Leading engineering manufacturer Happy Forgings made its stock market debut with a strong performance by listing on the Bombay Stock Exchange (BSE) at ₹1001.25 per Share price on debut revealed a huge premium of 17.79% over the issue price of ₹850 in each share.
Shares of Happy Forgings opened at ₹1,000 each on the National Stock Exchange (NSE), boasting a 17.64% yield over the issue price. The first successful market follows the completion of an initial public offering (IPO) on December 21, with the IPO shares closing on December 22 and a listing date set for Wednesday
The Happy Forgings IPO generated tremendous interest from investors, reaching an impressive oversubscription of 82.63 times. The retail investor segment registered 15.40 times, Non-Institutional Investors (NII) showed strong interest with 63.45 times and Qualified Institutions a Buyer (QIBs) led with a subscription of 214.65 times.
The IPO, totaling ₹1,008.59 crore, has a fresh issue of 47 lakh shares valued at ₹400 crore and an offer for sale (OFS) of 72 lakh shares totaling ₹608.59 crore The price band for the IPO ranged from ₹808 to ₹850 per share.
JM Financial, Axis Capital, Equirus Capital and Motilal Oswal Financial Advisors acted as lead agents for the underwriting of the Happy Forgings IPO, with Link Intime India Pvt Ltd acting as IPO underwriter
The company plans to use the proceeds of the IPO to purchase equipment, plant and machinery, prepay certain outstanding loans and for general corporate purposes
Happy Forging will continue to manufacture, beginning in fiscal year 2023, the fourth largest technology leading manufacturer of rugged, safety critical, heavy duty and precision machines
