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Happy Forgings has a fixed price band of ₹808 to ₹850 per equity share for its proposed initial public offering, which opens for subscription on Tuesday.
Investors can bid for a minimum of 17 equity shares and in multiples of 17 equity shares thereafter.
The public issue comprises a fresh issuance of equity shares up to ₹400 crore and an offer for sale of up to 7,159,920 equity shares.
The company has emerged as a leading player in the domestic crankshaft manufacturing industry, with the second largest production capacity for commercial vehicles and high horse-power industrial crankshafts in India.
Also read: Local, global monies underinvested in Indian equities, says Jiten Doshi of Enam AMC
The company owns and operates three manufacturing facilities, of which two are located in Kanganwal, Ludhiana, Punjab, and one is located in Dugri, Ludhiana, Punjab. The annual aggregate installed capacity for forging and machining stands at 120,000 tonne and 47,200 tonne as of September-end.
HFL’s revenue from operations increased by 39 per cent to ₹1,196 crore in FY’23 from ₹860 crore in FY22. Restated net profit increased from ₹142 crore in FY22 to ₹209 crore in FY23. For the six months ended September, revenue was at ₹673 crore and net profit was at ₹119 crore.
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