IPO News: Happy Forgings IPO Fully Subscribes On Day 1, Know Price Band, Shares, And More

20 Dec, 2023 Author: Ayushee Joshi

IPO News: On Tuesday, Happy Forgings Limited opened for subscription to raise Rs 1,008.59 crore till December 21. The initial public offering (IPO) consists of 71.59 lakh shares offered for sale (OFS) and a new issue of equity shares valued at Rs 400 crore. The price range for Happy Forgings’ initial public offering is Rs 808 to Rs 850 per share. Retail investors must invest a minimum of Rs 14,450, and the IPO lot size is 17 shares.

Key Things About Happy Forgings IPO

The company intends to use the net issue proceeds for general corporate purposes, the purchase of machinery, plant, and equipment, and the full or partial repayment of some outstanding debts. Before the IPO opening, the company had already raised Rs 303 crore from anchor investors. According to the stock exchange filing, it has given the 25 anchor investors 35,59,740 equity shares at a price of Rs 850 each.