Happy Forgings IPO GMP, review, Date, share Price, 2023

Happy Forgings  IPO description – Happy Forgings   India Limited is coming up with its Initial public offering. The IPO will be open for subscription on December 19, 2023

 

 

Happy Forgings IPO Details

 

Happy Forgings IPO Dates 19 – 21 December 2023
Happy Forgings IPO Price INR 808 – 850 per share
Fresh issue INR 400 crore
Offer For Sale 7,159,920 shares (INR 578.52 – 608.59 crore)
Total IPO size INR 978.52 – 1,008.59 crore
Minimum bid (lot size) 17 shares (INR 14,450)
Face Value INR 2 per share
Retail Allocation 35%
Listing On BSE, NSE

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Happy Forgings IPO – Date Schedule

 

IPO Open Date 19 December 2023
IPO Close Date 21 December 2023
Basis of Allotment Date 22 December 2023
Initiation of Refund 26 December 2023
Credit of Shares to Demat Account 26 December 2023
IPO Listing Date 27 December 2023

Happy Forgings IPO – About Company 

 

Happy Forgings Limited stands as the fourth-largest engineering-led manufacturer specializing in the production of heavy forged and highly precise machined components crucial for safety and complexity. Operating through vertically integrated processes, the company covers engineering, process design, testing, manufacturing, and supply of various components known for their margin-enhancing and value-adding qualities.

Key Highlights:

  • Product Range: Happy Forgings Limited manufactures a diverse array of products, including crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, pinion shafts, suspension products, and valve bodies. These products cater to a wide range of industries and customers.
  • Customer Base: The company boasts an extensive customer base featuring prominent names such as AAM India Manufacturing Corporation Private Limited, Ashok Leyland Limited, Bonfiglioli Transmissions Private Limited, Dana India, IBCC Industries (India) Private Limited, International Tractors Limited, JCB India Limited, and many more.
  • Global Reach: Over the years, Happy Forging Limited has successfully served customers across different regions, including Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkey, the United Kingdom, and the United States of America.
  • Manufacturing Facilities: With three manufacturing facilities, two in Kanganwal and one in Dugri, all situated in Ludhiana, Punjab, the company ensures efficient and quality production processes.

 

Happy Forgings industry overview 

 

Global commercial vehicle production registered a CAGR 0.3% by volume and a CAGR 2.9% by value from calendar year 2014 to calendar year 2019 supported by countries like US and India which had the highest growth rate in this period, driven by an increase in demand of light commercial vehicle for various end use applications such as last mile delivery services, ecommerce and logistics sectors which contribute majorly to this segment.

Global agricultural tractor sales registered a CAGR of 2.7% from calendar year 2014 to calendar year 2022 driven by factors such as increasing total factor productivity in farming and reduced post-harvest loss. India registered a growth in tractor sales of CAGR 3.3% during this period supported by various government initiatives such as the implementation of National Rural Employment Guarantee Act (“NREGA”) and increased usage in nonagricultural applications such as haulage in construction and infrastructure projects

 

Happy Forgings IPO GMP, review, Date, share Price, 2023
Happy Forgings IPO GMP, review, Date, share Price, 2023

Happy Forgings Financial Performance

 

  FY 2021* FY 2022 FY 2023
Revenue 584.96 860.05 1,196.53
Expenses 473.75 674.06 922.25
Net income 86.45 142.29 208.70
Margin (%) 14.78 16.54 17.44

Figures in INR Crores

 

Happy Forgings Valuations & Margins

 

FY 2021* FY 2022 FY 2023
EPS 9.66 15.90 23.32
PE ratio 34.65 – 36.45
RONW (%) 13.40 18.07 21.12
NAV 72.09 88.0 110.43
ROCE (%) 16.13 19.38 24.24
EBITDA (%) 27.14 26.85 28.49
Debt/Equity 0.24 0.31 0.22

 

Company  Strengths

 

  • 4th largest engineering led manufacturer of complex and safety critical, heavy forged and high precision machined components in India;
  • Integrated manufacturing operations coupled with in-house product and process design capabilities;
  • Diversified business model;
  • Long-standing relationships with customers across industries;
  • Track record of consistently building capabilities and infrastructure, with focus on capital efficiency;
  • Track record of healthy financial performance.

 

Objective Of The Issue

 

  • Purchase of equipment, plant and machinery.
  • Prepayment of all or a portion of certain outstanding borrowings availed by the Company and
  • General corporate purposes.

 

Happy Forgings IPO GMP Today 

 

Date IPO GMP Kostak Subject to Sauda
18 December 2023 425 5,500
17 December 2023 450 6,000
15 December 2023 450 6,000
14 December 2023 25

Happy Forgings IPO Allotment Status

 

Happy Forgings IPO allotment status will be available on the KFin Tech website. Click on this link to get allotment status.

 

Happy Forgings IPO Peer Comparison

 

S. No. Face Value Company Name PE
1 2 Bharat Forge Limited 102.63
2 5 Craftsman Automation Limited 43.92
3 2 Ramkrishna Forgings Limited 49.36
4 10 Sona BLW Precision Forgings Limited 85.56

 

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