Happy Steels IPO opens today; GMP, subscriptions status, other key details of SME IPO
Happy Steels IPO price band is set at ₹62 to ₹66 per share, and the IPO lot size is 2,000 shares. The company aims to raise ₹25 crore from the book-building issue, which is entirely a fresh issue of 37.88 equity shares.
Happy Steels IPO: The initial public offering (IPO) automotive component manufacturer Happy Steels Ltd opened for public subscription today, July 9, Thursday, and will close on July 13, Monday.
Happy Steels IPO price band is set at ₹62 to ₹66 per share, and the IPO lot size is 2,000 shares. The minimum investment amount required by a retail individual investor is ₹2,64,000. The company aims to raise ₹25 crore from the book-building issue, which is entirely a fresh issue of 37.88 equity shares.
The company proposes to utilise the net issue proceeds for capital expenditure towards purchase of additional plant and machinery for the existing manufacturing unit, repayment or prepayment of term loans to banks, and for general corporate purposes.
The SME IPO allotment date is likely July 14, and the IPO listing date is July 16. Happy Steels shares will be listed on the NSE Emerge, a platform for SME companies.
Share India Capital Services Pvt. Ltd. is the book running lead manager and Bigshare Services Pvt. Ltd. is the Happy Steels IPO registrar.
Happy Steels IPO Subscription Status
Happy Steels IPO has been subscribed 35% so far on July 9, the first day of the bidding process, according to NSE data at 2:40 PM.
The public issue is subscribed 30% in the Retail Individual Investors category, and 64% in the Non-Institutional Investors (NII) segment. The Qualified Institutional Buyers (QIB) category has received 21% subscription so far.
Happy Steels IPO GMP Today
Happy Steels shares are commanding a decent grey market premium (GMP). According to experts, Happy Steels IPO GMP today is ₹5 per share. This indicates that in the grey market, Happy Steels shares are trading higher by ₹5 apiece than the issue price.
Considering the Happy Steels IPO GMP today, the estimated listing price of the stock would be ₹71 apiece, which is at a premium of 7.58% to the issue price of ₹66 per share.