Happy Forgings lists 18% premium on debut

Retail investors bought 15.09 times and high net-worth individuals picked 62.17 times the allotted quota, while qualified institutional buyers (QIBs) picked 220.48 times their reserved portion

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Heavy forgings manufacturer Happy Forgings Ltd shares opened 18 percent higher on debut on December 27 after its initial public offering subscribed 82 times last week.

The stock opened at Rs 1,001.25 and gained as much as 17.8 percent in intraday. At 10am, the stock was trading at Rs 1,004 on the BSE, up 18.2 percent from its issue price of Rs 850 a share.

The Rs 1,009 crore IPO opened for subscription on December 19 and closed on December 21. Retail investors bought 15.09 times and high net-worth individuals picked 62.17 times the allotted quota, while qualified institutional buyers (QIBs) picked 220.48 times their reserved portion.

The Punjab-based company serves various sectors such as automotive, railways, and more, targeting both domestic and global OEMs. Notable customers include AAM India, Ashok Leyland, Mahindra & Mahindra, among others.

Happy Forgings plans to use proceeds for equipment acquisition (Rs 171.1 crore) and debt repayment (Rs 152.76 crore), with the remainder for general corporate purposes. Financially, FY23 saw robust growth: net profit increased by 46.7 percent, EBITDA by 47.7 percent, and revenue by over 39 percent.

However, performance dipped in the first half of FY24: net profit grew by 2.5 percent due to increased costs, impacting EBITDA margin, which dropped to 29 percent. Revenue still rose by 12.2 percent to Rs 673 crore.

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