Happy Forgings IPO; Forgings company IPO to begin from December 19; Key Details here

Happy Forgings is into Engineering Forgings and is looking raise funds through Fresh Issue and Offer for Sale

Happy Forgings to raise Fresh Issue aggregating up to Rs _ crores and an Offer for Sale up to _ Equity Shares through public issue IPO

Happy Forgings IPO is a public offering of shares by Paritosh Kumar, Ashish Garg, Megha Garg, Ayush Capital & Financial Services Private Limited, Garg Family Trust, Paritosh KumarGarg (HUF) and Ashish Garg &Sons (HUF).. The IPO will open on December 19 and will close on December 21. The price band is ₹808 to ₹850 per share and the lot size is 17 shares. The issue size is ₹1,008.59 crore. The shares are expected to be listed on NSE, BSE on December 27 (^). Some additional information that you may find useful are: : (**) - based on higher price band (^) indicative date

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Key Pointers of Happy Forgings IPO:

Promoters of the company are Paritosh Kumar, Ashish Garg, Megha Garg, Ayush Capital & Financial Services Private Limited, Garg Family Trust, Paritosh KumarGarg (HUF) and Ashish Garg &Sons (HUF). Currently promoters hold 88.24% stake in the company. While post-equity promoters stake will be 78.6%

• Company aims to raise between Rs 979 to 1,009 crs through this IPO.
• The net proceeds of the issue will be utilized to 1) Purchase of equipment, plant and machinery amounting to Rs. 171.13 crores 2) Prepayment of all or a portion of certain outstanding borrowings of the company amounting to Rs. 152.76 crores and 3) General corporate purposes
• Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 18-Dec-23.
• Price band for the IPO has been fixed at Rs 808 to 850 per share and bid lot are in multiple of 17 shares. The implied market cap post-issue at Rs 7,632 to 8,007 crs.
• As per the tentative schedule, allotment date of this IPO is most likely on December 22 and share are expected to be listed on NSE, BSE on December 27.
• Company has direct competition in the forging industry. In listed space it has competition with Bharat Forge Limited, Craftsman Automation Limited, Ramkrishna Forgings Limited and Sona BLW Precision Forgings Limited amongst others.
• JM Financial, Axis Capital, Equirus Capital, Motilal Oswal Investment Advisors has been appointed as Merchant Banker to the issue. Link Intime India Pvt. Ltd. has been appointed as official registrar of the issue.

About Happy Forgings Limited

Happy Forgings Limited

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.

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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).

Visit Link Intime India Pvt. Ltd. Link

Source: SEBI, BSE, NSE, DRHP, Inox India, 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.