The scrip was listed at Rs 1001.25, exhibiting a premium of 17.79% to the issue price.

So far, the stock has hit a high of 1,026.45 and a low of 961. On the BSE, over 2.88 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Happy Forgings was subscribed 82.04 times. The issue opened for bidding on 19 December 2023 and it closed on 21 December 2023. The price band of the IPO was fixed at Rs 808-850 per share.

The public offer consisted a fresh issue of equity shares aggregating up to Rs 400 crore by the company and an offer for sale (OFS) of upto 71,59,920 equity shares by the selling shareholders. OFS comprise sales of 5607700 equity shares by Paritosh Kumar Garg (HUF), a promoter selling shareholder, and 10529000 equity shares by India Business Excellence Fund III, an Investor selling shareholder. India Business Excellence Fund III will hold 8.8% of the post issue equity.

Of the net proceeds of the issue, the company intend to spend Rs 285 crore towards repayment and prepayment of the aggregate outstanding borrowings of the company and its subsidiaries; Rs 35 crore towards acquisition of land or land development rights and balance for general corporate purposes.

Total outstanding borrowings as of 31 October 2023, amounted to Rs 259.942 crore.

Happy Forgings (HFL) is an engineering led manufacturer of complex and safety critical, heavy forged and high precision machined components in India. The company manufactures a wide range of heavy forged and machined products (with closed tolerances as low as 0.005 to 0.2 millimetre) which include crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, pinion shafts, suspension products and valve bodies across industries for a diversified base of customers.

The firm reported a net profit of Rs 119.30 crore and income from operations of Rs 672.90 crore for the six months ended on 30 September.