Ludhiana-based Happy Forgings IPO Limited is all set to launch its Initial Public Offering (IPO) today, marking a significant milestone for the heavy forgings and high-precision machined components manufacturer. With an aim to raise ₹1009 crore, the IPO will remain open until Wednesday, offering investors an opportunity to partake in this significant financial event.
Before diving into this investment opportunity, here are crucial elements potential investors should know about Happy Forgings IPO:
Grey Market Premium (GMP): Market observers have highlighted an IPO GMP of ₹411 per share on the first day of bidding, signaling positive traction and potential investor interest, as reported by Mint.
Price Band: The price band has been set between ₹808 to ₹850 per share, providing potential investors with a range to consider while making investment decisions.
Offer Details: The total issue size stands at ₹1008.59 crore, comprising a fresh issue of equity shares worth ₹400 crore and an offer-for-sale (OFS) totaling 71.59 lakh shares.
Lot Size: Investors need a minimum of ₹14,450 (17*850) to participate in this IPO, where one lot size comprises 17 company shares and subsequent multiples of 17 thereafter.
Important Dates: The IPO opens on December 19 and closes on December 21. The expected allotment date is December 22, while the tentative stock exchange listing is slated for December 27.
Share Allocation: The distribution includes 50% for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for Non-Institutional Investors, catering to various investor categories.
Lead Managers and Registrar: The IPO’s lead managers include Axis Capital, Equirus Capital, and Motilal Oswal Investment Advisors, while Link Intime India Private Limited is the registrar overseeing the process.
Objectives: Happy Forgings intends to utilize the net proceeds from this Happy Forgings IPO towards the purchase of equipment, plant and machinery, prepayment of certain outstanding borrowings, and general corporate purposes, reflecting a strategic plan for future growth and expansion.
As Happy Forgings IPO opens its doors to potential investors, the IPO marks a significant opportunity in the financial landscape. Potential investors are urged to delve into the details, consult financial advisors, and consider their investment strategies before taking part in this offering. With a clear understanding of the key details, investors can make informed decisions about this substantial opportunity in the market.