Happy Steels Limited
Bookbuilding IPO · NSE
- Price band
- ₹62 - ₹66
- Lot size
- 2,000 shares
- Issue amount
- ₹25 cr
- Total subscription
- 77.89×
- Opens
- 9 Jul 2026
- Closes
- 13 Jul 2026
- Allotment
- 14 Jul 2026
- Listing
- 16 Jul 2026
Offer at a glance
Issue overview
- Issue size
- 37,88,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,24,000
- Fresh issue
- ₹25 cr
- Offer for sale
- ₹0 cr
- Registrar
- Bigshare Services Private Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,32,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,04,98,180
- Shares after issue
- 1,42,86,180
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 4,000 | ₹2,64,000 |
| sHNI | 3 | 6,000 | ₹3,96,000 |
| bHNI | 8 | 16,000 | ₹10,56,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 13 Jul 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 43 |
| NIB | 0 | 5,267 |
| RETAIL | 315 | 23,074 |
| HNIs(10L +) | 60 | 2,858 |
| HNIs (2-10L) | 30 | 2,409 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 4.77 | 281.2 |
| FIIs | 0 | 16.02 |
| FIs | 0 | 0.48 |
| Others | 0 | 264.7 |
| RETAIL | 8.32 | 609.15 |
| NIB | 3.56 | 406.11 |
| HNIs 2+ | 1.19 | 98.91 |
| HNIs 10+ | 2.38 | 307.2 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 6.77 | 2.23 | 4.47 |
| ROE | 19.49 | 7.39 | 16.63 |
| ROCE | 20.89 | 13.07 | 20.11 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 9.76 | 0 | 0 |
| POST IPO(PE) | 13.28 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Happy Steels Limited | 9.76 | 66.00 | 10.00 | 35.07 | 10.68 | 3.75 |
| EMM Force Autotech Limited | 33.33 | 131.00 | 10.00 | 41.92 | 4.71 | 3.93 |
| Kross Limited | 26.84 | 207.81 | 5.00 | 41.89 | 4.14 | 7.74 |
| Gna Axles Limited | 17.34 | 450.85 | 10.00 | 161.22 | 5.75 | 25.99 |
Company information
Company profile
Happy Steels Limited was incorporated in 1996 and is engaged in manufacturing axles, axle shafts, and precision-engineered forged and machined components for the automotive industry. The company is part of an industrial group with over five decades of engineering experience and supplies products to leading automobile OEMs in India and international markets. Its modern manufacturing facility is equipped with advanced forging, heat treatment, and CNC machining technologies to produce high-quality automotive components. Happy Steels follows strict quality control standards at every stage of production and is certified under IATF 16949:2016. The company has also received several "Best Supplier" awards from leading automotive manufacturers for its quality, reliability, and consistent performance, while continuing to expand its presence in both domestic and global markets.
Strengths
- Integrated Manufacturing: The company manages the entire manufacturing process in-house, ensuring better quality control and operational efficiency.
- Safety-Critical Product Portfolio: It manufactures essential components used in automobiles, defence, electric vehicles, and off-highway applications, contributing to safety and performance.
- Strong Industry Experience: With nearly 30 years of experience, the company has developed strong expertise in forging, heat treatment, precision machining, and quality management.
Risk factors
- Supplier Dependency: The company relies on a limited number of suppliers for key raw materials. Any disruption in supply or price increases could affect production.
- High Capital Requirement: The business requires significant investment and working capital to support operations and future expansion.
- Raw Material & Energy Cost Risk: Changes in the prices of steel, electricity, fuel, and other key inputs may increase costs and impact profitability.
Promoters
Mr. Parveen Kumar Garg
Mr. Abhishek Garg
Mr. Deepak Garg
Parveen Kumar Garg (HUF)
Registrar & documents
Lead manager
Master Capital Services Limited, Share India Capital Services Private Limited
Registrar & contacts
Bigshare Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Kanganwal Road, Jaspal Banger, Ludhiana, Punjab, 141122
+91 6239821029
[email protected]Company website ↗Understanding HAPPY IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.