This company’s IPO list crossed Rs 1000…investors became rich

Shares of Happy Forgings made a strong debut on the stock market on Wednesday, December 27. The company’s shares were listed on BSE at Rs 1001.25 with a premium of 18%. At the same time, this share is listed on NSE at Rs 1,000 with a premium of 17%. Let us tell you that its price band was fixed at Rs 850.

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 and December 21. The company had targeted to raise around Rs 1,008.59 crore from its primary offering, which comprises a fresh share sale of Rs 400 crore and an offer for sale (OFS) of 47,05,882 equity shares.

Was subscribed 82 times
The issue was subscribed 82.04 times overall as the qualified institutional bidders (QIBs) portion was booked 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.

Let us tell you that Happy Forgings will use the money raised from the IPO to repay the loan for purchasing equipment, plants, and machinery. The remaining funds will be used for general corporate purposes. JM Financial, Axis Capital, Equirus Capital, and Motilal Oswal Investment Advisors were the merchant bankers to the issue, while Link Intime India Pvt Ltd was the registrar. Also, read this.