Happy Steels IPO
GMP, Subscription, Price, Dates & Financial Details
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Established in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical forged and precision-machined transmission and driveline components for the automotive and engineering industries. The company serves a diverse customer base across the on-highway, off-highway, electric…
Open Date
Thu, 09 Jul 2026
Close Date
Mon, 13 Jul 2026
Price Band
₹ 62 – 66
Lot Size
2000
Issue Size
₹ 25.00 Cr
Minimum Investment
₹ 264,000 (4000 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Happy Steels IPO has successfully completed its IPO process and is now listed on NSE SME Platform. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹25 Crore, comprising a fresh issue of 35.98 Lakh equity shares aggregating to ₹24.00 Crore.
The Happy Steels IPO remained open for subscription from July 09, 2026, to July 13, 2026. The basis of allotment was finalized on July 14, 2026, and the company's shares were listed on NSE SME Platform on July 16, 2026.
The company had fixed the price band at ₹62 to ₹66 per share, with a lot size of 2000 shares. Retail investors were required to make a minimum investment of ₹264,000 (based on the upper price band) to apply for one lot.
Bigshare Services Pvt Ltd served as the registrar to the issue. Share India Capital Services Private Limited, and Master Capital Services Ltd. acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Happy Steel Limited is now a publicly listed company on NSE SME Platform. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Happy Steels IPO Timeline (Tentative)
- IPO Open Date
- Thu, 09 Jul 26
- IPO Close Date
- Mon, 13 Jul 26
- Basis of Allotment
- Tue, 14 Jul 26
- Initiation of Refunds
- Wed, 15 Jul 26
- Credit of Shares to Demat
- Wed, 15 Jul 26
- Listing Date
- Thu, 16 Jul 26 — NSE & BSE
Open Date
09 July 2026
Close Date
13 July 2026
Basis Of Allotment
14 July 2026
Listing Date
16 July 2026
IPO Subscription
Check Live Subscription →The Happy Steels IPO has received bids for 19,64,34,000 shares against 25,22,000 shares offered, resulting in an overall subscription of 77.89x. the NII category is subscribed 113.95x, Retail Investors 73.25x, and QIBs 59.01x. Within the NII category, BNII is subscribed 129.29x, while SNII is subscribed 83.26x.
QIB
59.01x
NII
113.95x
BNII
129.29x
SNII
83.26x
RII
73.25x
Total
77.89x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 12,60,000 shares, representing 49.96% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 7,22,000 shares (28.63%), while Non-Institutional Investors (NIIs) receive 5,40,000 shares (21.41%).
| Category | Shares Offered | Shares Offered |
|---|---|---|
| Qualified Institutions | 722,000 | 28.63% |
| Non-Institutional | 540,000 | 21.41% |
| BNII | 360,000 | 14.27% |
| SNII | 180,000 | 7.14% |
| Retail Investors | 1,260,000 | 49.96% |
| Total | 2,522,000 | 100% |
Financials Details(₹ in Crores)
| Particular | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 99.66 | 78.62 | 78.37 |
| Revenue | 96.57 | 82.52 | 82.24 |
| Profit After Tax | 7.1 | 2.34 | 4.69 |
| Net Worth | 39.98 | 32.88 | 30.54 |
| Reserve & Surplus | 29.48 | 31.38 | 29.04 |
| Total Borrowings | 47.18 | 34.21 | 35.69 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Happy Steel Limited KPI Information
| Particular | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 19.49 | 7.39 | 16.63 |
| ROCE % | 20.89 | 13.07 | 20.11 |
| Debt / Equity | 1.18 | 1.04 | 1.17 |
| RoNW % | 17.76 | 7.12 | 15.36 |
| Pat Margin % | 7.5 | 2.84 | 5.7 |
Peers Comparison
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Happy Steels Ltd | 10 | 0 | 6.77 | 6.77 | 17.76 | 38.09 |
| EMM Force Autotech Ltd | 10 | 19.39 | 5.88 | 5.88 | 9.04 | 44.52 |
| Kross Limited | 5 | 21.34 | 8.56 | 8.56 | 11.27 | 75.92 |
| Gna Axles Limited | 10 | 13.61 | 27.24 | 27.24 | 11.65 | 223.89 |
About Happy Steel Limited
Established in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical forged and precision-machined transmission and driveline components for the automotive and engineering industries. The company serves a diverse customer base across the on-highway, off-highway, electric vehicle (EV), and defence sectors, supplying high-performance components to leading original equipment manufacturers (OEMs) and Tier-I suppliers in India and international markets.
The company operates an end-to-end integrated manufacturing facility, with capabilities covering the entire production value chain—from raw material procurement and cutting to forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, quality inspection, and final packaging. This vertically integrated manufacturing model enables Happy Steel Limited to maintain stringent quality standards, optimize production efficiency, and deliver components with superior mechanical properties, high dimensional accuracy, and consistent performance in accordance with customer specifications.
Happy Steel Limited manufactures a comprehensive range of safety-critical and load-bearing components, including axles, long spline shafts, spindles, and other forged and machined transmission and driveline parts. These components are designed to withstand demanding operating conditions and play a vital role in enhancing vehicle safety, durability, and overall performance across multiple automotive and industrial applications.
The company's manufacturing facility is located in Ludhiana, Punjab, and spans approximately 16,577 square yards. As of Financial Year 2025, the facility had an installed annual production capacity of 8,640.00 MT for cutting operations, 7,776.00 MT for forging, and 4,492.80 MT for machining, providing the company with the flexibility to support large-scale production while catering to diverse customer requirements.
Over nearly three decades of operations, Happy Steel Limited has developed significant expertise in manufacturing high-strength, precision-engineered forged components through advanced forging technologies, modern machining processes, and robust quality assurance systems. The company follows a comprehensive quality management framework designed to ensure compliance with customer specifications, applicable regulatory requirements, and globally accepted automotive quality standards, while maintaining consistency across every stage of production.
As of December 31, 2025, Happy Steel Limited employed 429 personnel across its manufacturing, engineering, quality assurance, maintenance, administration, and management functions. Its experienced workforce, combined with integrated manufacturing capabilities and a customer-focused approach, enables the company to deliver reliable, high-quality engineering solutions and support long-term relationships with leading domestic and global customers.
Happy Steels IPO Promoters
- Mr Parveen Kumar Garg
- Mr Abhishek Garg
- Mr Deepak Garg
- Parveen Kumar Garg (HUF)
Promoters Holding
Holding Pre Issue
99.33%
Holding Post Issue
72.99%
Happy Steels IPO Objective
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Capital Expenditure towards purchase of additional Plant and Machinery at our existing Manufacturing Unit
- Repayment/ Prepayment of Term Loans to Banks
- General Corporate Purposes
Happy Steel Limited Address / Contact Details
Happy Steels Ltd. Address
Kanganwal Road
Jaspal,Banger
Ludhiana, Punjab, 141122
E-mail: cs@happysteels.com
Tel No: +91 6239821029
Website:http://www.happysteels.com/
IPO Snapshot
Happy Steels IPO Lot Size
The Happy Steels IPO has a lot size of 2,000 shares. Retail investors require a minimum investment of ₹2,64,000 by applying for 2 lot (4,000 shares). The maximum application allowed for the retail category is 2 lots (4,000 shares), requiring an investment of ₹2,64,000.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | 264,000.00 |
| Retail (Max) | 2 | 4,000 | 264,000.00 |
| S-HNI (Min) | 3 | 6,000 | 396,000.00 |
| S-HNI (Max) | 7 | 14,000 | 924,000.00 |
| B-HNI (Min) | 8 | 16,000 | 1,056,000.00 |
Issue Reservation
- QIB — 28.63%
- NII — 21.41%
- RII — 49.96%
Book Running Lead Managers
- Share India Capital Services Private Limited
- Master Capital Services Ltd.
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Happy Steels IPO?
Happy Steels IPO is a Book-building IPO with a total issue size of ₹25 crore. The Happy Steels IPO price band is ₹62 to 66 per share. The Happy Steels IPO subscription opens on Thu, Jul 9, 2026, and closes on Mon, Jul 13, 2026. The Happy Steels IPO will be listed on the NSE. Bigshare Services Pvt Ltd is the registrar for the Happy Steels IPO.
When will the Happy Steels IPO open for subscription?
The Happy Steels IPO opens on Thu, Jul 9, 2026 and closes on Mon, Jul 13, 2026
What is Happy Steels IPO Price Band?
Happy Steels IPO Price Band is ₹62 to 66 per share.
What is Happy Steels IPO Lot Size?
Happy Steels IPO lot size is 2000 shares, Retail investors need a minimum investment of ₹264000 based on the upper price band
What is the minimum investment for Happy Steels IPO?
The minimum investment for Happy Steels IPO is ₹264000, based on one lot of 2000 shares at the upper price band of ₹66 per share.
How to apply for Happy Steels IPO?
Investors can apply for the Happy Steels IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Mon, Jul 13, 2026. The application amount remains blocked until the Happy Steels IPO allotment is finalized.
What is Happy Steels IPO Issue Size?
Happy Steels IPO issue size is ₹25 crores.
What is the Happy Steels IPO Allotment Date?
Happy Steels IPO allotment date is Tue, Jul 14, 2026.
Who is the Happy Steels IPO Registrar?
The registrar for Happy Steels IPO is Bigshare Services Pvt Ltd. Investors can go to Bigshare Services Pvt Ltd website to check Happy Steels IPO allotment status, refund processing, and other IPO-related information.
What is the Happy Steels IPO GMP?
The Happy Steels IPO GMP (Grey Market Premium) is ₹8 as of Thu, Jul 9, 2026. Based on the upper price band of ₹66 per share, the estimated Happy Steels IPO listing price is ₹74, indicating a potential listing gain of approximately 12.12% over the issue price.
Who is the Happy Steels IPO Lead Manager?
The book-running lead managers (BRLMs) for the Happy Steels IPO are Master Capital Services Ltd. . The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Happy Steels IPO Red Herring Prospectus (RHP).