Happy Steels IPO Details

SME NSE

Happy Steels IPO Summary

Happy Steels IPO opens for subscription on 09 Jul 2026 and closes on 13 Jul 2026.The IPO will be listed on NSE with the tentative listing date set for 16 Jul 2026.

Happy Steels IPO price band has been fixed at ₹62 – ₹66 per share. The face value is ₹10 per share with a lot size of 2000.

Happy Steels IPO total issue size comprises 37,88,000 shares (aggregating up to ₹25.00 Cr). This includes a fresh issue of 37,88,000 shares (aggregating up to ₹25.00 Cr). Pre-issue shareholding stands at 1,04,98,180, which will increase to 1,42,86,180 post-issue.

Happy Steels IPO carries a ₹5 (7.58%) GMP, reflecting investor sentiment.

Happy Steels IPO Lot Size :Individual Minimum is 2 lots (4,000 shares) amounting to ₹264,000. Individual Maximum is 2 lots (4,000 shares) amounting to ₹264,000. SHNI Minimum is 3 lots (6,000 shares) amounting to ₹396,000. SHNI Maximum is 7 lots (14,000 shares) amounting to ₹924,000. BHNI Minimum is 8 lots (16,000 shares) amounting to ₹1,056,000.

The Lead Managers for Happy Steels IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is Share India Capital Services Pvt Ltd, Master Capital Services Ltd . To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.

For SME (Small and Medium-sized Enterprise) IPOs, a Market Maker is appointed to ensure liquidity and stability for the stock once it is listed. They do this by continuously quoting bid and ask prices, ensuring there is a market for the shares. The appointed market maker for this IPO is Share India Securities Ltd. You can analyze their track record by checking the Market Maker Performance Summary report.

For detailed information, Refer to the Happy Steels Limited RHP.

Happy Steels IPO Details

Open Date

09 Jul 2026

Close Date

13 Jul 2026

Listing Date

16 Jul 2026

Issue Price

₹62 - ₹66

Face Value

₹10 per share

Lot Size

2000 Shares

GMP

₹5(7.58%)

Issue Type

IPO

Listing On

NSE

Type

Book Built Issue

Pre-issue Shareholding

1,04,98,180 shares

Post-issue Shareholding

1,42,86,180 shares

Total Issue Size

37,88,000 shares(aggregating up to ₹25.00 Cr)

Fresh Issue

37,88,000 shares(aggregating up to ₹25.00 Cr)

Offer for Sale

Happy Steels IPO Subscription

Happy Steels IPO Application Wise Breakup

Happy Steels IPO Dates

09 Jul 2026
Opening dateOpen
13 Jul 2026
Closing dateClose
14 Jul 2026
Allotment Date Allotment
15 Jul 2026
Initiation of RefundsRefund
15 Jul 2026
Credit of SharesCredit
16 Jul 2026
Listing dateListing

Happy Steels IPO Lot Size

Application	Lots	Shares	Amount
Individual Minimum	2	4000	₹264,000
Individual Maximum	2	4000	₹264,000
SHNI Minimum	3	6000	₹396,000
SHNI Maximum	7	14000	₹924,000
BHNI Minimum	8	16000	₹1,056,000

Happy Steels IPO Reservation

Promoter Holding

Pre Issue:

99.33%

Post Issue:

72.98%

Promoter Names:

Mr Parveen Kumar Garg, Mr Abhishek Garg, Mr Deepak Garg, Parveen Kumar Garg HUF.

Documents

DRHP

Happy Steels IPO DRHP

RHP

Happy Steels IPO RHP

Anchor List

Anchor Investors

Happy Steels IPO Valuations

ROE19.49%

ROCE20.89%

Debt/Equity1.18

RoNW17.76%

PAT Margin7.50%

EBITDA Margin16.14%

Price to Book Value1.73

EPS(₹) (Pre IPO)6.77

EPS(₹) (Post IPO)4.97

P/E (x) (Pre IPO)9.76

P/E (x) (Post IPO)13.28

Happy Steels Financial Information

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	99.66	78.62	78.37
Total Income	96.57	82.52	82.24
Profit After Tax	7.10	2.34	4.69
EBITDA	15.27	8.49	11.08
NET Worth	39.98	32.88	30.54
Reserves and Surplus	29.48	31.38	29.04
Total Borrowing	47.18	34.21	35.69
Amount in ₹ Crore

About Happy Steels IPO

Incorporated in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle (EV), and defence applications.

The company operates across the complete manufacturing value chain, with capabilities spanning raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This integrated process framework enables the company to deliver components with defined mechanical properties, high dimensional accuracy, and consistent quality in line with stringent customer specifications.

Its product portfolio includes a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components that play a crucial role in vehicle performance and safety. These products are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas markets.

The company operates a manufacturing facility in Ludhiana, Punjab, covering approximately 16,427 square yards with an installed capacity of 8,640.00 MT per annum for cutting operations, 7,776.00 MT per annum for forging, and 5,861.21 MT per annum for machining, enabling scalable production across multiple product categories.

As of May 31, 2026, Happy Steel Ltd. employed 403 personnel across various departments, supporting operations, quality assurance, engineering, and management functions.

Strength Of Happy Steels IPO

Customization Expertise
Experienced Promoter and management team with strong industry expertise and successful track record.
Sustainable business model.
Marquee clientele.

Risk Of Happy Steels IPO

Our top ten customers contribute majority of our revenues from operations and we do not have long-term or firm commitment arrangements with any of our customers. Any loss of business from one or more of them may adversely affect our revenues and profitability.
Our business is largely concentrated in three States i.e. Punjab, Haryana and Tamil Nadu, any adverse developments in these states may negatively impact our business, financial condition and results of operations.
Our inability to collect receivables and default in payment from our customers could result in the reduction of our profits and affect our cash flows.
We do not have documentary records evidencing the grant of the Consent to Establish for our manufacturing facility, which may expose us to regulatory action.
Our 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 our business and valuation.
Our manufacturing capacity may not be fully utilized and we may be unable to effectively utilise our existing or expanded manufacturing capacities.
A significant portion of our purchases is sourced from a limited number of suppliers, with our top ten suppliers, particularly our top one supplier, accounting for a substantial share of our total purchases. Also, we do not have long-term or firm commitment arrangements with any of our suppliers. Any disruption in supplies, deterioration in relationships, or inability of such suppliers to meet our requirements on commercially acceptable terms could adversely affect our production schedules, operating margins and business operations.
A portion of our revenue is derived from our 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.
We have substantial capital expenditure and working capital requirements and may require additional capital and financing in the future and our operations could be curtailed if we are unable to obtain the required additional capital and financing when needed.
We are required to maintain high levels of inventory, and any inability to effectively manage our inventory may adversely affect our business, working capital and results of operations.

Objectives Happy Steels IPO

1. Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit

2. Repayment/ Prepayment of Term Loans to Banks

3. General corporate purposes

Company Contact Details

Kanganwal Road Jaspal Banger
Ludhiana, Punjab , 141122
Phone: +91 6239821029
Email: cs@happysteels.com
Website: https://happysteels.com/

Registrar Contact Details

Name:

Bigshare Services Pvt Ltd

Phone:

+91-22-62638200

Email:

ipo@bigshareonline.com

Website:

https://ipo.bigshareonline.com/ipo_status.html

Lead Mangers

Market Maker

Happy Steels FAQs

The Happy Steels IPO is a SME public issue comprising 3788000 equity shares with a face value of ₹10 each, aggregating to a total issue size of ₹25.00 Cr. The issue price has been fixed at ₹66 per equity share, and the minimum application size is 2000 shares.

The IPO opens for subscription on 09 Jul 2026, and closes on 13 Jul 2026.

Bigshare Services Pvt Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the NSE

The Happy Steels IPO opens on 09 Jul 2026.

Happy Steels IPO lot size is 2000, and the minimum amount required for application is ₹132000.

You may apply for the Happy Steels IPO online by using either the UPI or ASBA payment method. The ASBA facility is available through the net banking platform of your respective bank. The UPI-based IPO application option is typically provided by brokers that do not offer banking services. For detailed guidance on the online IPO application process, please refer to the procedures outlined by Zerodha, Groww, Upstox, 5Paisa, Paytm Money, Fyers, Alice Blue, Nuvama, HDFC Bank, ICICI Direct, Kotak Securities, Axis Direct, and SBI Bank.

The Basis of Allotment for the Happy Steels IPO is scheduled to be finalized on 14 Jul 2026. Subsequently, the shares allotted will be credited to investors’ demat accounts by 15 Jul 2026. Investors are advised to regularly check the Happy Steels IPO allotment status for updates.

The listing date for the Happy Steels IPO has not yet been officially announced. However, the tentative listing date is scheduled for 16 Jul 2026.

Happy Steels IPO Grey Market Premium (GMP) refers to the unofficial price at which the company’s IPO shares are traded in the grey market prior to their listing on the stock exchange. The GMP serves as an indicator of investor demand, expected listing gains, and the overall market sentiment toward the IPO.

As of now, the current GMP stands at ₹5 (7.58%).