Happy Forgings IPO subscribed 82 times on last day. How other IPOs fared?

Happy Forgings and Credo Brands IPO secured a robust subscription, while RBZ Jewellers' also attracted a decent response.

Updated on: Dec 21, 2023, 21:40:28 IST

By HT News Desk

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Happy Forgings' IPO saw an overwhelming response, garnering an 82.04 times subscription on the last day of bidding. In a similar trend, Credo Brands Marketing, the owner of Mufti, experienced a robust 51.85 times subscription. RBZ Jewellers' ₹100 crore IPO received a subscription of 16.86 times.

IPO stands for Initial Public Offering and it is when the promoters of the company in question for the first time want to raise additional funds by offering shares of the company.

Happy Forgings IPO

On the last day of bidding, Happy Forgings, an auto components maker, witnessed an overwhelming response with a subscription of 82.04 times, driven by high demand from institutional buyers. The ₹1,008.6 crore-initial share sale received bids for 68,62,98,398 shares against the available 83,65,639 shares, as per NSE data.

Notably, the Qualified Institutional Buyers (QIBs) category saw an exceptional subscription of 220.48 times, while non-institutional investors subscribed 62.17 times, and Retail Individual Investors (RIIs) subscribed 15.09 times.

The IPO included a fresh issue of up to ₹400 crore and an offer for sale of up to 71,59,920 equity shares at a price range of ₹808-850 per share.

Credo Brands IPO

Credo Brands Marketing, owner of denim brand Mufti, experienced a robust subscription of 51.85 times for its ₹549.77 crore-initial share sale on the closing day. The demand was propelled by institutional buyers, resulting in bids for 71,26,92,325 shares against the offered 1,37,44,472 shares.

QIBs exhibited a remarkable subscription of 104.95 times, while non-institutional investors subscribed 55.51 times, and RIIs subscribed 19.94 times.

The IPO, comprising 1,96,34,960 equity shares, had a price range of ₹266-280 per share.

RBZ Jewellers IPO

RBZ Jewellers' ₹100 crore-initial share sale received a subscription of 16.86 times on the closing day. Bids for 13,31,88,450 shares were received against the offered 79,00,000 shares, according to NSE data.

RIIs showed strong interest with a subscription of 24.74 times, while QIBs subscribed 13.43 times, and non-institutional investors subscribed 9.27 times.

The offer of 1 crore equity shares had a price range of ₹95-100 apiece.

(Inputs from PTI)

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