IPO Details

Bidding Dates

19 Dec '23 - 21 Dec '23

Minimum Investment

₹14,450 / 1 Lots ( 17 Shares )

Price Range

₹808 - ₹850

Maximum Investment

₹187,850 / 13 Lots ( 221 Shares )

Retail Discount

Not Applicable

Issue Size

₹1,008.59 Cr

Investor category and sub category

Retail Individual Investors  |   Non-Institutional Investors  |   Qualified Institutional Buyers (QIB)  |  

IPO Dates

Important dates with respect to IPO allotment and listing

Opening Date

Dec 19, 2023

Closing Date

Dec 21, 2023

Basis of Allotment

Dec 22, 2023

Initiation of Refunds

Dec 26, 2023

Credit of Shares to Demat

Dec 26, 2023

Listing Date

Dec 27, 2023

Cut-off time for UPI mandate confirmation

Dec 21, 2023

IPO Subscription Details


Day 1Dec 19, 2023

0.01x 3.68x 3.17x 2.38x

Day 2Dec 20, 2023

0.02x 5.45x 4.12x 3.23x

IPO Subscription Live Status

Investor Category Subscription (Times)
Qualified Institutions Buyers 0.02
Non-Institutional Buyers 5.45
Retail Investors 4.12
Total 3.23

About Happy Forgings Limited

Happy Forgings Limited is the fourth largest manufacturer specialising in complex, safety-critical, heavy forged, and high-precision machined components as of fiscal 2023. The company's operations are vertically integrated, encompassing engineering, process design, testing, manufacturing, and the supply of various components that contribute significantly to both margins and value.

The firm primarily serves domestic and international original equipment manufacturers (OEMs) in the automotive industry, particularly those producing commercial vehicles. In the non-automotive sector, their clientele includes manufacturers of farm equipment, off-highway vehicles, and a range of industrial equipment and machinery catering to sectors such as oil and gas, power generation, railways, and wind turbine industries.

With over four decades of expertise in manufacturing and supplying high-quality, complex components tailored to customer specifications, Happy Forgings Limited has established itself as a dominant force in India's crankshaft manufacturing sector. They are recognised for having the second-largest production capacity for commercial vehicles and high-horsepower industrial crankshafts in India.

Industry Outlook

  1. India's manufacturing sector is a magnet for foreign investments, with projections indicating a potential value of $1 trillion by 2025.
  2. The global market for forging and machining is expected to grow significantly. In 2023, the forging market is valued at about US$ 71.9 billion and the machining market at US$ 52.5 billion.
  3. By 2029, they're projected to reach US$ 97.0 billion and US$ 71.2 billion, respectively, growing at a CAGR of around 5.1% and 5.2%.
  4. Specifically, in the non-automotive sector (including farm equipment, off-highway vehicles, and industrial machinery), the forging and machining markets are valued at US$ 35.2 billion and US$ 13.3 billion in 2023 and are expected to grow to US$ 47.4 billion and US$ 18.0 billion by 2029.

Happy Forgings Limited IPO Details

Happy Forgings Limited IPO Dates

The IPO of Happy Forgings Limited is open for subscription from December 19, 2023 to December 21, 2023.

Happy Forgings Limited IPO's Price Band

Happy Forgings Limited’s IPO is a fresh issue and offer for sale IPO. It is a book-building issue. The exact price range is yet to be announced.

Happy Forgings Limited IPO's Lot Size

The exact lot size is not announced yet.

Happy Forgings Limited IPO's Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Purchase of equipment, plant and machinery.
  2. Prepayment of all or a portion of certain outstanding borrowings availed by our Company.
  3. General corporate purposes.

How To Check the Allotment Status of Happy Forgings Limited’s IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app.
  • Go to the IPO Section and then to IPO Orders.
  • Select the individual IPO that you had applied for and check the allotment status.
  • As such, Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Happy Forgings Limited

Registered office: B XXIX, 2254/1, Kanganwal Road, P.O. Jugiana, Ludhiana – 141 120, Punjab, India

Contact Person: Bindu Garg (Company Secretary and Compliance Officer)

Phone: +91 161 5217162

E-mail: complianceofficer@happyforgingsltd.co.in

Company Financials

Particulars Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Total Income 12,022.71 8,661.05 5,908.13
EBITDA Margin (%) 28.49% 26.85% 27.14%
Profit After Tax (PAT) 2,087.01 1,422.89 864.48
PAT Margin (%) 17.44% 16.54% 14.78%
Total Borrowings 2,589.74 2,623.44 2,185.16
Cash & Cash Equivalents 0.13 0.20 28.87
Debt to Equity Ratio(x) 0.22 0.31 0.24
Return on Equity (%) 23.50% 19.86% 14.36%
Return on Capital Employed (RoCE) (%) 24.24% 19.38% 16.13%
Earning Per Share (EPS) in absolute ₹ 23.32 15.90 9.66

Know before investing


  1. The company's strong performance record underscores its proficiency in infrastructure and building, contributing to its emphasis on capital efficiency.

  2. Maintaining enduring and robust relationships with clients across various industries, the company fosters brand loyalty among its customer base.

  3. As India's fourth largest producer in engineering, the company specializes in creating complex, precision-engineered, safety-critical, and heavy forged components. The industry's high barriers to entry limit competition.

  4. The firm benefits from the leadership of a team of seasoned professionals and a skilled senior management team.

  5. With a versatile business approach, Happy Forgings Limited maintains a significant presence in the market.


  1. Happy Forgings Limited's financial well-being is largely influenced by the fulfilment of its top 10 clients' needs. Losing business from any of these key clients could significantly impact the company's financial health.

  2. The company's operations are closely tied to the performance of certain sectors, such as agricultural equipment, commercial vehicles, and off-highway vehicles, both in India and abroad. Should these industries face downturns, it could lead to a decline in Happy Forgings Limited's revenue.

  3. The company operates under stringent standards, including those pertaining to quality and timely delivery. The inability to meet these standards might result in the termination of contracts with their clients.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Happy Forgings Ltd IPO FAQs

What is Happy Forgings Limited's IPO?

Happy Forgings Limited IPO is a fresh issue and offer for sale IPO. It is a book-building issue.

When will Happy Forgings Limited's IPO be allotted?

The Happy Forgings Limited’s shares will be allotted on December 22, 2023.

When will Happy Forgings Limited's IPO open for subscription?

The IPO subscription window for Happy Forgings Limited will open on December 19, 2023.

What minimum lot size can retail investors subscribe to?

The exact lot size is 17 Shares.

When will Happy Forgings Limited list on exchanges?

Happy Forgings Limited will be listed on BSE and NSE. The stock will be listed on December 27, 2023.

How do I check the allotment status of Happy Forgings Limited?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders
  • Select the individual IPO that you had applied for and check the allotment status.
  • As such, Angel One will notify you of your IPO allotment status via push notification and email.

What would be the listing gains on Happy Forgings Limited IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for Happy Forgings Limited, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Happy Forgings Limited's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Happy Forgings Limited using one PAN?

You can submit only one application using your PAN card.