Happy Steels IPO
LISTEDSMEHAPPYListing Performance
Listed
Issue Price
₹66
Listed On
16 Jul 2026
- Price Band
- ₹62 – ₹66
- Lot Size
- 2,000
- Lot Value
- ₹1,32,000
- Open Date
- 09 Jul09 Jul 2026
- Close Date
- 13 Jul13 Jul 2026
- Min Investment
- ₹1,32,000
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.
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: NSE SME
Strengths (5)
- •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.
Risk Factors (5)
- •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.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 77.84x (QIB 59.01x, NII 113.95x, Retail 73.16x) at close
Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,32,000 |
| Retail (max) | 1 | 2,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,56,000 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 | Day 5 |
|---|---|---|---|---|
| QIB | — | 0.63x | — | 59.01x |
| sNII (S-HNI) | — | — | — | — |
| bNII (B-HNI) | — | — | — | — |
| Retail | — | 3.53x | — | 73.16x |
| Total | — | 3.17x | — | 77.84x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
73.16x
Allotment Ratio
1 lot per 74 applicants
Allotment Probability
~1.4%
Non-Institutional Investors (NII / HNI)
Subscription
113.95x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
59.01x
Allotment Type
Discretionary allotment
Total Subscription
77.84x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
09 Jul 2026 · Thu
Issue Closes
13 Jul 2026 · Mon
UPI Deadline
13 Jul 2026 · Mon
Allotment
14 Jul 2026 · Tue
Refund
15 Jul 2026 · Wed
Share Credit
15 Jul 2026 · Wed
Listing
16 Jul 2026 · Thu
Issue Opens
09 Jul 2026 · Thu
Issue Closes
13 Jul 2026 · Mon
UPI Deadline
13 Jul 2026 · Mon
Allotment
14 Jul 2026 · Tue
Refund
15 Jul 2026 · Wed
Share Credit
15 Jul 2026 · Wed
Listing
16 Jul 2026 · Thu
IPO Details
| Registrar | Bigshare Services Private Limited |
| Exchange | NSE SME |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹25.00 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | — |
3-Year Financial Summary
Financial data not available yet.
Check the valuation yourself
Company Fundamentals
Capital Structure
Capital structure not yet available.
Shareholding Pattern
Shareholding pattern not yet available.
Reservations & OFS
Reservation & OFS detail not yet available.
Board & Management
Board & management not yet available.
Industry & Market
Industry & market data not yet available.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Bigshare Services Private Limited→Documents
Frequently Asked Questions
When is the Happy Steels IPO opening?
The Happy Steels IPO opens on 09 Jul 2026 and closes on 13 Jul 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Happy Steels IPO?
The price band for the Happy Steels IPO is ₹62 to ₹66. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Happy Steels IPO?
The minimum lot size is 2000 shares with a minimum investment of ₹1,32,000. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Happy Steels IPO today?
The latest Grey Market Premium for Happy Steels is ₹8 (+12.10%). GMP is unofficial data and is not a guarantee of listing price.
When will the Happy Steels IPO list on NSE and BSE?
The Happy Steels IPO is expected to list on 16 Jul 2026 on NSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Happy Steels IPO allotment status?
The registrar for this IPO is Bigshare Services Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Happy Steels IPO a mainboard or SME issue?
Happy Steels is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Happy Steels IPO?
You can apply for the Happy Steels IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Happy Steels IPO?
The GMP-implied price (unofficial, not a forecast) is ₹74: the upper price band of ₹66 plus the latest grey market premium of ₹8, as of 28 Sep 2026, 01:00 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Happy Steels IPO?
Based on the retail subscription of 73.16x, the estimated allotment ratio is 1 lot per 74 applicants (approximately 1.4% chance of allotment). This is an estimate and actual allotment may vary.
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