Happy Steels IPO Subscription Status
Happy Steels IPO was subscribed 77.89 times when bidding closed on 13 Jul 2026: QIB 59.01x, NII 113.95x, Retail 73.25x.
The Happy Steels IPO has been subscribed 77.89x times overall. Retail investors have shown interest with bids for 73.25x the shares available. The Non-Institutional Investor (NII) category has been subscribed 113.95x. Within NII, Big HNI (B-HNI) subscribed 129.29x and Small HNI (S-HNI) subscribed 83.26x. Qualified Institutional Buyers (QIBs) have subscribed 59.01x. Data last updated on 03 Sep, 02:49 PM.
The IPO subscription period has ended. Given the strong demand, the allotment process is expected to be highly competitive. The issue opened on 09 Jul, 2026 and closes on 13 Jul, 2026. The shares are expected to list on stock exchanges on 16 Jul, 2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Live bidding
Shares bid against shares offered, category by category, as published by the exchanges. Switch to Detailed for the exchange's own sub-category rows.
| Category | Bid details | Times |
|---|---|---|
| Anchor Investors | - of 10,76,000 | 1.00x |
| QIB | 4,26,06,000 of 7,22,000 43 applications | 59.01x |
| NII | 6,15,32,000 of 5,40,000 5,267 applications | 113.95x |
| Retail | 9,22,96,000 of 12,60,000 23,074 applications | 73.25x |
| TOTAL | 19,64,34,000 28,384 applications | 77.89x |
Subscription insights
What the current book is saying, read off the category numbers above.
Retail Allotment
High demand detected. The retail category is heavily oversubscribed, making the allotment a lottery where only 1 out of every 74 applicants will be successful.
Institutional Backing
Massive institutional interest with QIBs subscribing 59.01x. This often signals long-term confidence from professional funds.
Day-wise subscription history
End-of-day subscription across the 3-day bidding window. On phones, tap a day for the category split.
| Date | Total | ||
|---|---|---|---|
|
13 Jul 2026
Day 3 |
77.89x | ▼ | |
|
QIB59.01x
NII113.95x
Retail73.25x
|
|||
|
10 Jul 2026
Day 2 |
3.17x | ▼ | |
|
QIB0.63x
NII5.74x
Retail3.53x
|
|||
|
09 Jul 2026
Day 1 |
0.59x | ▼ | |
|
QIB0.21x
NII1.31x
Retail0.51x
|
|||
Happy Steels SME IPO dates
From the bidding window to listing. Today is 3 October.
- Open 09 Jul 2026
- Close 13 Jul 2026
- Allotment 14 Jul 2026
- Refund/credit 15 Jul 2026
- Listing 16 Jul 2026
Happy Steels IPO allotment probability
Your odds of an allotment in each category at the current subscription.
Odds marked with applicant counts are computed from the exchange's actual application data (applicants ÷ allotment slots); others assume minimum-size bids at the current subscription multiple. Retail and HNI allotment is by SEBI-mandated lottery of the minimum application when oversubscribed; QIB allotment is proportionate. Numbers move until subscription closes. This is not investment advice.
What does this subscription data mean?
IPO subscription data tells you how much demand exists for the shares being offered, broken down by investor category. Understanding each category helps you gauge the real sentiment behind the numbers:
- 01 QIB (Qualified Institutional Buyers) — includes mutual funds, FIIs, insurance companies, and banks. QIBs do deep due diligence before bidding. A QIB subscription above 10x is a strong institutional endorsement. Watch QIB numbers closely on the final day — they often hold back and flood in after 3 PM.
- 02 NII / HNI (Non-Institutional Investors) — high-net-worth individuals bidding above ₹2 lakh. NII allotment is proportionate (not lottery), so higher NII subscription means smaller per-lot allotment. Big HNI (B-HNI) bids above ₹10 lakh; Small HNI (S-HNI) bids ₹2–10 lakh.
- 03 Retail — individual investors bidding up to ₹2 lakh. When retail is below 1x, everyone who applied gets full allotment. When oversubscribed, SEBI mandates a computerised lottery — only 1 lot per successful applicant regardless of how many lots you apply for.
- 04 Overall Subscription — a blended multiple across all categories. A total subscription above 10x is considered strong; above 50x is exceptional and usually predicts strong listing gains.
Data sourced from BSE/NSE. Subscription numbers are updated during market hours (10 AM – 5 PM IST) on active subscription days.
Frequently asked
What is the current subscription status of Happy Steels IPO?
As of IPO close date (13 Jul, 2026), the Happy Steels IPO is subscribed 77.89x times. Retail category is 73.25x, and NII is 113.95x subscribed.
When is the allotment date for Happy Steels IPO?
The allotment for Happy Steels IPO is expected to be finalized on 14 July, 2026.
What is the GMP of Happy Steels?
The Grey Market Premium (GMP) for Happy Steels is currently ₹10, indicating a potential listing gain of 15.2%.
When will Happy Steels IPO list on the stock market?
Happy Steels is scheduled to list on BSE and NSE on 16 July, 2026.
What are the chances of getting allotment in Happy Steels IPO?
The retail category is oversubscribed at 73.25x, meaning allotment is by lottery. Statistically, approximately 1 in 74 applicants will receive allotment. Applying with multiple family member accounts (each at minimum lot size) improves your cumulative odds.
What does QIB subscription of 59.01x mean for Happy Steels IPO?
Strong — QIBs (mutual funds, FIIs, insurance companies) have subscribed 59.01x, indicating high institutional conviction. Heavy QIB demand is historically one of the strongest predictors of a positive listing.
How to check Happy Steels IPO allotment status?
After the allotment date (14 Jul, 2026), you can check your Happy Steels IPO allotment status on IPO Guru's allotment checker, on the BSE/NSE website using your PAN or application number, or through your broker's app.
Explore Happy Steels SME IPO further
Track every stage of this IPO, from subscription to listing.
It has listed — go back to the fundamentals.
Live grey market premium, Kostak and Subject to Sauda, with the day-wise trend.
What brokers and analysts are saying about this issue, in one place.
Check with your PAN whether shares were credited to your demat account.
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Not investment advice. Subscription figures are as published by BSE/NSE and change until bidding closes.
