Happy Steels IPO Subscription Status Day 2: Issue Booked 0.88 Times as NII Segment Continues to Lead

Mumbai, July 10: Investor participation in the Happy Steels IPO improved on the second day of bidding, although the NSE SME issue is yet to be fully subscribed. According to the latest exchange data available during the morning session, the ₹25 crore public issue was subscribed 0.88 times, with non-institutional investors (NIIs) continuing to drive demand.

The IPO opened for subscription on July 9 and will remain open until July 13, 2026. As is often seen in SME IPOs, subscription levels are expected to build further over the remaining days as investors place bids closer to the closing date.

Happy Steels is launching a book-built IPO comprising a fresh issue of 35,98,000 equity shares, aggregating up to ₹24 crore, along with a market maker reservation of 1,90,000 shares worth around ₹1 crore, taking the total issue size to ₹25 crore.

Happy Steels IPO Subscription Status Day 2

As per the latest NSE data available on July 10, the IPO received bids for 22,14,000 shares against 25,22,000 shares available for subscription, translating into an overall subscription of 0.88 times.

The category-wise subscription stood at:

• QIB (Ex Anchor): 0.21x
• NII: 1.69x
• bNII: 3.55x
• sNII: 1.72x
• Retail Investors: 0.91x
• Overall: 0.88x

The issue had attracted 378 applications at the time of the latest update.

Day-Wise Subscription Trend

Demand has strengthened since the IPO opened, with participation increasing across both the retail and HNI segments.

*Day 2 figures are based on the morning subscription update and may change as fresh bids are received during market hours.

The strongest interest continues to come from the bNII category, which has already crossed three times subscription, while retail participation has also picked up meaningfully compared with the opening day. Institutional demand, however, remains limited so far.

Happy Steels IPO Details

• Issue Size: ₹25 crore
• Issue Type: Book Built IPO
• Fresh Issue: 35,98,000 equity shares
• Price Band: ₹62 to ₹66 per share
• Lot Size: 2,000 shares
• Minimum Retail Investment: ₹2,64,000
• Listing: NSE SME

Important Dates

• IPO Opens: July 9, 2026
• IPO Closes: July 13, 2026
• Expected Allotment: July 14, 2026
• Refunds: July 15, 2026
• Credit of Shares: July 15, 2026
• Tentative Listing: July 16, 2026

What Investors Should Watch

With two bidding sessions still remaining, investors will be watching whether retail participation crosses the fully subscribed mark before the issue closes. The NII segment has already shown healthy interest, while institutional bidding could pick up closer to the final day, which is common for book-built public issues.

Conclusion

The Happy Steels IPO has seen better traction on its second day, with overall subscription improving to 0.88 times. Demand from HNI investors continues to support the issue, while retail participation is gradually catching up. Since bidding remains open until July 13, the final subscription figures are likely to change as additional applications come in over the remaining days.

Source:

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