Happy Forgings Ltd. IPO

Happy Forgings Ltd.

IPO Listing Details

Listed On


Listed On

Issue Price


Issue Price

Listing Price


Listing Price

Listing Gains

+₹151.25 (+17.79%)

Listing Gains

IPO Details

Bidding Dates

19 Dec - 21 Dec '23

Bidding Dates

Min. Investment


Min. Investment

Lot Size


Lot Size

Price Range

₹808 - ₹850

Price Range

Issue Size

959 Cr

Issue Size

Subscription Rate

  • Retail Individual Investor
  • Non-Institutional Investor
  • Qualified Institutional Buyers
  • Employees

About Company

Happy Forgings Limited, founded in July 1979, is an Indian firm that specialises in developing and manufacturing heavy forgings and high-precision machined components. Crankshafts, front axle carriers, steering knuckles, differential housings, transmission parts, pinion shafts, suspension items, and valve bodies are among the products that the company makes, creates, and tests for various industries and clients. AAM India Manufacturing Corporation Private Limited, Ashok Leyland Limited, and Mahindra & Mahindra Limited are among the few notable company's customers. Happy Forging Limited has three manufacturing plants in Ludhiana, Punjab, two in Kanganwal and one in Dugri. The company's operational revenue has increased by 43.02% as of FY 2023. Important dates related to Happy Forgings IPO mentioned below.

Important Dates - Happy Forgings IPO

Application opens on 19th December 2023
Last date of application 21st December 2023
Date of Allotment 22nd December 2023
Refund begins from 26th December 2023
Credit of shares to Demat 26th December 2023
Listing date 27th December 2023

Why should you invest in Happy Forgings Ltd. IPO?

Happy Forgings Limited is one of India's most prominent and largest engineering makers of difficult and precision machined components. Between the fiscal years ending March 31, 2023 and March 31, 2022, the company's revenue increased by 38.81% and its profit after tax (PAT) increased by 46.67%.

Happy Forgings IPO Grey Market Premium

Date GMP
18th December Rs.410
17th December Rs.410


Happy Forgings IPO Noteworthy Highlights

  • The fresh issue portion of the IPO of Happy Forgings IPO comprises the issue of 47,05,882 shares (47.06 lakh shares approximately), which at the upper price band of ₹850 per share will translate into a fresh issue size of ₹400.00 crore.


  • The offer for sale portion of the IPO of Happy Forgings Ltd comprises the sale of 71,59,920 shares (71.60 lakh shares approximately), which at the upper price band of ₹850 per share will translate into a fresh issue size of ₹608.59 crore.

Happy Forgings Ltd. IPO - SWOT Analysis


Revenue growth for the company has been high over the last three years, with a CAGR of over 40%. What distinguishes Happy Forgings Ltd is that its net profits have more than doubled in the last two years, indicating significant traction in both its top and bottom lines. While the company holds a leadership position in the niche in which it competes, PAT margins have been consistently above 15%, ranking among the highest in the peer group. 



The company's major supply of steel comes from a small number of sources. Furthermore, Happy Forgings' supply agreements with vendors are not finalised. The cost and availability of steel determine the company's operations and profitability; any disruption in the steel supply or price volatility may have an effect on operations.



The business has a multifaceted business strategy, backward and forward integration in the forgings industry, and strong client ties. Due to its restricted CV clientele and leadership position in the heavy forgings industry, the company holds a niche position in the industry giving it an upper hand. 



The crankshaft sale accounts for 45.29 percent of the company's total revenue, which is a major source of income for the company. It is challenging to convert heavy-duty trucks to electric vehicles (EVs) since they have different operational needs and need more power than passenger vehicles.


Financial Snapshot - Happy Forgings IPO

Check out the financial performance of Happy Forgings for recent years:

Financial Year Total Assets Total Revenues Net Profit
March 2021 Rs 876.38 crore Rs 584.96 crore Rs 86.45 crore
March 2022 Rs 1,129.87 crore Rs 860.05 crore Rs 142.29 crore
March 2023 Rs 1326.17 crore Rs 1196.53 crore Rs 208.70 crore

A competitive analysis

Happy Forgings has Bharat Forge Limited, Craftsman Automation Limited, Ramkrishna Forgings Limited and Sona BLW Precision Forgings Limited as its peers. Take a look at their performances:


Competitive Analysis - Happy Forgings IPO

Company Name Market Capitalisation(Rs.Cr) 1-Year Return
Bharat Forge Limited Ltd 54,797 33.08%
Craftsman Automation Limited 10,935 51.9%
Ramkrishna Forgings Limited 13,364 196.22%

How to apply for Happy Forgings Ltd. IPO?

You can apply for the Happy Forgings Ltd. IPO in these ways:

Link your personal bank A/C to a trusted UPI ID and map it with your TradeSmart account. Now, proceed further to book your IPO. On acceptance of the mandate, the bid amount will get blocked in your bank account Learn more.

Demat Account

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Happy Forgings Ltd. IPO FAQs

What are the opening and closing dates for Happy Forgings IPO?

Happy Forgings IPO will open for subscription on December 19 and close on December 21.


What is the price band for Happy Forgings IPO?

The price band for Happy Forgings IPO is ₹808 to ₹850 per share.


Who is taking part in the OFS?

Promoter Paritosh Kumar Garg will offload 49.22 lakh shares while the investor India Business Excellence Fund will sell 22.37 lakh shares.


What is the minimum and maximum lot size for the Happy Forgings IPO?

The minimum lot size is 1 and the maximum is 13. 


Who are Happy Forgings IPO Lead Managers?

JM Financial Limited, Axis Capital Limited, Equirus Capital Private Limited and Motilal Oswal Investment Advisors Limited are the joint Book Running Lead Managers (BRLMs) to the issue.


Who is the registrar of the issue?

Link Intime India Pvt Ltd. is the registrar for Happy Forgings IPO.


When will the Happy Forgings IPO allotment take place?

The finalisation of the basis of allotment for Happy Forgings IPO will be done on December 22, and the allotted shares will be credited to investors’ demat accounts by December 26.


When and where will the Happy Forgings shares be listed?

The equity shares of Happy Forgings are proposed to be listed on December 27, 2023, on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).


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