IPO details · Updated
Happy Steels Limited
- Price Band
- ₹62 – ₹66
- Lot Size
- 2,000 shares
- Min. Investment
- ₹1,32,000
- Issue Size
- ₹25 Cr
- Offer Dates
- 9 Jul – 13 Jul 2026
- Listing
- 16 Jul 2026
Issue Details
- Total Issue Size
- ₹25 Cr
- 37,88,000 shares
- Fresh Issue
- ₹25 Cr
- 37,88,000 shares
- Offer for Sale
- ₹0 Cr
- Face Value
- ₹10 per share
- Issue Type
- Book-built IPO
- Listing At
- NSE SME
- Shares Pre-Issue
- 1,04,98,180
- Shares Post-Issue
- 1,42,86,180
IPO Timeline
Offer opens
9 Jul 2026
Offer closes
13 Jul 2026
Allotment
14 Jul 2026
Listing
16 Jul 2026
Issue Allocation
Share of the offer reserved for each investor category
- Anchor28.4%10,76,000 shares
- QIB19.1%7,22,000 shares
- HNI14.3%5,40,000 shares
- Retail33.3%12,60,000 shares
- MarketMaker5.0%1,90,000 shares
Subscription Status
Times subscribed by investor category
| Category | Offered | Bids | Subscribed |
|---|---|---|---|
| QIB | 7,22,000 | 4,26,05,220 | 59.01x |
| NII | 5,40,000 | 6,13,44,000 | 113.60x |
| Retail | 12,60,000 | 9,22,95,000 | 73.25x |
| Total | 25,22,000 | 19,62,44,220 | 77.81x |
Lot Size & Investment
1 lot = 2,000 shares
Retail (min)
2 lots · 4,000 shares
Retail (max)
2 lots · 4,000 shares
S-HNI (min)
3 lots · 6,000 shares
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 2 | 4,000 | ₹2,64,000 |
| Small HNI (S-HNI) | 3 | 6,000 | ₹3,96,000 |
| Big HNI (B-HNI) | 8 | 16,000 | ₹10,56,000 |
Financial Performance
Restated figures in ₹ crore, unless stated otherwise
| Period | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 99.66 | 78.62 | 78.37 |
| Total Income | 96.57 | 82.52 | 82.24 |
| Profit After Tax | 7.1 | 2.34 | 4.69 |
| EBITDA | 15.27 | 8.49 | 11.08 |
| Net Worth | 39.98 | 32.88 | 30.54 |
| Reserves & Surplus | 29.48 | 31.38 | 29.04 |
| Total Borrowing | 47.18 | 34.21 | 35.69 |
Key Performance Indicators
| Period | Mar-26 |
|---|---|
| ROE (%) | 19.49 |
| ROCE (%) | 20.89 |
| EPS (₹) | 6.77 |
| P/E (pre-issue) | 9.76 |
| P/E (post-issue) | 13.28 |
Peer Comparison
Listed companies in the same business
| Company | P/E | ROE |
|---|---|---|
| EMM Force Autotech Limited | 19.39 | 9.04% |
| Kross Limited | 21.34 | 11.27% |
| Gna Axles Limited | 13.61 | 11.65% |
About Happy Steels Limited
Incorporated in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle (EV), and defence applications. The company operates across the complete manufacturing value chain, with capabilities spanning raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This integrated process framework enables the company to deliver components with defined mechanical properties, high dimensional accuracy, and consistent quality in line with stringent customer specifications. Its product portfolio includes a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components that play a crucial role in vehicle performance and safety. These products are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas markets. The company operates a manufacturing facility in Ludhiana, Punjab, covering approximately 16,427 square yards with an installed capacity of 8,640.00 MT per annum for cutting operations, 7,776.00 MT per annum for forging, and 5,861.21 MT per annum for machining, enabling scalable production across multiple product categories. As of May 31, 2026, Happy Steel Ltd. employed 403 personnel across various departments, supporting operations, quality assurance, engineering, and management functions. Competitive Strengths: Integrated manufacturing capabilities enabling diversified product offerings with enhanced value addition. Strong focus on safety-critical and load-bearing components. In-house expertise across forging, heat treatment, precision machining, and quality control Robust quality management systems aligned with automotive industry standards Diversified domestic and international customer base Scalable manufacturing infrastructure supporting future growth
Objects of the Issue
- Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit (₹13.16 Cr)
- Repayment/ Prepayment of Term Loans to Banks (₹4.98 Cr)
- General Corporate Purposes (₹3.62 Cr)
- Issue Expenses (₹3.24 Cr)
Promoters
- <p>Parveen Kumar Garg
- Abhishek Garg
- Deepak Garg
- Parveen Kumar Garg (HUF)</p>
Company Information
- Book running lead managers
- Share India Capital Services Pvt.Ltd.
- Master Capital Services Ltd.
- Registered office
- Kanganwal Road, Jaspal, Banger, Ludhiana, Punjab, 141122
- Market maker
- Share India Securities Ltd.
Official Documents
Opens the source filing in a new tab
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Disclaimer: Data on OpenIPO is for information only and is not investment advice. OpenIPO is not a SEBI-registered entity. GMP figures are unofficial estimates and may change. Verify all details against the company RHP and the official registrar before investing.