Happy Forgings IPO: Shares of auto components maker Happy Forgings Ltd on Wednesday listed with a premium of nearly 18 per cent against the issue price of Rs 850. The stock made its debut at Rs 1,001.25, reflecting a jump of 17.79 per cent from the issue price on the BSE. It further rallied 20.75 per cent to Rs 1,026.45.
On the NSE, it listed at Rs 1,000, up 17.64 per cent. The company’s market valuation stood at Rs 9,374.33 crore during the early trade.
The initial public offer of Happy Forgings got subscribed 82.04 times on the last day of bidding on Thursday, driven by huge demand from institutional buyers. The Rs 1,008.6-crore initial share sale had a fresh issue of up to Rs 400 crore and an offer for sale of up to 71,59,920 equity shares.
Price range for the offer was Rs 808-850 a share. Proceeds from the fresh issue will be utilised towards purchase of equipment, plants and machinery, payment of debt; and a portion of the funds will also be used for general corporate purposes.
The Ludhiana-based auto component maker’s primary clientele includes domestic and global Original Equipment Manufacturers (OEMs) in the commercial vehicle sector. It also serves non-automotive markets like farm equipment, off-highway vehicles, and industrial machinery.
The company has operations in nine countries — Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkiye, the UK, and the US.
(With PTI Inputs)
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