Happy Steels was incorporated on June 14, 1996. The company is an integrated manufacturer of safety-critical forged and machined transmission and driveline components for on-highway, off-highway, electric vehicle, and defence applications. Its expertise in forging, precision machining, and quality control enables it to supply high-strength, load-bearing components to leading OEMs and Tier-I suppliers in India and overseas
| Bidding Dates |
|---|
| 09 Jul 2026 - 13 Jul 2026 |
| Subscription |
|---|
| 72.43x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,48,000 | 2 | 2 | 2000 | 3.8 M | ₹62 - ₹66 | 72.99 % | ₹234.9 M - ₹250.0 M | RHP DOC |
Happy Steels IPO SUBSCRIPTION STATUS
13 Jul '26Happy Steels IPO overall subscription rate was 72.43 times the total available shares
Happy Steels IPO retail subscription rate was 97.24 times in the retail segment
Happy Steels IPO non-institutional investor subscription rate was 151.26 times in the non-institutional investor category
Happy Steels IPO Qualified Institutional Bidder subscription rate was 31.42 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
13 Jul 2026 (Day 3) | 97.24x | 151.26x | 31.42x |
10 Jul 2026 (Day 2) | 4.69x | 7.62x | 0.33x |
09 Jul 2026 (Day 1) | 0.65x | 1.74x | 0.11x |
Happy Steels FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 94.6 | 7.1 | 5.8 | -4.0 | 16.1% |
| FY25 | 82.1 | 2.3 | 10.2 | 7.0 | 10.3% |
| FY24 | 80.9 | 4.7 | -3.7 | -6.8 | 13.7% |
Happy Steels IPO SUBSCRIPTION STATUS DETAILS
Happy Steels had 3.8 M shares on offer
Happy Steels IPO offer price was in the range ₹62 - ₹66
Happy Steels IPO minimum Investment was ₹248000
Happy Steels IPO issue size was ₹ 234.9 M - ₹ 250.0 M
Happy Steels had a minimum lot size of 2000 Shares per application
Happy Steels NUMBER OF SHARES ON OFFER
Happy Steels IPO IMPORTANT DATES
| Issue Open Date | 09 Jul 2026 |
| Issue close Date | 13 Jul 2026 |
| Allotment Date | 14 Jul 2026 |
| Refund Date | 15 Jul 2026 |
| Demat Account Credit Date | 15 Jul 2026 |
| Listing Date | 16 Jul 2026 |
| Listing on Exchange(s) | NSE |
| Happy Steels Allotment Status | Exchange/ Registrar |
Happy Steels IPO subscription opened on 09 Jul 2026, and closed on 13 Jul 2026
IPO allotment for Happy Steels was finalized on Tuesday, 14 Jul 2026
IPO listing for Happy Steels was on NSE on Thursday, 16 Jul 2026
Happy Steels IPO LISTING GAINS
| Issue Price (adjusted) | 66.0 |
| Listing Open Price | 68.0 |
| Listing Close Price | 68.5 |
| Listing Gain% | 3.0% |
| Current Gain% | -0.6% |
Happy Steels Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Happy Steels Ltd. | 65.6 | 93.7 | 13.2 | 0.1 | 1 | 17.8 | 7.1 | 96.6 | 17 | 7.1 | 180.6 | 5 | 180.6 |
| Samvardhana Motherson International Ltd. | 168.5 | 177842.4 | 40.6 | 1.3 | 1.4 | 9.4 | 3.5 | 126414.2 | 10.7 | 3859.7 | 1.5 | 4.1 | 31.9 |
| Bosch Ltd. | 42950 | 126685.7 | 45.7 | 1.2 | 6.3 | 18.7 | 12.8 | 20888.7 | 10.5 | 2773.2 | 37.6 | 940.2 | 37.6 |
| UNO Minda Ltd. | 1285 | 74204.5 | 61.7 | 3.8 | 3.6 | 17.5 | 8.7 | 19692 | 17.2 | 1197.1 | 27 | 20.8 | 16.2 |
| Tube Investments of India Ltd. | 2772 | 53658.2 | 84.3 | -16 | 2.3 | 8.2 | 3 | 23234.6 | 17.1 | 636.8 | -5.5 | 32.9 | -5.3 |
| Sona BLW Precision Forgings Ltd. | 818 | 51009.7 | 73.3 | 3.8 | 10.3 | 10.7 | 8.6 | 4572.1 | 24.2 | 640.2 | 6.5 | 11.2 | 19.2 |
Happy Steels INFORMATION ON IPO ISSUE
About Happy Steels
Happy Steels was incorporated on June 14, 1996. The company is an integrated manufacturer of safety-critical forged and machined transmission and driveline components for on-highway, off-highway, electric vehicle, and defence applications. Its expertise in forging, precision machining, and quality control enables it to supply high-strength, load-bearing components to leading OEMs and Tier-I suppliers in India and overseas
Object of the Issue
- Capital expenditure towards purchase of additional plant and machinery for their existing manufacturing unit
- Repayment/ prepayment of term loans to banks
- General corporate purpose
Happy Steels - PROMOTERS
| Name |
|---|
| Abhishek Garg |
| Parveen Kumar Garg |
| Deepak Garg |
| Parveen Garg HUF |
Happy Steels - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Abhishek Garg | Managing Director |
| Parveen Kumar Garg | Whole-Time Director |
| Deepak Garg | Whole-time Director |
| Vikas Giya | Non-Executive Director |
| Shashi Batta | Independent Director |
| Surinder Kumar | Independent Director |
Happy Steels Book Running Lead Manager
Share India Capital Services Private Limited
vinay.pareek@shareindia.co.in
Master Capital Services Limited
secretarial@mastertrust.co.in
Happy Steels Registrar to the Offer
Bigshare Services Private Limited
ipo@bigshareonline.com
Happy Steels Strengths
Safety-critical & load-bearing products
The company manufactures safety-critical forged and machined components used in automotive, defence, electric vehicle, and off-highway applications, where performance, durability, and reliability are essential. Its expertise in precision manufacturing and stringent quality standards creates strong customer relationships and high entry barriers for competitors
Quality assurance & standards
The company follows a robust quality management system with rigorous inspection and testing at every stage of production to ensure compliance with customer specifications and automotive industry standards. Its dedicated in-house quality team and advanced testing capabilities help deliver consistent, high-precision, and reliable products
Domestic & global presence
The company serves a diversified customer base across India and international markets, supplying products to multiple states and countries. Its broad geographic presence reduces dependence on any single market, supports stable demand, and enhances growth opportunities
Happy Steels Risks
Rely on power & fuel supply
The company’s manufacturing operations depend on uninterrupted power and fuel supply, making them vulnerable to utility disruptions and rising energy costs. Any prolonged outage or increase in utility expenses could impact production efficiency, delivery timelines, operating margins, and profitability
Inventory management risks
The company maintains substantial inventory to support production and meet customer delivery schedules, resulting in significant working capital requirements. Ineffective inventory management or unexpected changes in demand could lead to excess stock, higher carrying costs, and adverse financial performance
Non-compliance risks
The company operates under stringent environmental, health, and safety regulations and must maintain various statutory approvals for its manufacturing operations. Any future non-compliance, regulatory action, or stricter norms could increase compliance costs, disrupt operations, and adversely affect financial performance
IPO FAQs
The promoters of the company are Abhishek Garg, Parveen Kumar Garg, Deepak Garg and Parveen Garg HUF.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 62.0 - 66.0.
The IPO application opens on Jul 09, 2026 and closes on Jul 13, 2026.
The minimum lot size for the IPO is 4000. The maximum lot size for the IPO is 4000.
For all category investors, the minimum application amount for this IPO is Rs. 248,000.0, the maximum value for this IPO is Rs 264,000.0.
This IPO will be allotted on Jul 14, 2026.
The refund will be credited to your account on Jul 15, 2026.
The allotted shares will be credited to your demat on Jul 15, 2026.
Happy Steels Ltd.’s shares listed on the stock exchanges on Jul 16, 2026.