII portion of the public issue has been subscribed 1.70 times.

Also Read: DOMS IPO allotment declared: GMP, how to check application status online as focus shifts on listing date

Important Happy Forgings IPO details

Here we list out important Happy Forgings IPO details:

1] Happy Forgings IPO GMP: Shares of the company are available at a premium of ₹411 in grey market today, say market observers.

2] Happy Forgings IPO price: The heavy forgins maker company has fixed Happy Forgings IPO price band at ₹808 to ₹850 per equity share.

3] Happy Forgings IPO date: The public offer has opened today and it will remain open till 21st December 2023 i.e. till Thursday this week.

4] Happy Forgings IPO size: The company aims to raise ₹1,008.59 crore from this public issue out of which ₹400 crore is aimed via issuance of fresh shares. Rest ₹608.59 crore is reserved for OFS (offer for sale).

5] Happy Forgings IPO lot size: A bidder will be able to apply in lots and one lot of the IPO comprises 17 company shares.

6] Happy Forgings IPO allotment date: In the wake of T+3 listing rule, most likely date for share allocation is 22nd December 2023.

7] Happy Forgings IPO registrar: Link Intime India Private Limited has been appointed as official registrar of the public offer.

8] Happy Forgings IPO listing: The public issue is proposed for listing on BSE and NSE.

9] Happy Forgings IPO listing date: The likely date for share listing is 27th December 2023.

Happy Forgings IPO: Apply or not?

10] Happy Forgings IPO review: Advising investors to apply for listing gains only, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, "In FY23, company's revenue increase by near 39 per cent while its PAT (profit After Tax) went up near 47 per cent, which signals strong fundamentals of the company. But, the issue is priced slightly higher and hence some consolidation is expected after positive listing. As the primary market is over crowded, the public issue may have apositive listing. Hence, one can apply for the Happy Forgings IPO for listing gains."

Giving 'subscribe' tag to Happy Forgings IPO, Parth Shah, Research Analyst at StoxBox said, "With the global forging and machining market estimated to grow at a CAGR of 5.2% by 2029 the Indian crankshaft market for automotive, farm tractors and industrial engines estimated to grow at a CAGR of 8.3% value between fiscal 2024 and 2029, the company emerges as the one-stop solution to cater to such market demand in the automotive and non-automotive segments. On the financial performance front, the company’s Revenue/EBITDA/PAT grew at a CAGR of 43%/46.6%/55.4% during the FY2021-23 period. On the upper price band, the issue is valued at a P/E of 36.4x based on FY2023 earnings which we feel is fairly valued. We, therefore, recommend a “Subscribe” rating for the issue."

Swastika Investmart has also given 'apply' tag to this public offer while JM Financial Securities has not rated this IPO.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.