Happy Steels IPO
Market Sentiment
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Day 5 |
|---|---|---|---|
| QIB | 0.21x | 0.63x | 59.01x |
| NII | 1.31x | 5.74x | 113.95x |
| bNII > ₹10L | 1.76x | 6.49x | 129.29x |
| sNII 2-10L | 0.41x | 4.24x | 83.26x |
| Retail | 0.49x | 3.53x | 73.22x |
| Total | 0.54x | 2.95x | 77.87x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| 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 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Happy Steels This IPO | 6.77 | - | 17.76 | 38.09 | - |
| 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 & Holding Pattern
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
- Strongly subscribed — 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.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Happy Steels
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.
Company Contact Information
Happy Steels Ltd., Kanganwal Road, Jaspal, Banger, Ludhiana, Punjab, 141122
Objects of the Issue
| 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
Anchor Investors
Happy Steels IPO - Quick Take
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.
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).
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 is trading.
On our data-signal score, the combined signals for this issue currently read mixed — some indicators read positively and others do not. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
Happy Steels IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was 15.2%. Of the 26 SME IPOs we have tracked with a final GMP between 10% and 25%, 21 listed above, 3 flat and 2 below the issue price; Happy Steels listed 3% above its issue price.
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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