Nifty 50
- HCL Technologies₹1,17035.80 (3.16%)
- Trent₹2,920.50-423.30 (-12.66%)
- Tech Mahindra₹1,44740.50 (2.88%)
- Adani Enterprises₹3,109.90-96.70 (-3.02%)
- Infosys₹1,071.5029.30 (2.81%)
- Bharat Electronics₹417.40-8.15 (-1.92%)
- SBI Life Insurance ₹1,83547.30 (2.65%)
- Adani Ports₹1,832.80-31.60 (-1.69%)
- Titan Company₹4,591.20106.80 (2.38%)
- Max Healthcare₹1,114.70-17.80 (-1.57%)
- Eternal₹289.305.90 (2.08%)
- Cipla₹1,450.90-21.40 (-1.45%)
- TCS₹2,095.9038.30 (1.86%)
- Hindalco Industries₹967.20-13.20 (-1.35%)
- HDFC Life Insurance ₹572.758.55 (1.52%)
- L&T₹3,987-54.00 (-1.34%)
- Jio Financial ₹243.013.01 (1.25%)
- Grasim Industries₹3,172.90-40.10 (-1.25%)
- Bajaj Finance₹1,039.4010.30 (1.00%)
- Reliance Industries₹1,304.90-16.40 (-1.24%)
- Offerings
- Tools & Platforms
Tools & Calculators
- Open API
- Calculators
- SIP Calculator
- CAGR Calculator
- Compound Interest Calculator
- FD Calculator
- RD Calculator
- EPF Calculator
- Retirement Calculator
- HDFC SIP Calculator
- Mutual Fund Return Calculator
- Lumpsum Calculator
- Step Up SIP Calculator
- ETF SIP Calculator
- Brokerage Calculator
- Equity Margin Calculator
- SWP Calculator
- EMI Calculator
- MTF Calculator
- Margin Pledge Calculator
- Markets
Stocks
F&O
Mutual Funds
- More
Happy Steels IPO
₹2,64,000/2 Lot (4000) shares
Minimum Investment
IPO Details
09 Jul 26
13 Jul 26
₹2,64,000
2 Lot (4000)
₹62 to ₹66
NSE
₹25 Cr
16 Jul 26
Happy Steels IPO Timeline
Bidding Start
09 Jul 26
Bidding Ends
13 Jul 26
Allotment Finalisation
14 Jul 26
Refund Initiation
15 Jul 26
Demat Transfer
15 Jul 26
Listing
16 Jul 26
About Happy Steels Limited IPO
Happy Steels Limited, incorporated in 1996, is an integrated manufacturer of forged and precision-machined transmission and driveline components used in on-highway vehicles, off-highway equipment, electric vehicles, and defence applications. The company manages the complete manufacturing process, from raw material procurement and forging to machining, heat treatment, inspection, and packaging. Its diverse product portfolio includes axles, spline shafts, spindles, and other safety-critical components supplied to leading OEMs and Tier-I suppliers in India and overseas. Operating from its manufacturing facility in Ludhiana, Punjab, the company combines advanced production capabilities with stringent quality standards to deliver reliable engineering solutions across multiple industries.
Happy Steels Limited IPO Overview
Happy Steels Limited is launching a Bookbuilding IPO with a total issue size of ₹25 crore, comprising an entirely fresh issue of 37,88,000 equity shares. The public issue opens for subscription on 9 July 2026 and closes on 13 July 2026, while the allotment is expected on 14 July 2026. Shares are scheduled to be credited to investors’ demat accounts on 15 July 2026, with listing proposed on the NSE SME platform on 16 July 2026. The IPO has been priced in the band of ₹62 to ₹66 per share. Investors can apply for a minimum of 4,000 shares, equivalent to two lots. Share India Capital Services Pvt. Ltd. is the Book Running Lead Manager, Bigshare Services Pvt. Ltd. is the registrar to the issue, and Share India Securities Ltd. has been appointed as the market maker.
Happy Steels Limited IPO Details
| Particulars | Details |
| IPO Date | 9 July 2026 to 13 July 2026 |
| Listing Date | 16 July 2026 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹62 to ₹66 per share |
| Lot Size | 2,000 Shares |
| Total Issue Size | 37,88,000 shares (Aggregating up to ₹25 Crore) |
| Fresh Issue | 37,88,000 shares (Aggregating up to ₹25 Crore) |
| Offer for Sale | Nil |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,04,98,180 shares |
| Share Holding Post Issue | 1,42,86,180 shares |
| Market Maker Portion | 1,90,000 shares |
| Lead Manager | Share India Capital Services Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Share India Securities Ltd. |
Happy Steels Limited IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Net Issue |
| NII (HNI) | Not less than 15% of the Net Issue |
Happy Steels Limited IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 4,000 | ₹2,64,000 |
| Retail (Max) | 2 | 4,000 | ₹2,64,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,96,000 |
| S-HNI (Max) | 7 | 14,000 | ₹9,24,000 |
| B-HNI (Min) | 8 | 16,000 | ₹10,56,000 |
Happy Steels Limited IPO Promoter Holding
| Shareholding Status | Percentage |
| Pre-Issue | 99.33% |
| Post-Issue | 72.99% |
Happy Steels Limited IPO Valuation Overview
| KPI | Value |
| Earnings Per Share (EPS) | ₹6.77 (Pre Issue), ₹4.97 (Post Issue) |
| Price/Earnings (P/E) Ratio | 9.76x (Pre Issue), 13.28x (Post Issue) |
| Return on Net Worth (RoNW) | 17.76% |
| Net Asset Value (NAV) | ₹38.09 |
| Return on Equity (ROE) | 19.49% |
| Return on Capital Employed (ROCE) | 20.89% |
| EBITDA Margin | 16.14% |
| PAT Margin | 7.50% |
| Debt to Equity Ratio | 1.18 |
Objectives of the Proceeds
- ₹13.16 crore will be utilised for purchasing additional plant and machinery to expand manufacturing capacity at the existing production facility.
- ₹4.98 crore will be used for repayment and prepayment of outstanding term loans borrowed from banks, improving the company’s financial position.
- The remaining proceeds will support general corporate purposes, including operational requirements, business expansion initiatives, and working capital needs.
Key Financials (₹ Crore)
| Particulars | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 99.66 | 78.62 | 78.37 |
| Revenue (Total Income) | 96.57 | 82.52 | 82.24 |
| Profit After Tax | 7.10 | 2.34 | 4.69 |
| Reserves and Surplus | 29.48 | 31.38 | 29.04 |
| Total Borrowings | 47.18 | 34.21 | 35.69 |
IPO Strengths of Happy Steels Limited
- Integrated manufacturing capabilities from forging to precision machining.
- Strong presence in safety-critical automotive and driveline components.
- Diversified domestic and international OEM and Tier-I customer base.
- Robust quality systems supported by in-house engineering expertise.
- Modern manufacturing facility with scalable production capacity.
- Experienced management team with strong industry knowledge.
Peer Group Comparison
| Company Name | EPS (₹) | NAV (₹/Share) | P/E (x) | RoNW (%) | P/BV |
| Happy Steels Limited | 6.77 | 38.09 | — | 17.76 | — |
| Peer Group | |||||
| EMM Force Autotech Limited | 5.88 | 44.52 | 19.39 | 9.04 | 2.59 |
| Kross Limited | 8.56 | 75.92 | 21.34 | 11.27 | 2.43 |
| GNA Axles Limited | 27.24 | 223.89 | 13.61 | 11.65 | 1.66 |
SWOT Analysis of Happy Steels IPO
Strength and Opportunities
- Integrated manufacturing operations covering forging, machining, heat treatment, inspection and finishing enhance production efficiency and quality consistency.
- Manufactures safety-critical transmission and driveline components with high entry barriers, strengthening its competitive positioning in specialised engineering products.
- Diversified customer base across domestic and international OEMs and Tier-I suppliers reduces reliance on a single client or market.
- Modern manufacturing facility with scalable production capacity supports future expansion and higher order execution capabilities.
- Strong quality management systems and in-house engineering expertise support consistent product performance and customer confidence.
- Growing demand from electric vehicles, defence and infrastructure sectors presents opportunities to expand product offerings and customer reach.
Risks and Threats
- High dependence on the automotive industry may expose revenue to sector-specific slowdowns and fluctuations in vehicle demand.
- Rising steel and alloy prices can increase production costs and impact operating margins if costs cannot be fully passed to customers.
- A significant portion of revenue depends on maintaining long-term customer relationships and repeat orders.
- Intense competition from organised domestic manufacturers may create pricing pressure and affect profitability.
- Capital-intensive operations require continuous investment in machinery, technology upgrades and maintenance.
- Economic uncertainty, regulatory changes and supply chain disruptions could adversely affect production schedules and business growth.
Explore IPO Opportunities
Explore our comprehensive IPO pages to stay updated on the latest trends and insights.
How to apply IPO with HDFC SKY?
Follow these simple steps to apply for an IPO through HDFC SKY. Secure your investments and explore new opportunities with ease by accessing the IPOs available on the platform.
1Login to your HDFC SKY Account
2Select Issue
3Enter Number of Lots and your Price.
4Enter UPI ID
5Complete Transaction on Your UPI App
FAQs on Happy Steels IPO
How can I apply for the Happy Steels Limited IPO?
You can apply for the Happy Steels Limited IPO through HDFC Sky using the UPI-based ASBA (Application Supported by Blocked Amount) facility. Ensure sufficient funds are available in your bank account before submitting your application during the subscription period.
What is the minimum investment required for the Happy Steels Limited IPO?
Retail investors must apply for a minimum of 4,000 equity shares, equivalent to two lots. Based on the upper price band of ₹66 per share, the minimum investment amount required is ₹2,64,000.
What are the important dates for the Happy Steels Limited IPO?
The IPO opens on 9 July 2026 and closes on 13 July 2026. The allotment is expected on 14 July 2026, refunds and share credits on 15 July 2026, and the shares are proposed to list on 16 July 2026.
What is the price band of the Happy Steels Limited IPO?
The company has fixed the IPO price band at ₹62 to ₹66 per equity share. Investors can place bids within this range while applying, and the final issue price will be determined through the book-building process.
What will the IPO proceeds be used for?
The company plans to utilise the IPO proceeds to purchase additional plant and machinery, repay certain bank borrowings, and meet general corporate purposes. These investments are expected to strengthen manufacturing capacity and support future business growth.
By signing up I certify terms, conditions & privacy policy