Happy Forgings Limited IPO Detail
Incorporated in July 1979, Happy Forgings Limited is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high precision machined components. The company manufactures, designs and tests various products such as crankshafts, front axle carriers, steering knuckles, differential housings, transmission parts, pinion shafts, suspension products and valve bodies for different industries and customers.
The company's customer base includes AAM India Manufacturing Corporation Private Limited, Ashok Leyland Limited, Bonfiglioli Transmissions Private Limited, Dana India, IBCC Industries (India) Private Limited, International Tractors Limited, JCB India Limited, Liebherr CMCtec India Private Limited, Mahindra & Mahindra Limited, Meritor HVS AB, Meritor Heavy Vehicle Systems Cameri SPA, SML ISUZU Limited, Swaraj Engines Limited, Same Deutz Fahr India Private Limited, Tata Cummins Private Limited, Watson & Chalin India Private Limited (Hendrickson India Commercial Vehicle Systems), and Yanmar Engine Manufacturing India Private Limited.
The company has served customers in various regions including Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkey, the United Kingdom and the United States of America. Happy Forging Limited has three manufacturing facilities, two in Kanganwal and one in Dugri, all located in Ludhiana, Punjab. As of FY 2023, the operational revenue of the company has increased by 43.02%. As of September 2023, the company has installed 10 robots across all its manufacturing facilities.
Competitive strengths of the company are:- Integration of manufacturing operations with in-house product and process development capabilities has resulted in a diverse product portfolio with increasing value addition. The diversified business model positions the company well to capitalize on potential alternative motor technologies.
The company has established long-standing relationships with customers in various industries. In addition, the track record reflects the company's ability to consistently build capabilities and infrastructure with a focus on capital efficiency. The company's experienced promoters and senior management team continue to strengthen its market position
The company's customer base includes AAM India Manufacturing Corporation Private Limited, Ashok Leyland Limited, Bonfiglioli Transmissions Private Limited, Dana India, IBCC Industries (India) Private Limited, International Tractors Limited, JCB India Limited, Liebherr CMCtec India Private Limited, Mahindra & Mahindra Limited, Meritor HVS AB, Meritor Heavy Vehicle Systems Cameri SPA, SML ISUZU Limited, Swaraj Engines Limited, Same Deutz Fahr India Private Limited, Tata Cummins Private Limited, Watson & Chalin India Private Limited (Hendrickson India Commercial Vehicle Systems), and Yanmar Engine Manufacturing India Private Limited.
The company has served customers in various regions including Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkey, the United Kingdom and the United States of America. Happy Forging Limited has three manufacturing facilities, two in Kanganwal and one in Dugri, all located in Ludhiana, Punjab. As of FY 2023, the operational revenue of the company has increased by 43.02%. As of September 2023, the company has installed 10 robots across all its manufacturing facilities.
Competitive strengths of the company are:- Integration of manufacturing operations with in-house product and process development capabilities has resulted in a diverse product portfolio with increasing value addition. The diversified business model positions the company well to capitalize on potential alternative motor technologies.
The company has established long-standing relationships with customers in various industries. In addition, the track record reflects the company's ability to consistently build capabilities and infrastructure with a focus on capital efficiency. The company's experienced promoters and senior management team continue to strengthen its market position
Company Promoters
aritosh Kumar, Ashish Garg, Megha Garg, Ayush Capital & Financial Services Private Limited, Garg Family Trust, Paritosh Kumar Garg (HUF) and Ashish Garg & Sons (HUF)IPO Details
| IPO Opening Date | Dec 19, 2023 |
| IPO Closing Date | Dec 21, 2023 |
| Issue Type | Book Built Issue IPO |
| Face Value | ₹2 per equity share |
| IPO Price | ₹808 - 850 per equity share |
| Market Lot | 17 Shares |
| Min Order Quantity | 17 Shares |
| Listing At | BSE, NSE |
| Issue Size | ₹1,008.59 Cr |
| Fresh Issue | ₹400.00 Cr |
| Offer for Sale | ₹608.59 Cr |
| Retail Portion | 35% |
IPO Subscription (Bidding Detail)
| AS On | QIB | SHNI | BHNI | NII | RII | TOTAL |
|---|---|---|---|---|---|---|
| Day 1 | 0.01x | - | - | 3.67x | 3.13x | 2.36x |
| Day 2 | 0.44x | - | - | 16.88x | 7.69x | 7.59x |
| Day 3 | 214.65x | - | - | 63.45x | 15.40x | 82.63x |
IPO Tentative Timetable
The Happy Forgings Limited IPO open date is Dec 19, 2023, and the close date is Dec 21, 2023. The issue may list on Dec 27, 2023.
| IPO Open Date | Dec 19, 2023 |
| IPO Close Date | Dec 21, 2023 |
| Basis of Allotment Date | Dec 22, 2023 |
| Initiation of Refunds | Dec 26, 2023 |
| Credit of Shares to Demat Account | Dec 26, 2023 |
| IPO Listing Date | Dec 27, 2023 |
IPO Lot Size
The Happy Forgings Limited IPO market lot size is 17 shares. A retail-individual investor can apply for up to 13 lots (221 shares or ₹187850).
| Application | Lots | Shares | Amount (Cut-off) |
|---|---|---|---|
| Minimum | 1 | 17 | ₹14450 |
| Maximum | 13 | 221 | ₹187850 |
IPO Promoter Holding
| Pre Issue Share Holding | 88.24% |
| Post Issue Share Holding | 78.60% |
Company Financials:
For the year/period ended (₹ in Cr.)
| Financial Year | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 31-Mar-22 | 1129.87 | 866.11 | 142.29 |
| 31-Mar-23 | 1326.17 | 1202.27 | 208.70 |
Objects of the Issue:
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
- Purchase of equipment, plant and machinery.
- Prepayment of all or a portion of certain outstanding borrowings availed by the Company and
- General corporate purposes.
Happy Forgings Limited IPO Registrar:
Link Intime India Private Ltd
Happy Forgings Limited IPO Lead Manager(s):
Jm Financial Limited Axis Capital Limited Equirus Capital Private Limited Motilal Oswal Investment Advisors Limited
Company Contact Information:
Happy Forgings Limited
B XXIX, 2254/1,
Kanganwal Road, P.O. Jugiana,
Ludhiana – 141 120,
