Happy Forgings IPO
Happy Forgings IPO — date, price band, lot size & details 2023
Happy Forgings listed on 27 Dec 2023 at ₹1,000, 17.6% above the ₹850 issue price.
Happy Forgings makes safety critical heavy forged and high precision machined parts such as crankshafts and front axle beams for commercial vehicles, farm and industrial equipment. Its total income was Rs 1,202.27 crore in FY2023.
Stock price
Happy Forgings is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 19 Dec 2023
- Close 21 Dec 2023
- Allotment 22 Dec 2023
- Refund/credit 26 Dec 2023
- Listing 27 Dec 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 19 to 21 Dec, 2023 |
|---|---|
| Price Band | ₹808 – ₹850 |
| Face Value | ₹2 |
| Lot Size | 17 Shares |
| Issue Size | ₹1008.59 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,450 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 17 shares at the ₹850 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 17 | ₹14,450 |
| Retail (max) | 13 | 221 | ₹1,87,850 |
| S-HNI (min) | 14 | 238 | ₹2,02,300 |
| S-HNI (max) | 69 | 1,173 | ₹9,97,050 |
| B-HNI (min) | 70 | 1,190 | ₹10,11,500 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 590.81 crore in FY2021 to Rs 1,202.27 crore in FY2023.
- 02Profit after tax rose from Rs 86.45 crore in FY2021 to Rs 208.70 crore in FY2023.
- 03The source puts the PAT margin at 17.44%.
- 04Rs 400.00 crore of the issue was fresh capital for machinery and debt repayment.
- 05Net worth grew from Rs 645.16 crore on 31 March 2021 to Rs 1,103.33 crore on 30 September 2023.
Risks · 5
- 01The pre-issue P/E was 36.45 at the upper band of Rs 850, based on EPS of Rs 23.32.
- 02Demand follows the commercial vehicle and farm equipment cycles, and profit was Rs 119.30 crore in the six months to 30 September 2023.
- 03Rs 608.59 crore of the Rs 1,008.59 crore issue was offer for sale.
- 04Steel prices drive costs, and a few large OEMs account for much of the business. Borrowing was Rs 258.97 crore on 30 September 2023.
- 05Promoters and the promoter group held 88.24% before the issue and 78.6% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Happy Forgings offer document.
| Metric | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 1,489.80 | 1,326.17 | 1,129.87 | 876.38 |
| Total Income | 675.73 | 1,202.27 | 866.11 | 590.81 |
| Profit After Tax | 119.30 | 208.70 | 142.29 | 86.45 |
| NET Worth | 1,103.33 | 988.31 | 787.62 | 645.16 |
| Total Borrowing | 258.97 | 218.52 | 240.35 | 153.47 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Happy Forgings RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Happy Forgings IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹23.32 | ₹25.33 |
| P/E Ratio (x) | 36.45 | 33.56 |
| Market Cap at Offer Price (₹ Cr) | ₹4,348.41 | ₹4,003.36 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹850 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹393.73 Cr of the issue is earmarked to named objects.
About the company
Its products include crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, planetary carriers, suspension brackets and valve bodies.
In the automotive sector it supplies domestic and global OEMs that make commercial vehicles. In the non-automotive sector it supplies makers of farm equipment, off-highway vehicles and industrial equipment and machinery.
The IPO was Rs 1,008.59 crore, with Rs 400.00 crore of fresh issue and Rs 608.59 crore of offer for sale by the promoter HUF and investor India Business Excellence Fund. Rs 187.03 crore was planned for new plant and machinery and Rs 152.76 crore for prepaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Happy Forgings IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
125 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Motilal Oswal Investment Advisors
58 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: R K Swamy (-13.2%).
Equirus Capital Pvt.Ltd.
34 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Metro Brands (-12.6%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Frequently asked
What is the GMP of Happy Forgings?
The current Grey Market Premium is ₹300, or 35% over the issue price.
What is the Happy Forgings IPO price band?
₹808 to ₹850, on a face value of ₹2.
When is the allotment?
The basis of allotment is 22 December 2023, with listing on 27 December 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
