Happy Forgings Prepares for ₹1009-Crore IPO Opening on December 19: What You Need to Know
Happy Forgings leads a wave of upcoming IPOs scheduled for the coming week. IPO opens on December 19 and closes on December 21, with key dates spanning share allotment, refunds, and listing on stock exchanges.
In the upcoming week, a slew of initial public offerings (IPOs) is set to hit the market, with Happy Forgings leading the pack. The company's IPO is scheduled to open on December 19 and will conclude on December 21.
Here are the essential details you should be aware of ahead of the IPO's launch:
Important Dates:
- December 19: Opening of IPO
- December 21: Closing of IPO
- December 22: Finalization of share allotment basis
- December 26: Initiation of refunds; shares credited to demat accounts
- December 27: Listing on stock exchanges
Price Band: The price band for the IPO is set at ₹808-850 per equity share at ₹2 face value.
Offer Details: Happy Forgings aims to raise ₹1009 crore through a combination of a ₹400 crore fresh issue of shares and a 71.6 lakh shares offer for sale (OFS) by existing shareholders. The promoter, Paritosh Kumar Garg, is offering 49.2 lakh equity shares, while the investor, India Business Excellence Fund-III, is offering the remaining 22.4 lakh shares. Their respective stakes in the firm are 88.24% and 11.76%.
Lot Size: Investors can bid for a minimum of 17 equity shares, with multiples of 17 thereafter. The minimum investment for a retail investor is ₹13,736 (17 times the lower price band limit of ₹808).
Share Reservation: The IPO has a share reservation of 50% for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NIIs).
Issue Objectives: Happy Forgings plans to utilize the net proceeds for various objectives, including purchasing machinery, plant, and equipment, repaying outstanding loans, and fulfilling general corporate purposes.
About Company: Established in July 1979, Happy Forgings is a homegrown manufacturer specializing in designing and manufacturing heavy forgings and high-precision machine components. The company proudly claims to be the fourth-largest engineering-led manufacturer of complex and safety-critical, heavy forged, and high-precision machined components in India. For more information, interested investors can visit the firm's official website.
What's Your Reaction?
