Happy Steels shares set for market debut today; GMP signals nearly 15% listing premium
The Rs 25 crore SME public issue witnessed overwhelming demand during its subscription period from July 9 to July 13, with the IPO closing 77.81 times subscribed, reflecting strong interest from investors across categories.
By Ritesh Presswala, ETMarkets.com |
ETMarkets.com
Happy Steels is scheduled to make its stock market debut on the NSE SME platform on July 16, with strong investor enthusiasm and a healthy grey market premium (GMP) indicating a potentially robust listing.
The Rs 25 crore SME public issue witnessed overwhelming demand during its subscription period from July 9 to July 13, with the IPO closing 77.81 times subscribed, reflecting strong interest from investors across categories.
The IPO was entirely a fresh issue of 37.88 lakh equity shares, with the issue priced at Rs 66 per share. Investors were required to apply for a minimum lot of 2,000 shares, while the minimum investment for retail investors stood at Rs 2.64 lakh (4,000 shares) at the upper price band.
Ahead of its stock market debut, the Happy Steels SME IPO GMP is hovering around Rs 10 per share, or nearly 15% above the issue price of Rs 66. Based on the prevailing grey market trend, the shares are expected to list at around Rs 76 apiece, although GMP is an unofficial indicator and does not guarantee listing performance.
Happy Steels plans to utilise the IPO proceeds to expand its manufacturing capabilities, reduce debt, and strengthen its financial position.
The company has earmarked Rs 13.16 crore for capital expenditure towards purchasing additional plant and machinery at its existing manufacturing facility. Another Rs 4.98 crore will be used to repay or prepay outstanding bank term loans, helping lower its debt burden.
In addition, Rs 3.62 crore has been allocated for general corporate purposes to support business operations and future growth initiatives, while Rs 3.24 crore will be used to meet issue-related expenses, taking the total issue size to Rs 25 crore.
Established in 1996, Happy Steels Ltd. is an integrated manufacturer of safety-critical forged and machined transmission and driveline components used across the on-highway, off-highway, electric vehicle (EV), and defence sectors.
The company operates an end-to-end manufacturing process that covers raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packaging. Its integrated operations enable it to manufacture high-precision components that meet stringent quality and performance standards.
Happy Steels' product portfolio includes axles, long spline shafts, spindles, and other critical load-bearing components supplied to leading original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas.
The company's manufacturing facility, located in Ludhiana, Punjab, spans around 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, providing significant production scalability.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The Rs 25 crore SME public issue witnessed overwhelming demand during its subscription period from July 9 to July 13, with the IPO closing 77.81 times subscribed, reflecting strong interest from investors across categories.
The IPO was entirely a fresh issue of 37.88 lakh equity shares, with the issue priced at Rs 66 per share. Investors were required to apply for a minimum lot of 2,000 shares, while the minimum investment for retail investors stood at Rs 2.64 lakh (4,000 shares) at the upper price band.
Happy Steels IPO GMP today
Ahead of its stock market debut, the Happy Steels SME IPO GMP is hovering around Rs 10 per share, or nearly 15% above the issue price of Rs 66. Based on the prevailing grey market trend, the shares are expected to list at around Rs 76 apiece, although GMP is an unofficial indicator and does not guarantee listing performance.
Utilisation of IPO proceeds
Happy Steels plans to utilise the IPO proceeds to expand its manufacturing capabilities, reduce debt, and strengthen its financial position.The company has earmarked Rs 13.16 crore for capital expenditure towards purchasing additional plant and machinery at its existing manufacturing facility. Another Rs 4.98 crore will be used to repay or prepay outstanding bank term loans, helping lower its debt burden.
In addition, Rs 3.62 crore has been allocated for general corporate purposes to support business operations and future growth initiatives, while Rs 3.24 crore will be used to meet issue-related expenses, taking the total issue size to Rs 25 crore.
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About Happy Steels
Established in 1996, Happy Steels Ltd. is an integrated manufacturer of safety-critical forged and machined transmission and driveline components used across the on-highway, off-highway, electric vehicle (EV), and defence sectors.The company operates an end-to-end manufacturing process that covers raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packaging. Its integrated operations enable it to manufacture high-precision components that meet stringent quality and performance standards.
Happy Steels' product portfolio includes axles, long spline shafts, spindles, and other critical load-bearing components supplied to leading original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas.
The company's manufacturing facility, located in Ludhiana, Punjab, spans around 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, providing significant production scalability.
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As of May 31, 2026, Happy Steels employed 403 people across operations, engineering, quality assurance, and management functions.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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