The initial public offering of auto components maker Happy Forgings is going to be closed on Thursday, December 21. So far, the Rs 1,008.6-crore IPO has received 7.69 times subscription. On the second day of bidding on Wednesday, the IPO garnered bids for 6,38,64,699 shares against 83,06,061 shares on offer.The IPO was opened on Tuesday, December 19. The price band of the IPO has been fixed at Rs 808-850 a share. For investors, the minimum lot size is 17 shares. The minimum amount of investment required by retail investors is Rs 14,450.
Happy Forgings is a manufacturer of heavy forgings and high-precision machined components. The company aims to raise ₹1,008.59 crore from the IPO that will end on December 21.The shares will list on both the stock exchanges -BSE and NSE, with a tentative listing date fixed on December 27.The company has already raised ₹303 crore from anchor investors, ahead of its IPO opening. It has allocated 35,59,740 equity shares at ₹850 per share to the 25 anchor investors, as per stock exchange filing.JM Financial, Axis Capital, Equirus Capital and Motilal Oswal Investment Advisors are the book running lead managers of the Happy Forgings IPO, while Link Intime India Private Ltd is the IPO registrar.The company proposes to utilise the net issue proceeds towards the purchase of equipment, plant and machinery; prepayment of all or a portion of certain outstanding borrowings and for general corporate purposes.The Ludhiana-based auto component maker’s primary clientele includes domestic and global Original Equipment Manufacturers (OEMs) in the commercial vehicle sector.The company has operations in nine countries — Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkiye, the UK, and the US.