Happy Forgings Takes the IPO Route

Happy Forgings made its debut on the Indian bourses on December 27, 2023. Deven Lad looks at the strategy behind opting for the IP route.

- Deven Lad

Happy Forgings Ltd. is a case study for aspiring entrepreneurs. A forged components manufacturing company, it created a buzz late last year when it got a nod for its Initial Public Offering (IPO). The company shares were listed at an 18 per cent premium on December 27 with the Rs.1009 crore IPO known to have been subscribed over 82 times between December 19-21, 2023. For the record, the company had fixed the price band at Rs.808 to Rs.850 per equity share. A visibly happy Ashish Garg, Managing Director, Happy Forgings Ltd., expressed his gratitude to the subscribers. He said, “I am grateful to take our company public as the IPO process happens only once in the entire journey of a company.” Garg related to the significance of the listing as a company with a humble start in the business of manufacturing bicycle pedals. Since then the company has charted a long journey to emerge as the second-largest producer of diesel engine crankshafts in the country. The public issue of Equity Shares comprised a fresh issuance of Equity Shares aggregating up to Rs. 4,000 million and an Offer for Sale (OFS) of up to 7,159,920 Equity Shares.

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