Happy Forgings is into Engineering Forgings and is looking raise funds through Fresh Issue and Offer for Sale
Happy Forgings IPO: Happy Forgings Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 2 per share via initial public offering.
Initial Public Offer comprising of a Fresh Issue aggregating up to Rs. 500 crores and an Offer for Sale up to 8,054,910 Equity Shares. JM Financial, Axis Capital, Equirus Capital, Motilal Oswal Investment Advisors have been appointed as lead merchant bankers for the proposed IPO. It has appointed Link Intime India Pvt. Ltd. as Registrar and Share transfer Agent. Company is yet to finalize issue size and some other important details relating to the IPO.
Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Fresh Issue aggregating Rs. 500 Crs and offer-for-sale (OFS) of up to 8,054,910 equity shares by Paritosh Kumar Garg(HUF) and India Business Excellence Fund –III who will offload up to 5,369,940 Equity Shares and up to 2,684,970 Equity Shares..
Objects of the issue:
1) Purchase of equipment, plant and machinery amounting to Rs. 213.6 crores, 2) Prepayment of all or a portion of certain outstanding borrowings of the company amounting to Rs. 190 crores, and 3) General corporate purposes.
About Company:
Ludhiana based Happy Forgings Ltd. established in 1979 is into engineering led manufacturer of safety critical, heavy forged and high precision machined components. It manufactures a wide range of forged and machined products such as crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, planetary carriers, suspension brackets and valve bodies across industries for a diversified base of customers. Company cater to domestic and global OEMs manufacturing commercial vehicles in the automotive sector, while in the non-automotive sector, cater to manufacturers of farm equipment, off-highway vehicles and manufacturers of industrial equipment and machinery for oil and gas, power generation, railways and wind turbine industries.
About Industry:
The global forging and machining marketsare estimated to be valued at approximately USD 71.9 billion and USD 52.5 billion, respectively, in 2023 and is expected to grow at a CAGR of 5.1% and 5.2% to reach USD 97.0 billion and USD 71.2 billion, respectively, by 2029 (Source: Ricardo Report). Further, the forging and machining marketsin India areestimated to be valued at approximately USD 7.3billion and USD 5.4billion, respectively, in Fiscal 2024and is expected to grow at a CAGR of 7.1% and 8.4% to reach USD 10.2billion and USD 8.0billion,by Fiscal 2029,respectively (Source: Ricardo Report).
Source: SEBI, BSE, NSE, DRHP, Company, Industry Data
Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.
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