New Delhi: Happy Forgings, a manufacturer specializing in heavy forgings and precision machined components, is set to reveal the basis of allotment for its recently concluded Initial Public Offering (IPO) on Friday, December 22. Bidders can anticipate receiving notifications via messages, alerts, or emails regarding the debit of funds or revocations of their IPO mandates over the weekend or by Tuesday.
The IPO, which was open for subscription from December 19 to December 21, saw a robust response from investors. Happy Forgings offered its shares in the price range of Rs 808-850 per share, with a lot size of 17 shares. (Also Read: SGB Tranche III To Close Today: Here’s How To Buy It In Few Clicks)
The company aimed to raise approximately Rs 1,008.59 crore through the primary offering, comprising a fresh shares sale of Rs 400 crore and an offer-for-sale (OFS) of up to 47,05,882 equity shares. (Also Read: This State Government Announces 4% DA Hike For Its Employees)
The IPO witnessed substantial oversubscription, with an overall subscription rate of 82.04 times. Qualified institutional bidders (QIBs) showed significant interest, subscribing 220.48 times, while non-institutional investors subscribed 62.17 times. Retail investors also participated actively, with a subscription rate of 15.09 times the reserved quota.
The Grey Market Premium (GMP) for Happy Forgings has remained stable, reflecting the strong interest from QIB investors amidst market volatility. As of the latest information, the company commands a premium of Rs 420-440 per share, indicating a potential listing pop of 48-52 percent for investors.
Happy Forgings, incorporated in July 1979, operates three manufacturing facilities in Ludhiana, Punjab, specifically in Kanganwal and Dugri. The company has positioned itself as a key player in the design and production of heavy forgings and high-precision machined components.