Happy Forgings IPO allotment: Check application status, latest GMP and listing date

Happy Forgings is scheduled to announce the basis of allotment of its shares most likely on Friday, December 22. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the weekend or latest by Tuesday. The primary offering of the forgings and precision machined components maker had received a solid response from the bidders.

Happy Forgings sold its IPO in the price band of Rs 808-850 per share with a lot size of 17 shares, which was open for bidding between December 19 to December 21. The company aimed to raise about 1,008.59 crore from its primary offering, which included a fresh shares sale of Rs 400 crore and an offer-for-sale (OFS) of up to 47,05,882 equity shares.

The issue was overall subscribed a stellar 82.04 times as the portion for qualified institutional bidders (QIBs) was booked a whopping 220.48 times, while the non-institutional investors' category was subscribed 62.17 times. The quota reserved for retail investors was subscribed 15.09 times during the bidding process.

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Grey market premium (GMP) of Happy Forgings has remained stable, following robust bidding from QIB investors amid the rising volatility in the broader markets. Last heard, the company was commanding a premium of Rs 420-440 per share, suggesting a listing pop of 48-52 per cent for the investors.

Incorporated in July 1979, Happy Forgings is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components. Happy Forging has three manufacturing facilities, two in Kanganwal and one in Dugri, all located in Ludhiana, Punjab.

Brokerage firms were mostly positive on the issue of Happy Forgings and suggested subscribing to it citing its sound business models, rising demand of its products, long term relationship with its customers, strong financial performance and a track record of consistent growth. However, pricing power among big clients and stiff competition were flagged as the key risks.

JM Financial, Axis Capital, Equirus Capital, and Motilal Oswal Investment Advisors are the book running lead managers for the IPO, with Link Intime India serving as the registrar for the issue. Shares of the company will be listed on both BSE and NSE, with December 27, Wednesday, as the tentative date of listing.
 

Investors, who bid for the issue of Happy Forgings, can check the allotment status on the BSE website's IPO application check page. Check-in equity, under the issue type and select Happy Forgings Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at 'I am not a Robot' before hitting the submit button.

Allotment status can also be checked through the online portal of Link Intime India, the registrar to the issue. Visit the web portal of Kfin Tech and select the IPO of Happy Forgings in the dropbox. Enter the either PAN card number, application number or DP client ID as selected tab and hit 'search' to get the allotment status for your application.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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