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Happy Forgings IPO

Happy Forgings IPO

  • Status: Closed
  • RHP:
  • ₹ 13,736 / 17 shares

    Minimum Investment

IPO Listing Details

  • Listing Date

    27 Dec 2023

  • Listing Price

    ₹1,001.25

  • Listing Change

    17.79%

  • Last Traded Price

    ₹1,010.00

IPO Details

  • Open Date

    19 Dec 2023

  • Close Date

    21 Dec 2023

  • IPO Price Range

    ₹ 808 to ₹ 850

  • IPO Size

    TBA

  • Listing Exchange

    BSE, NSE

  • Listing Date

    27 Dec 2023

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IPO Timeline

Happy Forgings IPO Subscription Status

Last Updated: 21 December 2023 6:09 PM by 5Paisa

Happy Forgings Limited IPO is all set to open from 19th December to 21st December 2023. The company is in the business of making complex and safety critical, heavy forged and high precision machined components and ranks fourth in this segment in India. The IPO includes a fresh issue worth ₹400 cr and an Offer-for-Sale (OFS) of 7,159,920 shares worth ₹608.59 cr. The total IPO size is ₹1008.59 cr. The share allotment date is 22nd December, and the IPO will be listed on 27th December on the stock exchanges. The price band is ₹808 to ₹850 per share and the lot size is 17 shares.    

JM Financial Limit, Axis Capital Limited, Equirus Capital Private Limited, and Motilal Oswal Investment Advisors Limited are the book-running lead managers for this IPO, while Link Intime India Private Limited is the registrar. 

Objectives of Happy Forgings IPO:

●    To fund the purchase of equipment, plant and machinery. 
●    Prepayment of the debt borrowed by the company. 
●    General corporate purpose.   
 

Happy Forgings IPO Video:

 

Established in 1979, Happy Forgings Limited is in the business of making complex and safety critical, heavy forged and high precision machined components and ranks fourth in this segment in India as of FY23. With years of experience, the company has become a leading player in the domestic crankshaft manufacturing industry with the second largest production capacity for commercial vehicles and high horse-power industrial crankshafts in India. It also enjoys the highest EBITDA margin among its peers for FY23 and FY22. 

The company engineers, designs, tests, manufactures, and supplies components to Indian and global original equipment manufacturers (OEMs) in different industries including automotive. Apart from these the OEMs also include manufacturers of farm equipment, off-highway vehicles, industrial equipment and machinery for oil and gas, power generation, railways, and wind turbines. It has three manufacturing units based in Ludhiana, India.

The main product line of Happy Forgings includes crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, pinion shafts, suspension products and valve bodies. The company’s client base includes some renowned names like Manufacturing Corporation Private Limited, Ashok Leyland LimitedMahindra & Mahindra Limited, Swaraj Engines Limited, Same Deutz Fahr India Private Limited, Tata Cummins Private Limited, Watson & Chalin India Private Limited, and more. 

Peer Comparison
●    Bharat Forge Limited
●    Craftsman Automation Limited
●    Ramkrishna Forgings Limited
●    Sona BLW Precision Forgings Limited

 

For More Information:
Happy Forgings IPO GMP
Webstory on Happy Forgings IPO
Know About Happy Forgings IPO

Profit and Loss

Balance Sheet

Particulars (in Rs. Crores) FY23 FY22 FY21
Revenue from operations 1196.53 860.04 584.95
EBITDA 340.94 230.88 158.74
PAT 208.70 142.28 86.44
Particulars (in Rs. Crores) FY23 FY22 FY21
Total Assets 1326.16 1129.86 876.38
Share Capital 17.90 17.90 8.95
Total Borrowings 337.86 342.24 231.22
Particulars (in Rs. Crores) FY23 FY22 FY21
Net cash generated from / (used in) operating activities 209.45 80.29 49.85
Net cash from / (used in) investing activities -172.45 -165.68 -58.68
Net cash flow from / (used in) financing activities -37.01 82.52 9.67
Net increase (decrease) in cash and cash equivalents -0.007 -2.87 0.84


Strengths

1.    The company is the fourth largest engineering-led manufacturer of complex and safety critical, heavy forged and high precision machined components in India.
2.    It has integrated manufacturing operations coupled with in-house product and process design capabilities.
3.    The company has a diverse product portfolio with increasing value addition. 
4.    It has a diversified business model and is well-placed to take advantage of potential alternative engine technologies.
5.    The company has built long-standing relationships with customers across industries. 
6.    It has a track record of consistently building capabilities and infrastructure, with a focus on capital efficiency. 
7.    Experienced promoters and management team.
 

Risks

1.    The business is dependent on the performance of commercial vehicles, farm equipment and off-highway vehicles industries in India and abroad.
2.    It has substantial capital expenditure and working capital requirements.
3.    The business and its profitability are substantially dependent on the availability and cost of steel.
4.    A substantial portion of the revenue is from the sale of crankshafts.
5.    Exposed to counterparty credit risk.
6.    Operates in a highly competitive industry.
7.    It is subject to strict performance requirements for quality and delivery.
8.     Exchange rate fluctuations can impact the business. 
 

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FAQs

The minimum lot size of Happy Forgings IPO is 17 shares and the investment required is ₹13,736.

The price band of Happy Forgings IPO is ₹808 to ₹850 per share.

The Happy Forgings IPO is open from 19th December to 21st December 2023.
 

The size of Happy Forgings IPO is around ₹1008.59 cr. 

The share allotment date of Happy Forgings IPO is 22nd of December 2023.

The Happy Forgings IPO will be listed on the 27th of December 2023.

JM Financial Limit, Axis Capital Limited, Equirus Capital Private Limited, and Motilal Oswal Investment Advisors Limited are the book-running lead managers for Happy Forgings IPO.

The fresh issue proceeds will be used by the company for:

●    To fund the purchase of equipment, plant and machinery. 
●    Prepayment of the debt borrowed by the company. 
●    General corporate purpose.    
 

To apply for Happy Forgings IPO, follow the steps given below:

●    Login to your 5paisa account and select the issue in the current IPO section    
●    Enter the number of lots and the price at which you wish to apply for the Happy Forgings IPO.    
●    Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.    
●    You will receive a mandate notification to block funds in your UPI app.