Happy Forgings makes strong market debut, lists 18% above IPO price

Happy Forgings, a heavy forgings and high-precision machine components maker, on December 27 listed 18.2 per cent premium at Rs 1,001.25 on BSE, while on NSE the stock got listed at Rs 1,000.

Ahead of the listing, the company's shares were trading at a premium of Rs 235 in the grey market.

The Punjab-based firm's share sale via initial public offering (IPO), which had opened for subscription on December 19, was subscribed 82 times last week.

Preceding its IPO listing, the company had announced its plans to raise Rs 1,008.59 crore via fresh issue of Rs 400 crore, and an OFS totalling Rs 608.59 crore.

The price band set by the enterprise was Rs 808-850 per share, while a retail investor could have bid for 17 shares in a single lot.

At the upper end of the price band, a single lot of Happy Forgings shares is priced at Rs 14,450.

The company had reserved 50 per cent shares in the IPO for qualified institutional buyers (QIBs), including large shareholders such as banks, foreign institutional investors (FIIs), mutual funds (MFs) and insurance companies.

The company had reserved 35 per cent shares for retail investors and 15 per cent for non-institutional investors (NIIs).

Happy Forgings Limited is involved in manufactures, designs and tests various products such as crankshafts, front axle carriers, steering knuckles, and differential housings.

The company's customer base includes players like Mahindra & Mahindra Limited, AAM India Manufacturing Corporation Private Limited, and Ashok Leyland Limited.

JM Financial Limited, Axis Capital Limited, Equirus Capital Private Limited and Motilal Oswal Investment Advisors Limited were the book running lead managers for the IPO, while Link Intime India was the registrar to the issue.

As of 10:34 am, Happy Forgings was trading 18.40 per cent higher at Rs 1,006.40.