Happy Forgings Limited is the 4th largest engineering led manufacturer of complex and safety critical, heavy forged and high precision machined components. Through their vertically integrated operations, they are engaged in engineering, process design, testing, manufacturing, and supply of a variety of components that are both margin accretive and value-additive.
The company produces a wide variety of products, such as crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, pinion shafts, suspension products, and valve bodies, that cater to different industries and customers.
It has an extensive customer base, which includes well-known names like 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.
Over the years, the company has successfully served customers across different 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.
Happy Forgings IPO – Details
| IPO Opening Date | 19 December 2023 |
| IPO Closing Date | 21 December 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 1,18,65,802 Shares Worth ₹1008.59 Crore Fresh Issue: 47,05,882 Shares Worth ₹400.00 Crore Offer For Sale: 71,59,920 Shares Worth ₹608.59 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹808 – ₹850 |
| Market Lot | 17 Shares |
| Min Order | 17 Shares ( 1 Lot) |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Limited |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Happy Forgings IPO – Date Schedule
| IPO Open Date | 19 December 2023 |
| IPO Close Date | 21 December 2023 |
| Basis of Allotment Date | 22 December 2023 |
| Initiation of Refund | 26 December 2023 |
| Credit of Shares to Demat Account | 26 December 2023 |
| IPO Listing Date | 27 December 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on 21 December 2023 |
Happy Forgings IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 17 | 14450 |
| Retail (Max) | 13 | 221 | 187,850 |
| S-HNI (Min) | 14 | 238 | 2,02,300 |
| S-HNI (Max) | 69 | 1173 | 9,97,050 |
| B-HNI (Min) | 70 | 1190 | 10,11,500 |
Competitive Strengths
- 4th largest engineering led manufacturer of complex and safety critical, heavy forged and high precision machined components in India;
- Integrated manufacturing operations coupled with in-house product and process design capabilities;
- Diversified business model;
- Long-standing relationships with customers across industries;
- Track record of consistently building capabilities and infrastructure, with focus on capital efficiency;
- Track record of healthy financial performance.
Company Promoters
- Paritosh Kumar
- Ashish Garg
- Megha Garg
- Ayush Capital & Financial Services Private Limited
- Garg Family Trust
- Paritosh Kumar Garg (HUF)
- Ashish Garg & Sons (HUF)
Company Financials (Restated Consolidated)
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 | 866.10 | 674.05 | 142.28 | 240.35 |
| 31 March 2023 | 1202.27 | 922.24 | 208.70 | 218.51 |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 21.12% |
| ROCE | 24.24% |
| EPS (Rs) | 23.32 |
| RoNW | 21.12% |
Object Of The Issue
- 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 IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 2 | Bharat Forge Limited | 102.63 |
| 2 | 5 | Craftsman Automation Limited | 43.92 |
| 3 | 2 | Ramkrishna Forgings Limited | 49.36 |
| 4 | 10 | Sona BLW Precision Forgings Limited | 85.56 |
Happy Forgings IPO Promoter Holding
| Pre Issue Share Holding | 88.24% |
| Post Issue Share Holding | 78.60% |
Happy Forgings IPO Prospectus
Company Contact Information
| Happy Forgings Limited B XXIX, 2254/1, Kanganwal Road, P.O. Jugiana, Ludhiana – 141 120, Phone: +91 161 5217162 Email: complianceofficer@ha ppyforgingsltd.co.in Website: http://www.happyforgingsltd.com/ |
Happy Forgings IPO Registrar
| Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: happyforgings.ipo@linkintime.co.in Website: https://linkintime.co.in/mipo/ipoallotment.html |
Happy Forgings IPO Lead Manager(s)
| 1. JM Financial Limited 2. Axis Capital Limited 3. Equirus Capital Private Limited 4. Motilal Oswal Investment Advisors Limited |
Happy Forgings IPO FAQs
| What is Happy Forgings IPO? Happy Forgings IPO is a main-board IPO. The issue is priced at ₹808 to ₹850 per equity share. The IPO is to be listed on BSE & NSE. |
| When Happy Forgings IPO will open? The IPO is to open on 19 December 2023 for QIB, NII, and Retail Investors. |
| What is Happy Forgings IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Happy Forgings IPO? You can apply Happy Forgings IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Happy Forgings IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Happy Forgings”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Happy Forgings IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Happy Forgings“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Happy Forgings IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Happy Forgings”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Happy Forgings IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Happy Forgings”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Happy Forgings IPO Size? Happy Forgings IPO size is ₹1008.59 Crore. |
| What is Happy Forgings IPO Price Band? Happy Forgings IPO Price Band is ₹808 to ₹850. |
| What is Happy Forgings IPO Minimum and Maximum Lot Size? The minimum bid is 17 Shares with ₹14,450 amount while the maximum bid is 221 Shares with ₹187,850. |
| What is the Happy Forgings IPO Allotment Date? Happy Forgings IPO allotment date is 22 December 2023. |
| What is the Happy Forgings IPO Listing Date? Happy Forgings IPO listing date is 27 December 2023. The IPO is to list on BSE and NSE. |
