| IPO Date | July 9, 2026 to July 13, 2026 |
| Listing Date | July 16, 2026 |
| Face Value | ₹ 10 / Share |
| Price Band | ₹ 62 to ₹ 66 / Share |
| Lot Size | 2000 Shares |
| Total Issue Size | 3788000 (Aggregating up to 25) |
| Fresh Issue | 3598000 (Aggregating up to 24 ) |
| Offer for Sale | 3598000 (Aggregating up to 24 ) |
| Employee Discount | |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share holding pre issue | 10498180 |
| Share holding post issue | 14286180 |
| Market Maker portion |
Happy Steels IPO opens on July 9, 2026, and closes on July 13, 2026.
| IPO Open Date | July 9, 2026 |
| IPO Close Date | July 13, 2026 |
| Basis of Allotment | July 14, 2026 |
| Initiation of Refunds | July 15, 2026 |
| Credit of Shares to Demat | July 15, 2026 |
| Listing Date | July 16, 2026 |
| Cut-off time for UPI mandate confirmation | -- |
Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | Rs.264,000 |
| Retail (Max) | 2 | 4,000 | Rs.264,000 |
| S-HNI (Min) | 3 | 6,000 | Rs.396,000 |
| S-HNI (Max) | 7 | 14,000 | Rs.924,000 |
| B-HNI (Min) | 8 | 16,000 | Rs.1,056,000 |
| HNI (Min) |
| Share Holding Pre Issue | 10498180 |
| Share Holding Post Issue | 14286180 |
Happy Steels IPO comprises a total issue size of 37,88,000 shares. The net offer to the public is 35,98,000 shares, after excluding 1,90,000 shares allotted on a firm basis. Of the Net offer 17,98,000 (49.97%) are allocated to QIB, 5,40,000 (15.01%) allocated to NII 12,60,000 (35.02%) allocated to RII.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 1076000 |
28.41 |
| Market Maker Shares Offered | 190000 |
5.02 |
| Other Shares Offered | |
|
| QIB Shares Offered | 722000 |
19.06 |
| NII (HNI) Shares Offered | 540000 15.01 |
14.26 |
| bNII > ₹10L | 360000 |
9.50 |
| sNII < ₹10L | 180000 |
4.75 |
| Retail Shares Offered | 1260000 35.02 |
33.26 |
| Employee Shares Offered | |
|
| Total Shares Offered | 3788000 100.00 |
| Bid Date | 2026-07-08 |
| Shares Offered | 1076000 |
| Anchor Portion Size (In Cr.) | 7.10 |
| Anchor lock-in period end date for 50% shares (30 Days) | August 13, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 12, 2026 |
Incorporated in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle (EV), and defence applications.
The company operates across the complete manufacturing value chain, with capabilities spanning raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This integrated process framework enables the company to deliver components with defined mechanical properties, high dimensional accuracy, and consistent quality in line with stringent customer specifications.
Its product portfolio includes a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components that play a crucial role in vehicle performance and safety. These products are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas markets.
The company operates a manufacturing facility in Ludhiana, Punjab, covering approximately 16,427 square yards with an installed capacity of 8,640.00 MT per annum for cutting operations, 7,776.00 MT per annum for forging, and 5,861.21 MT per annum for machining, enabling scalable production across multiple product categories.
As of May 31, 2026, Happy Steel Ltd. employed 403 personnel across various departments, supporting operations, quality assurance, engineering, and management functions.
Competitive Strengths:
| KPI | Values |
|---|---|
| ROE | 19.49 |
| ROCE | 20.89 |
| Debt/Equity | 1.18 |
| RoNW | 17.76 |
| P/BV | 1.73 |
| PAT Margin (%) | 7.50 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.77 | 4.97 |
| P/E (x) | 9.76 | 13.28 |
Parveen Kumar Garg, Abhishek Garg, Deepak Garg and Parveen Kumar Garg (HUF)
Happy Steels Ltd. Address Kanganwal Road Jaspal Banger Ludhiana, Punjab, 141122
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