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Initial Public Offering: Happy Forgings Limited
Happy Forgings Limited, a renowned Indian forging company, is set to embark on its initial public offering (IPO) journey, opening for public bidding on Tuesday, December 19. Let’s delve into the key details and what this means for investors.
Happy Forgings Limited: Crafting Quality Since 1979
Incorporated in July 1979, Happy Forgings Limited specializes in designing and manufacturing heavy forgings and high-precision machined components. With three manufacturing facilities in Ludhiana, Punjab, the company has made a mark with two locations in Kanganwal and one in Dugri.
Happy Forgings IPO Details: What Investors Need to Know
The IPO offers shares in the price band of Rs 808-850 apiece, with a fixed lot size of 17 equity shares. The bidding window will be open until Thursday, December 21. The company aims to raise a total of Rs 1,008.59 crore through the IPO, with a fresh sale of shares worth Rs 400 crore and an offer for sale of 71,59,920 shares by its promoter Paritosh Kumar Garg (HUF) and investor India Business Excellence Fund.
Utilization of Funds: A Strategic Approach
The net proceeds from the IPO will be strategically utilized by Happy Forgings. The company plans to invest in purchasing equipment, plant and machinery, and prepaying outstanding borrowings, reinforcing its commitment to growth and financial stability.
Happy Forgings Limited: Global Presence
Happy Forgings has a diverse product line, including crankshafts, front axle carriers, steering knuckles, differential housings, transmission parts, pinion shafts, suspension products, and valve bodies. With a global customer base spanning Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkey, the United Kingdom, and the United States of America, the company has established itself as a key player in the international market.
Impressive Clientele: A Testament to Quality
Counting AAM India, Ashok Leyland, Bonfiglioli Transmissions, Dana India, IBCC Industries, International Tractors, JCB India, Mahindra & Mahindra, SML ISUZU, and Swaraj Engines among its notable clients, Happy Forgings boasts a clientele that speaks volumes about the quality and reliability of its products.
Anchor Investor Interest: A Positive Prelude
Prior to the IPO, Happy Forgings secured Rs 302.60 crore by allocating 35,59,740 shares to anchor investors at Rs 850 apiece. Leading names in the anchor book included Morgan Stanley, Ashoka Whiteoak ICAV, Optimix Wholesale Global Emerging Markets Share Trust, Janchor Partners, and East Bridge Capital Master Fund.
Happy Forgings IPO Allocation: Opening Opportunities for Investors
The Happy Forgings IPO has allocated 50 percent of the issue for qualified institutional bidders (QIBs), with 35 percent reserved for retail investors. The remaining 15 percent of IPO shares will be allocated to non-institutional investors.
Key Players in the Happy Forgings IPO Journey
JM Financial, Axis Capital, Equirus Capital, and Motilal Oswal Investment Advisors serve as the book running lead managers for the IPO, while Link Intime India Private Ltd acts as the registrar. Happy Forgings’ shares are expected to be listed on both BSE and NSE on December 27, providing investors with a new avenue for trading.
As the IPO opens, brokerage firms are expressing their views on Happy Forgings’ potential, making it an exciting time for investors looking to be part of the forging giant’s public debut.
Upcoming IPOs in December 2023
RBZ Jewellers IPO
Ahmedabad-based RBZ Jewellers looks to raise Rs 100 crore through a fresh issue of 1 crore shares. Priced between Rs 95-100, this IPO opens on December 19 and concludes on December 21.
Credo Brands IPO
Mufti jeans maker, Credo Brands, steps into the IPO arena on December 19, aiming to raise Rs 550 crore with a price band of Rs 266-280. The subscription window spans from December 19 to December 21.
Azad Engineering IPO
Azad Engineering’s IPO opens on December 20 and closes on December 22, featuring a price band of Rs 499-524. Comprising a fresh equity of Rs 240 crore and an offer for sale (OFS) of Rs 500 crore, this IPO is poised to attract investor attention.
SME IPOs: Unlocking Growth Potential
Apart from the mainboard IPOs, the SME segment is set to witness public offers from Sahara Maritime, Electro Force, Shanti Spintex, and Trident Techlabs. These smaller enterprises aim to collectively mobilize Rs 135 crore, presenting unique investment avenues.
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