Happy Steels IPO
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Happy Steels IPO details
Schedule of Happy Steels
| Issue open date | 09 Jul 2026 |
| Issue close date | 13 Jul 2026 |
| UPI mandate deadline | 13 Jul 2026 (5 PM) |
| Allotment finalization | 14 Jul 2026 |
| Refund initiation | 15 Jul 2026 |
| Share credit | 15 Jul 2026 |
| Listing date | 16 Jul 2026 |
| Mandate end date | 28 Jul 2026 |
| Lock-in end date for anchor investors (50%) | 12 Aug 2026 |
| Lock-in end date for anchor investors (remaining) | 11 Oct 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Happy Steels
Happy Steels Limited is an integrated manufacturer of safety-critical forged and machined transmission and driveline components used in on-highway, off-highway, electric vehicle (EV), and defence applications. The company manufactures a range of products including axles, long spline shafts, spindles, and other related components that are essential for vehicle performance and safety. It primarily generates revenue from supplying these components to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas. Its manufacturing process is integrated and covers raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This enables the company to produce components with the required mechanical properties, dimensional accuracy, and consistency as per customer specifications. The company specialises in manufacturing high-strength, load-bearing components through its in-house production capabilities and stringent quality control processes.
Financials of Happy Steels
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 25 |
| Fresh issue – proceeds go to the company | 25 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Purchase additional plant and machinery for the existing manufacturing unit | 11.68 (46.72%) |
| Repayment/prepayment of term loans from banks | 5.46 (21.84%) |
| General corporate purposes | 7.86 (31.44%) |
Strengths
- Manufactures catalysts, adsorbents and ceramic balls for multiple industrial applications from a single facility.
- ISO 9001:2015 and ISO 45001:2018 certified manufacturing operations with established quality systems.
- Serves customers across domestic and international markets in oil & gas, petrochemicals, steel and fertiliser industries.
- Strong technical and manufacturing capabilities support consistent product quality and timely deliveries.
- Focuses on developing new catalyst and adsorbent products to expand its product portfolio and customer base.
Risks
- A significant portion of revenue comes from the petrochemical industry, exposing the business to sector-specific risks.
- The company operates a single manufacturing facility, making operations vulnerable to any disruption at that plant.
- Failure to maintain product quality or meet customer specifications could affect customer relationships and business.
- The business depends on continuous technological development to remain competitive in the catalyst industry.
- The company has not declared or paid dividends in the last three financial years, and future dividends are not assured.