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Happy Steels Ltd IPO
Status: Closed
Overview
IPO date
09 Jul 2026 to 13 Jul 2026
Face value
₹ 10 per share
Price
₹ 62 to ₹66 per share
Issue Size
3,788,000 shares
(aggregating up to ₹ 25.08 Cr)
(aggregating up to ₹ 25.08 Cr)
Allotment Date
14 Jul 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Castings, Forgings & Fastners
Unlock Stock of the Month
T&C*
Strengths vs Risks of Happy Steels Ltd
Know the pros & cons
Strengths
- Customization Expertise
- Experienced Promoter and management team with strong industry expertise and successful track record.
- Sustainable business model.
- Marquee clientele.
Risks
- The compan'y top ten customers contribute majority of its revenues from operations and the company does not has long-term or firm commitment arrangements with any of its customers. Any loss of business from one or more of them may adversely affect the company revenues and profitability.
- The company's business is largely concentrated in three States i.e. Punjab, Haryana and Tamil Nadu, any adverse developments in these states may negatively impact its business, financial condition and results of operations.
- The company's inability to collect receivables and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- The company does not has documentary records evidencing the grant of the Consent to Establish for its manufacturing facility, which may expose the company to regulatory action.
- The company's financial performance including Revenue from Operations and Profit After Tax (PAT) has fluctuated in recent periods, and any inability to grow revenue or maintain profitability may adversely affect its business and valuation.
- The company's manufacturing capacity may not be fully utilized and its may be unable to effectively utilise the company's existing or expanded manufacturing capacities.
- A significant portion of the company's purchases is sourced from a limited number of suppliers, with its top ten suppliers, particularly the company's top one supplier, accounting for a substantial share of its total purchases. Also, the company does not has long-term or firm commitment arrangements with any of its suppliers. Any disruption in supplies, deterioration in relationships, or inability of such suppliers to meet the company's requirements on commercially acceptable terms could adversely affect its production schedules, operating margins and business operations.
- A portion of the company's revenue is derived from its growing export operations that are concentrated in select overseas markets, particularly Indonesia, and are subject to risks arising from changes in international trade policies, government regulations and geopolitical developments.
- The company has substantial capital expenditure and working capital requirements and may requires additional capital and financing in the future and its operations could be curtailed if the company is unable to obtain the required additional capital and financing when needed.
- The company is required to maintain high levels of inventory, and any inability to effectively manage its inventory may adversely affect the company's business, working capital and results of operations.
- Fluctuation in the prices of the company's principal raw materials, power, fuel and consumables may adversely affect its business, profitability and results of operations.
- There may be discrepancies in corporate filings made by its from time to time. The company cannot assure you that regulatory proceedings or actions will not be initiated against its in the future and that the company will not be subject to any penalty imposed by the competent regulatory authority in this regard.
- In the past the company has entered into related party transactions and may continue to does so in the future, which may potentially involve conflicts of interest with the equity shareholders. There can be no assurance that such transactions, individually or in the aggregate, will not has an adverse effect on its financial condition and results of operations.
- The company's operations requires significant power and fuel, and any disruption in supply or increase in utility costs may adversely affect its results of operations.
- The company's group Companies operates in business segments similar to or related to its, which may result in potential competitive overlap, conflicts of interest and loss of business opportunities.
- The company's existing manufacturing unit is subject to operating risks. The unexpected shutdown or slowdown of operations at its manufacturing facility could have a material adverse effect on the company's business, results of operations, cash flows and financial condition.
- Any disruption to the steady and regular supply of workforce for the company's operations, including dues to strikes, work stoppages or increased wages demands by its workforce or any other kind of disputes with the company's workforce or its inability to control the composition and cost of the company's workforce could adversely affect its business, cash flows and results of operations.
- There are outstanding legal proceedings involving its, Directors, Promoters, KMPs, SMPs and Group Companies. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect its business, results of operations and prospects.
- Certain corporate records and other documents filed by the company with the RoC, are not traceable. While its has conducted a search with the RoC, in respect of the unavailability of such forms and other records, the company cannot assure you that such forms or records will be available at all or any time in the future.
- A portion of the Net Proceeds may be utilized for pre-payment of term loans availed by the Company.
- The company cannot assure you that the Objects of the Issue will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The company's success is dependent on its Promoters, senior management and skilled workforce, and any inability to retain or replace such key personnel could adversely affect the company's business, operations and future prospects.
- The company has outstanding indebtedness, which requires cash flows to service and may subject its to certain conditions and restrictions in terms of the company's financing arrangements, which restricts its ability to conduct business and operations in the manner the company desires.
- The company has not yet placed orders in relation to the capital expenditure for the purchase of some of the plant and machineries at its manufacturing unit. In the event of any delay in placing the orders, or in the event the vendor is not able to provide the plant and machineries in a timely manner, or at all, it may result in time and cost overruns and the company's business, prospects and results of operations may be adversely affected. Further, such proposed capital expenditure may not result in an increase in revenue from operations for the Company.
- The company operates from a single manufacturing unit, and any disruption at this location may adversely affect its business, financial condition and results of operations.
- The company's inability to obtain, maintain, or enforce intellectual property rights, including its trademark, may affect the company's ability to protect its brand value and business.
- The company's operations is subject to environmental, health and safety laws and regulations, and its may be subject to environmental notices, directions or penalties in the future.
- The company, in the past has delayed in payment of statutory dues. Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- The company's insurance coverage may be inadequate, which could have an adverse effect on its financial condition and results of operations.
- There has been instances of transfer of equity shares in the Company pursuant to gift deeds where stamp duty was paid on a later date, and any non-compliance may attract penalties or other proceedings.
- The company may be subject to financial and reputational risks due to product quality and liability claims and legal proceedings if the quality of its products does not meet the company's customers' expectations.
- The Company has allotted Equity Shares during the preceding one year from the date of the Red Herring Prospectus which may be lower than the Issue Price.
- The company has not paid any dividends in the past Financial Years. Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- The company has not independently verified certain data in this Red Herring Prospectus.
- The company's Promoters and Promoter Group, who will continue to hold a substantial shareholding in the Company after the Issue, may exercise significant influence over the Company, and their interests may conflict with those of its Company or minority shareholders.
- Exchange rate fluctuations may adversely affect the company's results of operations as a significant portion of its revenues and some portion of the company's expenditure is denominated in foreign currencies.
- Misconduct or errors by manpower engaged by the company could expose its to business risks or losses that could affect the company's business prospects, results of operations and financial condition.
- The company's majority of directors does not has any prior experience of directorship of any listed entity.
- The activities carried out at the company's manufacturing facilities can cause injury to people or property in certain circumstances.
- The Company is dependent on third-party logistics service providers for transportation of raw materials and finished goods, and any disruption in such logistics services may adversely affect its operations, supply chain efficiency and financial performance.
- Listing of equity shares may subject the company to surveillance measures like ASM and GSM, affecting market perception.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the NSE EMERGE Platform in a timely manner or at all.
Happy Steels Ltd Peer Comparison
Understand the company’s industry standing
Happy Steels Ltd
EMM Force Autotech Limited
Kross Limited
Face Value
10
10
5
Standalone / Consolidated
Standalone
Consolidated
Standalone
Total Income Rs. Cr.
94.6426
112.65
673.201
EPS-Basis
6.77
5.88
8.56
EPS-Diluted
---
---
---
NAV Per Share
38.09
44.52
75.92
P/E-Basic EPS
---
19.39
21.34
P/E-Diluted EPS
---
---
---
RONW(%)
17.76
9.04
11.27
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Happy Steels Ltd IPO?
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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 09 Jul 2026 & closes on 13 Jul 2026.
Happy Steels Limited was originally incorporated as Happy Steels Private Limited' as a private limited company on June 14, 1996 pursuant to a Certificate of Incorporation issued by the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh. Thereafter, Company was converted into a public limited company from a private limited company. Name of the Company changed to Happy Steels Limited' and a fresh Certificate of Incorporation was issued by the Registrar of Companies, Chandigarh on March 20, 2025.
The Company is an integrated manufacturer of Safety-Critical, Forged and Machined Transmission and Driveline components for On-highway, Off-highway, EV and Defence applications. Product portfolio consist of a wide range of Axles, Long Spline Shafts, Spindle and other related components.
Company operates a manufacturing unit located in Ludhiana, Punjab. The unit has installed capacity of 8,640.00 MT per annum for cutting process, 7,776.00 MT per annum for forging process, and 4,492.80 MT per annum for machining process during FY 2025.
Company established a Machine Component Division to transition from conventional to CNC machining in 2007, it commissioned a second 1200 ton Heavy Duty Horizontal Forging Press and Heat Treatment Furnace to enhance capacity in 2013.
Since commencement of the commercial operations in 1996, Company progressively scaled its operations and achieved production volumes of 5,247.83 MT per annum of machines in cutting process, 4,545.43 MT per annum of machines in Forging Process and 3,321.47 MT per annum of machines in Machining Process during the FY 2025.
Company has filed a Draft Prospectus with the SEBI and is planning the issuance of 38,50,000 equity shares of face value Rs 10 each through fresh issue.
Happy Steels Ltd IPO will close on 13 Jul 2026.
- Customization Expertise
- Experienced Promoter and management team with strong industry expertise and successful track record.
- Sustainable business model.
- Marquee clientele.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Parveen Kumar Garg | 8097222 | 77.13 | 8097222 | 56.68 |
| 2 | Abhishek Garg | 485975 | 4.64 | 485975 | 3.4 |
| 3 | Deepak Garg | 486675 | 4.63 | 486675 | 3.41 |
| 4 | Parveen garg HUF | 649250 | 6.18 | 649250 | 4.54 |
| 5 | Charushree Garg | 109200 | 1.04 | 109200 | 0.76 |
| 6 | Bindu Garg | 490700 | 4.67 | 490700 | 3.43 |
| 7 | Ridhima Garg | 108500 | 1.03 | 108500 | 0.76 |
- The compan'y top ten customers contribute majority of its revenues from operations and the company does not has long-term or firm commitment arrangements with any of its customers. Any loss of business from one or more of them may adversely affect the company revenues and profitability.
- The company's business is largely concentrated in three States i.e. Punjab, Haryana and Tamil Nadu, any adverse developments in these states may negatively impact its business, financial condition and results of operations.
- The company's inability to collect receivables and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- The company does not has documentary records evidencing the grant of the Consent to Establish for its manufacturing facility, which may expose the company to regulatory action.
- The company's financial performance including Revenue from Operations and Profit After Tax (PAT) has fluctuated in recent periods, and any inability to grow revenue or maintain profitability may adversely affect its business and valuation.
- The company's manufacturing capacity may not be fully utilized and its may be unable to effectively utilise the company's existing or expanded manufacturing capacities.
- A significant portion of the company's purchases is sourced from a limited number of suppliers, with its top ten suppliers, particularly the company's top one supplier, accounting for a substantial share of its total purchases. Also, the company does not has long-term or firm commitment arrangements with any of its suppliers. Any disruption in supplies, deterioration in relationships, or inability of such suppliers to meet the company's requirements on commercially acceptable terms could adversely affect its production schedules, operating margins and business operations.
- A portion of the company's revenue is derived from its growing export operations that are concentrated in select overseas markets, particularly Indonesia, and are subject to risks arising from changes in international trade policies, government regulations and geopolitical developments.
- The company has substantial capital expenditure and working capital requirements and may requires additional capital and financing in the future and its operations could be curtailed if the company is unable to obtain the required additional capital and financing when needed.
- The company is required to maintain high levels of inventory, and any inability to effectively manage its inventory may adversely affect the company's business, working capital and results of operations.
- Fluctuation in the prices of the company's principal raw materials, power, fuel and consumables may adversely affect its business, profitability and results of operations.
- There may be discrepancies in corporate filings made by its from time to time. The company cannot assure you that regulatory proceedings or actions will not be initiated against its in the future and that the company will not be subject to any penalty imposed by the competent regulatory authority in this regard.
- In the past the company has entered into related party transactions and may continue to does so in the future, which may potentially involve conflicts of interest with the equity shareholders. There can be no assurance that such transactions, individually or in the aggregate, will not has an adverse effect on its financial condition and results of operations.
- The company's operations requires significant power and fuel, and any disruption in supply or increase in utility costs may adversely affect its results of operations.
- The company's group Companies operates in business segments similar to or related to its, which may result in potential competitive overlap, conflicts of interest and loss of business opportunities.
- The company's existing manufacturing unit is subject to operating risks. The unexpected shutdown or slowdown of operations at its manufacturing facility could have a material adverse effect on the company's business, results of operations, cash flows and financial condition.
- Any disruption to the steady and regular supply of workforce for the company's operations, including dues to strikes, work stoppages or increased wages demands by its workforce or any other kind of disputes with the company's workforce or its inability to control the composition and cost of the company's workforce could adversely affect its business, cash flows and results of operations.
- There are outstanding legal proceedings involving its, Directors, Promoters, KMPs, SMPs and Group Companies. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect its business, results of operations and prospects.
- Certain corporate records and other documents filed by the company with the RoC, are not traceable. While its has conducted a search with the RoC, in respect of the unavailability of such forms and other records, the company cannot assure you that such forms or records will be available at all or any time in the future.
- A portion of the Net Proceeds may be utilized for pre-payment of term loans availed by the Company.
- The company cannot assure you that the Objects of the Issue will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The company's success is dependent on its Promoters, senior management and skilled workforce, and any inability to retain or replace such key personnel could adversely affect the company's business, operations and future prospects.
- The company has outstanding indebtedness, which requires cash flows to service and may subject its to certain conditions and restrictions in terms of the company's financing arrangements, which restricts its ability to conduct business and operations in the manner the company desires.
- The company has not yet placed orders in relation to the capital expenditure for the purchase of some of the plant and machineries at its manufacturing unit. In the event of any delay in placing the orders, or in the event the vendor is not able to provide the plant and machineries in a timely manner, or at all, it may result in time and cost overruns and the company's business, prospects and results of operations may be adversely affected. Further, such proposed capital expenditure may not result in an increase in revenue from operations for the Company.
- The company operates from a single manufacturing unit, and any disruption at this location may adversely affect its business, financial condition and results of operations.
- The company's inability to obtain, maintain, or enforce intellectual property rights, including its trademark, may affect the company's ability to protect its brand value and business.
- The company's operations is subject to environmental, health and safety laws and regulations, and its may be subject to environmental notices, directions or penalties in the future.
- The company, in the past has delayed in payment of statutory dues. Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- The company's insurance coverage may be inadequate, which could have an adverse effect on its financial condition and results of operations.
- There has been instances of transfer of equity shares in the Company pursuant to gift deeds where stamp duty was paid on a later date, and any non-compliance may attract penalties or other proceedings.
- The company may be subject to financial and reputational risks due to product quality and liability claims and legal proceedings if the quality of its products does not meet the company's customers' expectations.
- The Company has allotted Equity Shares during the preceding one year from the date of the Red Herring Prospectus which may be lower than the Issue Price.
- The company has not paid any dividends in the past Financial Years. Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- The company has not independently verified certain data in this Red Herring Prospectus.
- The company's Promoters and Promoter Group, who will continue to hold a substantial shareholding in the Company after the Issue, may exercise significant influence over the Company, and their interests may conflict with those of its Company or minority shareholders.
- Exchange rate fluctuations may adversely affect the company's results of operations as a significant portion of its revenues and some portion of the company's expenditure is denominated in foreign currencies.
- Misconduct or errors by manpower engaged by the company could expose its to business risks or losses that could affect the company's business prospects, results of operations and financial condition.
- The company's majority of directors does not has any prior experience of directorship of any listed entity.
- The activities carried out at the company's manufacturing facilities can cause injury to people or property in certain circumstances.
- The Company is dependent on third-party logistics service providers for transportation of raw materials and finished goods, and any disruption in such logistics services may adversely affect its operations, supply chain efficiency and financial performance.
- Listing of equity shares may subject the company to surveillance measures like ASM and GSM, affecting market perception.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the NSE EMERGE Platform in a timely manner or at all.
The Issue type of Happy Steels Ltd is Book Building - SME.
The minimum application for shares of Happy Steels Ltd is 4000.
The total shares issue of Happy Steels Ltd is 3788000.
Initial public offer of upto 37,88,000 equity shares of face value of Rs. 10/- each (the "Equity Shares") of Happy Steels Limited ("the Company" or "the Issuer") at an issue price of Rs. 66 per equity share (including share premium of Rs. 56 per equity share) for cash, aggregating up to Rs. 25.08 Crores ("Public Issue") out of which upto 1,90,000 equity shares of face value of Rs. 10 each, at an issue price of Rs. 66 per equity share for cash, aggregating Rs. 1.25 Crores will be reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion"). The public issue less market maker reservation portion i.e Issue of 35,98,000 equity shares of face value of Rs. 10 each, at an issue price of Rs. 66 per equity share for cash, aggregating upto Rs. 23.75 Crores is herein after referred to as the "Net Issue". The public issue and net issue will constitute 26.51% and 25.18% respectively of the post- issue paid-up equity share capital of the company.
Price Band: Rs. 66/- per equity share of face value Rs. 10/- each.
The floor price is 6.6 times of the face value of the equity shares.
Bids can be made for a minimum of 4,000 equity shares and in multiples of 2,000 equity shares thereafter.