Happy Forgings Stock Soars 21% on Debut

New Delhi, Dec 27 (PTI) Shares of auto components maker Happy Forgings Ltd ended with a premium of over 21 per cent against the issue price of Rs 850 on Wednesday.

The stock made its debut at Rs 1,001.25, reflecting a jump of 17.79 per cent from the issue price on the BSE. During the day, it rallied 27.98 per cent to Rs 1,087.85. Shares of the company ended at Rs 1,029.80 apiece, up 21.15 per cent.

On the NSE, it listed at Rs 1,000, up 17.64 per cent. The stock ended at Rs 1,030.10 per piece, rallying 21.18 per cent.

The company's market valuation stood at Rs 9,701.22 crore.

In the equity market, the BSE benchmark jumped 701.63 points or 0.98 per cent to settle at its all-time closing high of 72,038.43. The Nifty climbed 213.40 points or 1 per cent to settle at a record high of 21,654.75.

The initial public offer of Happy Forgings got subscribed 82.04 times on the last day of bidding on Thursday, driven by huge demand from institutional buyers.

The Rs 1,008.6-crore initial share sale had a fresh issue of up to Rs 400 crore and an offer for sale of up to 71,59,920 equity shares.

Price range for the offer was Rs 808-850 a share.

Proceeds from the fresh issue will be utilised towards purchase of equipment, plants and machinery, payment of debt; and a portion of the funds will also be used 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.

It also serves non-automotive markets like farm equipment, off-highway vehicles, and industrial machinery.

The company has operations in nine countries -- Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkiye, the UK, and the US.