Happy Forging IPO
Happy Forging Limited (HAPPYFORGE) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 27 December 2023.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +46.5% (likely range +23% to +62%), day's high +52.2%, chance of a gain 92%. Actual: +17.6% at the open, +27.9% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 23,10,430 | 50,94,04,218 | 220x | |
| NII (HNI) total | 18,16,563 | 11,29,32,598 | 62.2x | |
| Big NII (above ₹10 lakh) | 12,11,042 | 8,29,03,356 | 68.5x | |
| Small NII (₹2-10 lakh) | 6,05,521 | 3,00,29,242 | 49.6x | |
| Retail | 42,38,646 | 6,39,61,650 | 15.1x | |
| Total | 83,65,639 | 68,62,98,466 | 82.0x |
Bids on NSE and BSE together, as published by NSE, as of 21 Dec 2023, 07:00 PM. Shares offered exclude the anchor portion. 8% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Happy Forging's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Harsha Engineers InternationalSep 2022 | 178x | 71.3x | 17.6x | 74.7x | ₹794 Cr | +36.4% | +59.9% |
| SBFC FinanceAug 2023 | 193x | 49.1x | 11.0x | 70.2x | ₹1,082 Cr | +43.9% | +67.5% |
| Netweb Technologies IndiaJul 2023 | 229x | 81.8x | 19.2x | 90.4x | ₹625 Cr | +89.4% | +90.4% |
| IKIO LightingJun 2023 | 164x | 63.4x | 13.9x | 66.3x | ₹615 Cr | +37.7% | +50.0% |
| Senco GoldJul 2023 | 181x | 65.0x | 15.5x | 73.4x | ₹427 Cr | +35.6% | +40.1% |
| INOX IndiaDec 2023 | 148x | 53.2x | 15.3x | 61.3x | ₹1,459 Cr | +43.9% | +50.0% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| JM Financial | 109 | +22.8% | 75% |
| Axis Capital | 107 | +20.4% | 73% |
| Equirus Capital | 34 | +21.3% | 74% |
| and Motilal Oswal Investment Advisors | — | — | — |
Offer documents (NSE)
Frequently asked
What is the Happy Forging IPO price band and lot size? ₹808–850 per share, with a lot of 17 shares, so the smallest retail bid is ₹14,450.
How many times has it been subscribed? 82.0x overall: QIB 220x, NII 62.2x, retail 15.1x.
How did it list? It opened at ₹1,000, +17.6% against the issue price of ₹850, and closed its first day +21.3%.
