IPO Allotment Status: Basis of Allotment, Debit Alerts, and Revocation Notices
IPO Allotment Status: Happy Forgings is set to announce the basis of allotment for its shares, anticipated on Friday, December 22. Bidders can expect to receive messages, alerts, or emails regarding the debit of funds or revocation of their IPO mandate over the weekend or no later than Tuesday. The forging and precision machined components maker witnessed a robust response from bidders during its primary offering.
IPO Details and Response
Happy Forgings conducted its IPO in the price band of Rs 808-850 per share, with a lot size of 17 shares. The bidding window was open from December 19 to December 21. The company aimed to raise approximately Rs 1,008.59 crore through its primary offering, comprising a fresh share sale of Rs 400 crore and an offer-for-sale (OFS) of up to 47,05,882 equity shares.
The IPO received overwhelming subscription, reaching a stellar 82.04 times overall. The qualified institutional bidders (QIBs) portion was subscribed a remarkable 220.48 times, while non-institutional investors’ category witnessed a subscription of 62.17 times. The quota reserved for retail investors was subscribed 15.09 times during the bidding process.
Grey Market Premium (GMP) and Potential Listing Pop
Despite market volatility, Happy Forgings’ Grey Market Premium (GMP) remained stable. Currently, the company commands a premium of Rs 420-440 per share, indicating a potential listing pop of 48-52 percent for investors.
Company Overview
Established in July 1979, Happy Forgings is an Indian manufacturer specializing in heavy forgings and high-precision machined components. The company operates three manufacturing facilities, with two in Kanganwal and one in Dugri, all located in Ludhiana, Punjab.
Analyst Views and Risks
Brokerage firms expressed positive sentiments toward Happy Forgings, citing sound business models, increasing demand for its products, long-term customer relationships, strong financial performance, and a consistent growth record. However, concerns about pricing power among major clients and stiff competition were identified as key risks. JM Financial, Axis Capital, Equirus Capital, and Motilal Oswal Investment Advisors served as the book running lead managers for the IPO, with Link Intime India as the registrar. The shares are expected to be listed on both BSE and NSE on December 27, Wednesday.
Checking Allotment Status
Investors who participated in the Happy Forgings IPO can check the allotment status on the BSE website’s IPO application check page. Select “Happy Forgings Limited” under the issue type, input the application number, PAN card number, and complete the ‘I am not a Robot’ verification before submitting.
lternatively, the allotment status can be verified through the online portal of Link Intime India, the registrar to the issue. Visit Kfin Tech’s web portal, choose the IPO of Happy Forgings, enter the PAN card number, application number, or DP client ID, and click ‘search’ to access the allotment status for the application.
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Haribol Gupta