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
- Integrated manufacturing capabilities covering forging, heat treatment and precision machining.
- Specialises in safety-critical, high-strength and load-bearing transmission and driveline components.
- Strong relationships with OEMs and Tier-I suppliers supported by consistent quality and timely delivery.
- Advanced manufacturing systems enable both high-volume production and complex customised components.
- Supplies products across domestic and overseas markets, helping diversify its customer base and revenue.
Risks
- A large share of revenue comes from the top ten customers, with no long-term supply agreements in place.
- The company depends on a limited number of suppliers, and supply disruptions could affect operations.
- Business is largely concentrated in Punjab, Haryana and Tamil Nadu, exposing it to regional risks.
- Workforce disruptions, labour disputes or rising wage costs could impact manufacturing operations.
- Inability to obtain, maintain or protect its intellectual property rights may affect its brand and business.
Allotment Status for Happy Steels
To check your IPO allotment status:
- Visit the Bigshare Services IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status
Subscription Figures for Happy Steels
Grey Market Premium (GMP) is an unofficial and unregulated metric that may not accurately reflect investor interest. Instead, investors should refer to the IPO subscription data published by the stock exchanges, which is a more reliable indicator of demand.
Subscription numbers as of 05:00 PM on July 13, 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 7.22 | 426.06 | 59.01x |
| NII | 5.40 | 613.42 | 113.60x |
| Retail | 12.60 | 922.96 | 73.25x |
| Total | 25.22 | 1962.44 | 77.81x |