Auto Forgings / Heavy Engineering - Listed on 27 December 2023
Happy Forgings (Auto Forgings / Heavy Engineering) closed its IPO window in 2023 and listed on NSE and BSE on 27 December 2023 at an upper band issue price of Rs 850, opening at Rs 1000 for a listing gain of +17.6% and closing day one at Rs 1030.8 (+21.3% on closing basis). The IPO was subscribed 81.91x overall - QIB 220.48x, HNI/NII 62.09x, Retail 14.88x. The total issue size was Rs 1,008.59 Cr (Fresh Issue Rs 400 Cr, OFS Rs 608.59 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Auto Forgings / Heavy Engineering
Happy Forgings operates in the Auto Forgings / Heavy Engineering space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The Happy Forgings issue was offered at an upper price of Rs 850 and raised approximately Rs 1,008.59 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 450 | +52.94% |
| Day 2 | Rs 425 | +50.00% |
| Day 3 | Rs 440 | +51.76% |
| Day 4 | Rs 440 | +51.76% |
| Day 5 | Rs 430 | +50.59% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the Happy Forgings IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
Happy Forgings IPO listed at +17.6% versus the upper issue price of Rs 850 on 27 December 2023.
Happy Forgings IPO was subscribed 81.91x overall. QIB portion was subscribed 220.48x, HNI / NII 62.09x and Retail 14.88x.
IPO GMP started at Rs 450 on Day 1 and moved to Rs 430 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.