Happy Forgings IPO Oversubscribed: 7.46 Times on Day 2

New Delhi, Dec 20 (PTI) The initial share sale of auto components maker Happy Forgings received 7.46 times subscription on the second day offer on Wednesday.

The Rs 1,008.6 crore-initial share sale got bids for 6,23,78,219 shares against 83,65,639 shares on offer, as per NSE data.

The portion for non-institutional investors attracted 16.49 times subscription while the quota for Retail Individual Investors (RIIs) received 7.40 times subscription. The category for Qualified Institutional Buyers (QIBs) got subscribed 45 per cent.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 400 crore and an offer for sale of 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, Turkiye, the UK, and the US.

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