Happy Steels IPO is a book-built SME issue worth ₹25 crore, consisting entirely of a fresh issue of 37.88 lakh equity shares. The IPO will open for subscription on July 9, 2026, and close on July 13, 2026. The basis of allotment is expected to be finalised on July 14, 2026, while the shares are likely to be listed on the NSE SME platform on July 16, 2026.
The IPO has a price band of ₹62 to ₹66 per share. Retail investors are required to apply for a minimum of 4,000 shares (2 lots), which translates to a minimum investment of ₹2,64,000 at the upper price band. For HNI investors, the minimum application size is 6,000 shares (3 lots), requiring an investment of ₹3,96,000.
Share India Capital Services Pvt. Ltd. is the book-running lead manager for the issue, Bigshare Services Pvt. Ltd. is the registrar, and Share India Securities Ltd. has been appointed as the market maker.
Industry Outlook
- The Indian auto component industry reported a combined turnover of ₹6.73 lakh crore in FY25, growing at a 14% CAGR between FY20 and FY25.
- Auto component exports are projected to reach ₹8.55 lakh crore by 2030, highlighting strong long-term growth potential.
- Exports currently contribute around 29% of India's total auto component manufacturing output, making the sector an important contributor to the country's exports.
- The US (32%), Europe (29.5%), and Asia (26%) are the key export markets for Indian auto components.
- Demand from Asian markets and the US continues to grow strongly, while demand in Europe has moderated.
- According to a McKinsey report, India's auto component exports are expected to exceed $70 billion by 2030.
- In India, the organised sector primarily supplies original equipment manufacturers (OEMs), while the unorganised sector mainly serves the aftermarket.
- The rapid adoption of electric vehicles (EVs) is expected to drive significant demand for EV-specific auto components, supported by the government's target of achieving 30% electric mobility by 2030.
- The Bharat New Car Assessment Program (BNCAP) is expected to strengthen the auto component ecosystem by encouraging advanced manufacturing, innovation, and adherence to global quality standards.
- India's competitive manufacturing costs continue to position it as an attractive sourcing hub for global automobile companies.
- The automotive axle market in India is projected to triple over the next decade, creating additional growth opportunities for component manufacturers.
Happy Steels IPO Objectives
The company intends to utilise the net proceeds from the IPO for the following purposes:
- ₹13.16 crore will be used for capital expenditure, primarily to purchase additional plant and machinery for its existing manufacturing facility.
- ₹4.98 crore will be allocated towards the repayment or prepayment of term loans availed from banks.
- The remaining funds will be utilised for general corporate purposes, including supporting the company's operational and business requirements.
About Happy Steels Limited
Happy Steels, incorporated in 1996, is an integrated manufacturer of safety-critical forged and machined transmission and driveline components used in on-highway vehicles, off-highway equipment, electric vehicles (EVs), and defence applications. The company manages the entire manufacturing process in-house, from raw material procurement and forging to heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packaging. This integrated approach helps ensure consistent quality, high dimensional accuracy, and compliance with stringent customer specifications.
The company's product portfolio includes axles, long spline shafts, spindles, and other safety-critical load-bearing components supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and international markets. Its manufacturing facility, located in Ludhiana, Punjab, spans approximately 16,427 square yards and has an installed annual capacity of 8,640 MT for cutting operations, 7,776 MT for forging, and 5,861.21 MT for machining. As of 31 May 2026, the company employed 403 people across operations, engineering, quality assurance, and management. Happy Steels' key strengths include its integrated manufacturing capabilities, expertise in forging and precision machining, robust quality management systems, diversified domestic and international customer base, strong focus on safety-critical components, and scalable manufacturing infrastructure that supports future growth.
How To Check the Allotment Status of the Happy Steels 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.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Happy Steels IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Happy Steels IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Happy Steels IPO
Registered Office:Happy Steels Ltd. Address- Kanganwal Road, Jaspal Banger, Ludhiana, Punjab, 141122
Phone: +91 6239821029
E-mail:cs@happysteels.com
Happy Steels IPO Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB (Qualified Institutional Buyers) | 17,98,000 | 49.97% | 47.47% |
| ├─ Anchor Investors | 10,76,000 | – | 28.41% |
| └─ QIB (Excluding Anchor Investors) | 7,22,000 | – | 19.06% |
| NII (HNI) | 5,40,000 | 15.01% | 14.26% |
| ├─ bNII (Above ₹10 lakh) | 3,60,000 | – | 9.50% |
| └─ sNII (Below ₹10 lakh) | 1,80,000 | – | 4.75% |
| Retail Individual Investors (RII) | 12,60,000 | 35.02% | 33.26% |
| Market Maker | 1,90,000 | – | 5.02% |
| Total Shares Offered | 37,88,000 | 100.00% | 100.00% |
Happy Steels IPO Promoter Holding
The promoters of the company are Parveen Kumar Garg, Abhishek Garg, Deepak Garg and Parveen Kumar Garg (HUF).
| Share Holding Pre-Issue | 99.33% |
| Share Holding Post Issue | 2.99% |
Happy Steels IPO Prospectus
Happy Steels IPO Registrar and Lead Managers
Happy Steels IPO Lead Managers
- Share India Capital Services Pvt.Ltd.
- Master Capital Services Ltd.
Registrar for Happy Steels IPO
Bigshare Services Pvt.Ltd.
- Contact Number: 8657578989/8069219065/8069219060
- Email Address: ipo@bigshareonline.com
Financial Performance of Happy Steels Limited
| Particulars (₹ Crore) | FY26 (Mar 31 2026) | FY25 (Mar 31 2025) | FY24 (Mar 31 2024) |
| Assets | 99.66 | 78.62 | 78.37 |
| Total Income | 96.57 | 82.52 | 82.24 |
| Profit After Tax (PAT) | 7.10 | 2.34 | 4.69 |
| EBITDA | 15.27 | 8.49 | 11.08 |
| Net Worth | 39.98 | 32.88 | 30.54 |
| Reserves and Surplus | 29.48 | 31.38 | 29.04 |
| Total Borrowings | 47.18 | 34.21 | 35.69 |
Happy Steels Limited Peer Details Comparison
| Company | EPS (Basic) (₹) | NAV per Share (₹) | P/E (x) | RoNW (%) | P/BV Ratio (x) |
| Happy Steels | 6.77 | 38.09 | NA | 17.76 | NA |
| EMM Force Autotech | 5.88 | 44.52 | 19.39 | 9.04 | 2.59 |
| Kross | 8.56 | 75.92 | 21.34 | 11.27 | 2.43 |
| GNA Axles | 27.24 | 223.89 | 13.61 | 11.65 | 1.66 |
Strengths and Opportunities of Happy Steels IPO
- Happy Steels operates a fully integrated manufacturing facility spread across 16,427 square yards in Ludhiana, Punjab, with in-house cutting, forging, and machining capabilities.
- The company manufactures safety-critical and load-bearing components used across the automotive OEM, electric vehicle (EV), defence, and industrial sectors.
- Happy Steels has strengthened its international footprint, with exports contributing an increasing share of its overall revenue.
- The company follows stringent automotive quality standards, enabling it to serve a diversified base of domestic and international customers.
- A significant portion of the IPO proceeds will be utilised to purchase additional plant and machinery, helping expand manufacturing capacity and improve operational efficiency.
- Increasing demand for cost-effective forging and machining solutions presents opportunities for the company to expand its presence in global automotive and defence supply chains.
- Rising adoption of electric vehicles and increased demand from industrial applications are expected to create new opportunities for the company's customised forged and machined components.
Risks and Threats of Happy Steels IPO
- A significant portion of the company's revenue comes from a limited number of customers, with the top 10 clients contributing around 72% of total revenue. The absence of long-term supply agreements increases the risk of revenue loss if key customers reduce or discontinue orders.
- The company's operations are largely concentrated in Punjab, Haryana, and Tamil Nadu, while its business depends heavily on the cyclical automotive and engineering industries.
- Fluctuations in steel prices and supply chain disruptions could increase input costs and put pressure on profit margins.
- The company has experienced fluctuations in revenue and profitability in recent years, indicating uneven financial growth.
- Based on its recent financial performance, the IPO is considered to be priced at a premium compared with some industry peers.
- Since the shares will be listed on the NSE SME platform, investors may face lower trading liquidity and higher price volatility than mainboard-listed stocks.
