Happy Forgings IPO to open on Dec 19: Key things to know about ₹1009-crore public issue

For the IPO, which will close on December 31, the company has fixed the price band at ₹808-850 per equity share at ₹2 face value.

Published on: Dec 15, 2023, 13:53:43 IST

By HT News Desk, New Delhi

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Initial public offerings (IPOs) of several companies will open for subscription in the coming week. Among these, is the public issue of Happy Forgings; the company's IPO will open on December 19 and close on December 21.

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Ahead of the IPO's opening, here are key things you must know about it:

Important dates: December 19 (opening), December 21 (closing), December 22 (basis of allotment of shares to be finalised), December 26 (refunds to be initiated; shares to be credited to the allottees' demat account), and December 27 (listing on stock exchanges)

Price Band: The offering's price band has been fixed at ₹808-850 per equity share at ₹2 face value.

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Offer details: Happy Forgings intends to raise ₹1009-crore through the issue, which is a combination of fresh issue of ₹400 crore worth of shares, and an offer for sale (OFS) of 71.6 lakh shares by the existing shareholders.

Paritosh Kumar Garg, the promoter, is offering 49.2 lakh equity shares, and India Business Excellence Fund-III, the investor, is offering the remaining 22.4 lakh shares. Their respective stake in the firm is 88.24% and 11.76%.

Lot size: Investors can bid for a minimum of 17 equity shares and in multiples of 17 after that. The minimum investment by a retail investor must, therefore, be ₹13,736 (17*lower price band limit of ₹808).

Share reservation: 50% for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NIIs).

Issue objectives: With the net proceeds, Happy Forgings plans to finance the following goals – buying machinery, plant, and equipment; paying off all or a portion of some outstanding loans that the company has taken out; and general corporate purposes.

Company profile: Established in July 1979, Happy Forgings is a homegrown manufacturer with expertise in designing, manufacturing heavy forgings, and high-precision machine components. On its website, the firm says it is the ‘fourth-largest engineering-led manufacturer of complex and safety critical, heavy forged and high precision machined components in India.’

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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