- By Aditya Pratap Singh
- Wed, 27 Dec 2023 10:30 AM (IST)
- Source:JND
Shares of Punjab-based heavy forgings maker 'Happy Forgings Ltd' listed on exchanges with an 18 per cent premium on December 27. The initial public offering of the company was subscribed 82 times last week.
The stock rose 18.56 per cent in early trade against its price range. The shares were trading at 1,007.20. At 10:35 am, the share issue price was Rs. 850.
The Rs 1,009 crore IPO opened for subscription on December 19 last week and closed on December 21. Retail investors subscribed 15.09 times and high net-worth individuals 62.17 times against the allotted quota, while qualified institutional buyers (QIBs) placed a bid 220.48 times the allotted shares.
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Happy Forgings caters to sectors such as automotive, railways and more, targeting domestic and global OEMs. Notable clients include AAM India, Ashok Leyland, Mahindra & Mahindra among others.
The Punjab-based forgings manufacturer plans to use the proceeds for equipment acquisition (Rs 171.1 crore) and debt repayment (Rs 152.76 crore).
Happy Forgings IPO Details
Happy Forgings IPO Price Range
- The Price Range of happy forgings IPO was Rs 808-850
Lot Size
- A subscriber had to buy a lot of 17 shares to subscribe to the IPO, which means a minimum investment of Rs 13,736 was needed.
IPO Issue Size
- Happy Forgings raised Rs 1,008.59 cr with this initial public offering
Opened For Subscription
- The IPO of a heavy forgings manufacturer was opened for subscription between December 19 to 21
Subscription details
The IPO was subscribed 82 times against the issue size.
Happy Forgings IPO Listing Details
Listing Date - The Shares of the Punjab-based company were listed on exchanges on December 27, 2023.
Listing Price - The shares of Happy Forgings started trading at Rs 1000 per share on the NSE.
Listing Gain or Loss - The shares of Happy Forgings listed with a decent gain of 18 per cent against the issue price.
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