Happy Forgings IPO: From issue date to price band, here's all you need to know

livemint.com:

₹400 crore in shares, and an offer-for-sale involving 71.6 lakh equity shares from existing shareholders. Within this offering, Promoter Paritosh Kumar Garg (HUF) intends to divest 49.2 lakh equity shares, while the remaining 22.4 lakh shares will be offered for sale by the investor India Business Excellence Fund – III. As of now, the promoters maintain an 88.24 percent shareholding in the company, with the remaining shares held by the investor India Business Excellence Fund – III.

The company predominantly serves domestic and international original equipment manufacturers across various sectors including automotive, off-highway vehicles, oil and gas, power generation, railways, and wind turbine industries, intends to utilize the net proceeds from the fresh issue for specific purposes. This includes acquiring equipment, plant, and machinery, with an estimated cost of ₹171.1 crore, as well as clearing debts totaling ₹152.76 crore. The balance of the funds will be allocated towards general corporate purposes.

As of October 2023, the company's total outstanding borrowings amounted to ₹259.94 crore. Happy Forgings has allocated half of its public issue size for qualified institutional buyers. Additionally, 15 percent of the offering is earmarked for high-net-worth individuals, with the remaining 35 percent designated for retail investors.