Happy Forgings IPO Oversubscribed: 2.31 Times on Day 1

New Delhi, Dec 19 (PTI) The initial public offering of auto components maker Happy Forgings received 2.31 times subscription on the first day of share sale on Tuesday.

The Rs 1,008.6 crore-initial share sale received bids for 1,93,44,300 shares as against 83,65,639 shares on offer, as per data.

The quota for non-institutional investors got subscribed 3.58 times while the portion for Retail Individual Investors (RIIs) attracted 3.02 times subscription. The Qualified Institutional Buyers (QIBs) part got subscribed 1 per cent.

The Initial Public Offering (IPO) has a fresh issue of up to Rs 400 crore and an Offer For Sale (OFS) up to 71,59,920 equity shares.

The IPO has a price range of Rs 808-850 a share.

Happy Forgings Ltd on Monday said it has mobilised Rs 303 crore from anchor investors.

Proceeds from the fresh issue will be utilised towards the purchase of equipment, plants, and machinery, the 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.

Ashok Leyland Ltd, JCB India Ltd, Mahindra & Mahindra Ltd, SML ISUZU Ltd, and Tata Cummins are among its customers.

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

JM Financial, Axis Capital, Equirus Capital and Motilal Oswal Investment Advisors are the managers to the offer.

The equity shares are proposed to be listed on the BSE and the NSE.