Happy Steels IPO
Market Sentiment
IPO Details
Market Lot Size
IPO Reservation
Day-wise Subscription (times subscribed)
Financial Analysis
| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 94.20 | 82.24 | 82.52 | 96.57 |
| Expense | 93.67 | 75.88 | 79.32 | 87.05 |
| Profit (PAT) | 0.40 | 4.69 | 2.34 | 7.10 |
| Total Assets | 69.53 | 78.37 | 78.62 | 99.66 |
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| EMM Force Autotech Limited | 5.88 | 19.39 | 9.04 | 44.52 | 112.65 Cr |
| Kross Limited | 8.56 | 21.34 | 11.27 | 75.92 | 673.20 Cr |
| GNA Axles Limited | 27.24 | 13.61 | 11.65 | 223.89 | 1,444.45 Cr |
Promoters: Mr Parveen Kumar Garg, Mr Abhishek Garg, Mr Deepak Garg and Parveen Kumar Garg (HUF)
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,04,98,180 | 99.33% |
| Promoter Holding Post Issue | 1,42,86,180 | 72.99% |
Strengths & Risks
- Heavily oversubscribed — 77.9x overall (so far).
- Strong institutional (QIB) demand — 59.0x.
- Revenue grew 17% in the latest reported year.
- Strong return on equity — 19%.
- Elevated leverage — debt/equity of 1.18.
Auto-generated from live GMP, subscription, valuation and financial data. Informational only — not investment advice. Always read the RHP before applying.
Company Information
Happy Steels, founded in 1996, is one of the leading manufacturers of forged and machined metal components used in vehicle transmission and driveline systems. These components are used in various industries, including automotive, electric vehicles (EVs), off-highway equipment, and defence. Happy Steels manages the entire manufacturing process, from raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. Its product portfolio consists of a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components. Its manufacturing facility is located in Punjab, covering 16,577 square yards with a capacity of 8,640 MT for cutting, 7,776 MT for forging, and 4,492.8 MT for machining annually.
| Purpose | Amount (Cr) |
|---|---|
| Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit | 11.68 |
| Repayment/ Prepayment of Term Loans to Banks | 5.46 |
| General Corporate Purpose | - |
Resources & Documents
Happy Steels Ltd., Kanganwal Road, Jaspal, Banger, Ludhiana, Punjab, 141122
Happy Steels has set a price band of Rs 62–Rs 66 per share for an issue size of Rs 25 crore. The stock listed with a 3.03% gain versus its issue price on July 16, 2026.
Happy Steels, founded in 1996, is one of the leading manufacturers of forged and machined metal components used in vehicle transmission and driveline systems. These components are used in various industries, including automotive, electric vehicles (EVs), off-highway equipment, and defence.
The issue is promoted by Mr Parveen Kumar Garg, Mr Abhishek Garg, Mr Deepak Garg and Parveen Kumar Garg (HUF) with Share India Capital Services Pvt. Ltd., Master Capital Services Ltd. acting as lead manager. Net proceeds will primarily be used towards Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit (Rs 12 crore) and Repayment/ Prepayment of Term Loans to Banks (Rs 5 crore).
Grey market is quoting a premium of +Rs 10 (+15.2% over issue price), up Rs 2 from the previous session. Final subscription data records overall subscription at 77.87x, retail at 73.22x, QIB at 59.01x, NII at 113.95x.
On fundamentals, the company is posting revenue growth of 17.0%, a profit margin of 7.4%, return on equity of 19.5% in its most recent reported period. Listed peers in this segment include EMM Force Autotech Limited (P/E 19.39x) and Kross Limited (P/E 21.34x) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as a Subscribe call — the composite picture tilts favourable, though not without some caveats. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Happy Steels IPO GMP — What It Means
The latest grey market premium for Happy Steels IPO is ₹10 (+15.2%). GMP is an unofficial, dealer-quoted figure that hints at expected listing-day demand — it is not a guaranteed listing price. For Happy Steels it should be read alongside the subscription numbers and the company's fundamentals, since grey-market premiums can swing sharply during the bidding window.
See the full Happy Steels GMP history and trend, or learn how grey market premium works and how reliable it is.
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