Happy Steels IPO Day 3: Issue Subscribed 12.33 Times Ahead of Today's Closing; Retail Portion Booked 14.34x

Mumbai, July 13: Investors have only a few hours left to bid for the Happy Steels IPO, with the SME public issue set to close for subscription later today. As of the latest update available on Sunday morning, the IPO had been subscribed 12.33 times, driven largely by strong demand from retail investors and non-institutional buyers.

Exchange data showed the retail investor category had been subscribed 14.34 times, while the NII segment attracted bids for 23.30 times the shares reserved for it. The QIB (excluding anchor investors) portion, meanwhile, was subscribed 0.63 times. Since bidding remains open until the end of the day, these figures are expected to change as more applications are received before the subscription window closes.

The ₹25 crore IPO opened for subscription on July 9 and is a book-built issue comprising an entirely fresh issue of 37.88 lakh equity shares. As there is no offer for sale component, the funds raised will be used by the company for its planned objectives.

Happy Steels IPO Subscription Status (Day 3)

As of 11:04 AM on July 13, the issue had received bids for 3,11,08,000 shares against 25,22,000 shares on offer, taking the overall subscription to 12.33 times.

Category-wise subscription:

• QIB (Ex Anchor): 0.63x
• NII: 23.30x
• bNII: 59.81x
• sNII: 13.41x
• Retail Investors: 14.34x
• Overall Subscription: 12.33x

The issue had attracted 5,519 applications by the latest update.

Price Band and Lot Size

Happy Steels has fixed the price band at ₹62 to ₹66 per share.

Retail investors can apply for a minimum of 2 lots comprising 4,000 shares, requiring an investment of ₹2,64,000 at the upper price band.

For S-HNI investors, the minimum application is 6,000 shares, amounting to ₹3,96,000, while B-HNI applicants need to bid for at least 16,000 shares, requiring an investment of ₹10,56,000.

Issue Structure

The IPO is a fresh issue of 37,88,000 equity shares aggregating ₹25 crore.

The company has not included an offer for sale, meaning all proceeds from the public issue will be received by Happy Steels.

Reservation For Investors

The net issue has been allocated as follows:

• QIB: 49.97%
• NII: 15.01%
• Retail Investors: 35.02%

Additionally, 1,90,000 shares have been reserved for the market maker.

Important Dates

About Happy Steels

Happy Steels is tapping the SME primary market through a ₹25 crore fresh issue. The company plans to utilise the IPO proceeds for its business requirements and future growth initiatives. Its shares are proposed to be listed on the NSE SME platform.

What Investors Should Watch

With the subscription window remaining open until the close of trading today, investors will closely track how bidding picks up during the final hours. SME IPOs often witness a significant jump in applications on the last day, particularly from retail and HNI investors, making the closing subscription figures an important indicator of overall demand.

Conclusion

The Happy Steels IPO is in its final hours of subscription, with the issue already attracting 12.33 times overall demand by Sunday morning. While the retail and NII portions have seen strong participation, investors now await the final subscription numbers after bidding closes later today, followed by the allotment process scheduled for July 14.

Source:

• https://www.chittorgarh.net/reports/anchor-investor/happy-steel-ipo-anchor-allocation-letter.pdf