SME
IPO ·
NSE SME
Happy Steels Ltd
Listed
Incorporated in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle (EV), and defence applica
Issue details
Price band
₹62 – ₹66
Face value
₹10
Lot size
2,000 shares
Minimum investment
₹2,64,000
Issue size
₹25.00 Cr
Fresh issue
₹23.75 Cr
Offer for sale
—
Issue type
Book Built
Exchange
NSE SME
Key dates
Opens
9 Jul 2026
Closes
13 Jul 2026
UPI mandate cut-off
5:00 PM on 13 Jul 2026
Allotment
14 Jul 2026
Refunds
15 Jul 2026
Shares in demat
15 Jul 2026
Listing
16 Jul 2026
Subscription and listing
Subscription
54.61x
Listing price
₹68
Registrar
Bigshare Services Pvt Ltd
Lead manager
Share India Capital Services, Master Capital Services
Subscription by category
Total
54.61x
Total applications
28,179
Anchor investors
Amount raised
₹7.10 Cr
Bid date
8 Jul 2026
50% lock-in ends
13 Aug 2026
Rest lock-in ends
12 Oct 2026
Listing day
Issue price
₹66
Open
₹68.00
High
₹71.40
Low
₹68.00
Day close
₹68.50
Listing gain at open
+3.03%
Issue structure
Shares reserved per category and share of the total issue
QIB Shares Offered
17,98,000
47.47%
Anchor Investor Shares Offered
10,76,000
28.41%
QIB (Ex. Anchor) Shares Offered
7,22,000
19.06%
NII Shares Offered
5,40,000
14.26%
bNII > ₹10L
3,60,000
9.50%
sNII < ₹10L
1,80,000
4.75%
Retail Shares Offered
12,60,000
33.26%
Market Maker Shares Offered
1,90,000
5.02%
Total Shares Offered
37,88,000
100.00%
Finaccle’s quick read
Neutral
FY26 income up 17%, PAT up 203%, ROE 19.49%, D/E 1.18, post-issue P/E 13.28x.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Incorporated in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle (EV), and defence applications. The company operates across the complete manufacturing value chain, with capabilities spanning raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing.
Founded
Promoters
Promoter holding
Financial performance
Period
PAT
ROE
19.49%
ROCE
20.89%
Debt / equity
1.18
PAT margin
7.50%
P/E post issue
13.28
Market cap
₹94.29 Cr
Use of IPO money
Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit
₹13.16 Cr
Repayment/ Prepayment of Term Loans to Banks
₹4.98 Cr
General Corporate Purposes
₹3.62 Cr
Issue Expenses
₹3.24 Cr
Strengths
✓
: Integrated manufacturing capabilities enabling diversified product offerings with enhanced value addition
✓
Strong focus on safety-critical and load-bearing components
✓
Revenue up 17% in FY26 to ₹96.57 Cr
✓
PAT up 203% in FY26 to ₹7.10 Cr
✓
ROE of 19.49% and ROCE of 20.89%
Risks to watch
!
SME platform: large lot size and thinner trading liquidity
!
Modest PAT margin of 7.50%
!
Debt to equity of 1.18
Planning to take your own company public?
Every listing on this page started with a growing business that got its numbers, governance and paperwork ready for investors. If you are a promoter weighing an SME or main board IPO, we can tell you where you stand and what it will take.
Talk to our IPO Advisory team for readiness planning, or our IPO Consultancy team to run the listing end to end.
Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.