Happy Forgings IPO Oversubscribed 82 Times

New Delhi, Dec 21 (PTI) The initial public offer of auto components maker 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 fetched bids for 68,62,98,398 shares against 83,65,639 shares on offer, as per NSE data.

The category for Qualified Institutional Buyers (QIBs) was subscribed a whopping 220.48 times. The part for non-institutional investors attracted 62.17 times subscription and the category for Retail Individual Investors (RIIs) got subscribed 15.09 times.

The Initial Public Offer (IPO) 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.

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

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.

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