Happy Forgings IPO Day 3! Check The GMP, Subscription Status

Happy Forgings

Happy Forgings IPO Day 3! Check The GMP, Subscription Status, And Other Important Information. This Issue Has Been Subscribed To Over Nine Times Already

A wide range of investors have shown a great deal of interest in Happy Forgings Ltd.’s first public offering. Happy Forgings IPO’s bidding will conclude today, December 21, after opening on December 19.

Happy Forgings Ltd is a manufacturer of precision machined components. It intends to use the initial public offering (IPO) to raise ₹1,008.59 crore.

Let’s examine the subscription status, Happy Forgings IPO GMP today, and other important information:

Status of Happy Forgings IPO Subscription

The third and last day of the bidding procedure, December 21, had 9.11 subscriptions for Happy Forgings IPO. According to statistics available on the NSE till 10:35 am, the public issue got bids for 7.61 crore equity shares as opposed to 83.65 lakh shares on the offer.

Thus far, the IPO has received subscriptions from individual investors 8.61 times and non-institutional investors (NII) 21.22 times. Of this, 49% was reserved for Qualified Institutional Buyers (QIBs).

Happy IPO GMP Day, Forgings

According to market observers, Happy Forgings’ current grey market premium, or GMP, is ₹435 per share for its IPO. This shows that the grey market price of Happy Forgings shares is ₹435 greater per share than their IPO price of ₹850.

Happy Forgings’ share listing is anticipated to be at a premium of 51.18% to the issue price, which is ₹1,285 per share, taking into account the IPO price and the GMP today.

Details of Happy Forgings’ IPO

Happy Forging’s initial public offering (IPO) opened for bids on December 19 and will end on December 21. A new issuance of equity shares valued at ₹400 crore and an offer for sale (OFS) of 71.59 lakh shares make up the ₹1,008.59 crore IPO.

The IPO price range for Happy Forgings is ₹808 to ₹850 per share. Retail investors must deposit a minimum of ₹14,450, and the IPO lot size is 17 shares.

The shares will be listed on the BSE and NSE stock exchanges, with a provisional listing date of December 27, after the IPO allotment is anticipated to be finalized on December 22.

Prior to its IPO launch, Happy Forgings secured ₹303 crore from anchor investors. According to a stock market filing, it has given the 25 anchor investors 35,59,740 equity shares at a price of ₹850 each.

JM Financial, Axis Capital, Equirus Capital, and Motilal Oswal Investment Advisors are the book-running lead managers of the Happy Forgings IPO, while Link Intime India Private Ltd. is the IPO registrar.

Happy Forgings Ltd. plans to use the net issue proceeds for general corporate objectives, the acquisition of machinery, plant, and equipment, and the full or partial settlement of certain existing debts.

Review of Happy Forgings’ IPO

Happy Forgings has set itself apart from the competition by concentrating on creating heavier, highly precise, critical, and value-added products for a variety of end-use sectors, most of which have very tight tolerances. According to brokerage firm Nirmal Bang, this has resulted in the corporation garnering much greater margins and return ratios when compared to others.

“Subscribing to the IPO is recommended as the company’s valuation of 38.4x FY23 P/E looks attractive when compared to peers,” the brokerage firm said.

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