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Happy Forgings Limited's IPO subscribed 7.47 times on Day 2

Posted On: 2023-12-20 20:01:45 (Time Zone: IST)


The Initial Public Offering of Happy Forgings Limited was subscribed 7.47 times on the second day of bidding.

The issue received bids of 6,24,63,797 shares against the offered 83,65,639 equity shares, at a price band of ?808-850, according to the data available on the stock exchanges.

Non-Institutional Investors Portion was subscribed with 16.50 times. Retail Portion was subscribed 7.42 times. Qualified Institutional Buyer Portion was subscribed 0.45 times. The issue kicked off for subscription on Tuesday, December 19, 2023 and will close on Thursday, December 21, 2023.

A day prior to the opening of the issue, Happy Forgings Ltd had raised Rs. 303 crores from 25 anchor investors. Foreign investors who participated in the anchor were Fidelity International, Neuberger Berman, Morgan Stanley, Janchor Partners, WhiteOak Capital, East Bridge Capital and Kotak Offshore. Mutual funds like SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mahindra Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Canara Robeco Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Quant Mutual Fund and HSBC Mutual Fund along with Insurance companies such as SBI Life Insurance, ICICI Prudential Life Insurance, HDFC Life Insurance and Birla Life Insurance participated in the anchor book as well.

Leading brokerages like Nirmal Bang, Reliance Securities, BP Wealth, Ventura and Geojit have given a "SUBSCRIBE" rating to the issue, given Happy Forgings' (HFL) strong track record and diversified revenue segments with value added products. The company has long-standing customer relationships across industries and has constantly built capabilities with an emphasis on capital efficiency. Furthermore, HFL has a track record of sustained revenue growth and profitability and it is well positioned to capitalise on potential alternative engine technologies.

JM Financial Limited, Axis Capital Limited, Equirus Capital Private limited and Motilal Oswal Investment Advisors Limited are book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.


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