Key Details Of Happy Forgings Limited IPO

Happy Forging Limited


  • Industry Position:
    • Fourth-largest engineering-led manufacturer in India
  • Product Focus:
    • Specialization in complex, safety-critical, heavy forged, and high precision machined components
  • Capacity Ranking:
    • Ranked fourth in India based on forgings capacity
  • Integrated Operations:
    • Vertically integrated operations covering engineering, process design, testing, manufacturing, and supply
  • Market Segments:
    • Primarily cater to domestic and global OEMs in the automotive sector
    • Non-automotive sector involvement with manufacturers of farm equipment, off-highway vehicles, and industrial equipment
  • Customer Base:
    • Serving original equipment manufacturers in the automotive sector
    • Non-automotive sector includes manufacturers of farm equipment, off-highway vehicles, and industrial equipment for various industries
  • Application Sectors:
    • Automotive Sector:
      • Focus on commercial vehicles manufacturing
    • Non-automotive Sector:
      • Catering to industries such as oil and gas, power generation, railways, and wind turbine
  • Value Addition:
    • Components designed to be both margin accretive and value-additive

Happy Forging IPO details

Key Details

Information about Happy Forging IPO presented in bullet points:

  • Issue Size: ₹1,008.59 Cr (Initial Public Offer of Fresh issue size Up to ₹400 Cr and Offer for sale up to ₹608.59 Cr)
  • Type: Book built issue
  • Subscription Period: 19 – 21 Dec 2023
  • Allotment Date: Expected on Friday, December 22, 2023
  • Listing Date: Tentatively set for Wednesday, December 27, 2023
  • Price Band: ₹808 to ₹850 per share
  • Minimum Lot Size: 17 shares
  • Retail Investor Minimum Investment: ₹14,450
  • sNII (Non-Institutional Investors) Minimum Lot Size: 14 lots (238 shares), amounting to ₹202,300
  • bNII (Non-Institutional Investors) Minimum Lot Size: 70 lots ( 1,190 shares), amounting to ₹1,011,500.
IPO Date19 – 21 Dec 23
Issue Size₹1,008.59 Cr (Initial Public Offer of Fresh issue size Up to ₹400 Cr and Offer for sale up to ₹608.59 Cr)
Lot Size17 shares
Price Range₹808 to ₹850 per share
Face Value ₹2 per share
Issue Type100% book building
Cut-off time for UPI Mandate Confirmation21-Dec-2023 (upto 5:00 PM) The new cut-off time for UPI mandate acceptance is 05:00 PM on last day of IPO bidding.

Lot Size

Retail (max)13221₹187,850
Small HNI (min)14238₹202,300
Small HNI (max)691,173₹997,050
Big HNI (min)701,190₹1,011,500

Important Dates

Happy Forging Limited IPO opens on 19 Dec 23 and closes on 21 Dec 23

IPO opening date19 Dec 23, Tuesday (10:00 AM)
IPO closing date21 Dec 23, Thursday (05:00 PM)
Basis of allotment22 Dec 23, Friday
Initiation of Refunds26 Dec 23, Tuesday
Credit of Shares to Demat26 Dec 23, Tuesday
Listing Date27 Dec 23, Wednesday

Company Financial Report

Total AssetsTotal RevenueProfit After Tax
31 Mar 231,326.171,202.27208.70
31 Mar 221,129.87866.11142.29
31 Mar 21876.38590.8186.45
amount in Crores(₹)

Key Performance Indicators (KPIs)

Price to Earning (P/E)36.45
Return on capital employed(ROCE)24.24%
Return on Equity (ROE)21.12%
Avergage Return On Networth (RoNW)21.12%
Earning Per Share (EPS)23.32
Debt to Equity0.22

The source of the information provided is NSE. We do not guarantee the correctness of facts and information. It is provided as it available on NSE.

Competitor Analysis

CompanyMarket Cap(in Crores)PEROE(%)ROCE(%)
Happy Forging Limited36.4521.12%24.24%
Bharat Forge Ltd₹ 56,178 85.87.706.88
Craftsman Automation Ltd₹ 11,18837.519.820.6
Ramkrishna Forgings Ltd₹ 13,70247.220.618.5
Sona BLW Precision Forgings Ltd₹ 32,98169.918.322.0

Product & Services

source: official website


Happy Forging serves a diverse clientele of prominent automotive and industrial players, including:

  1. Tata Motors:
    • A leading global automotive manufacturer.
  2. JCB:
    • Renowned for construction and agricultural equipment.
  3. Mahindra:
    • A prominent player in the automotive and farm equipment sectors.
  4. Yanmar:
    • An international company known for diesel engines and agricultural machinery.
  5. Ashok Leyland:
    • A major manufacturer of commercial vehicles and power solutions.
  6. Escorts Kubota Limited:
    • A collaboration between Escorts Limited and Kubota Corporation, specializing in tractors and agricultural machinery.
  7. SML Isuzu:
    • A significant player in the commercial vehicle segment.

These esteemed customers signify Happy Forging’s strong presence and reputation in the industry, as it caters to diverse sectors, including automotive, construction, agriculture, and commercial vehicles. The relationships with these key clients underscore the company’s capability to deliver high-quality and precision-engineered components for their specific needs.

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