Happy Forgings raises ₹303 crore from 25 anchor investors ahead of IPO
₹303 crore from anchor investors, ahead of its initial public offering that opens for public subscription on Tuesday, December 19, 2023. The company informed the bourses that it has allocated 35,59,740 equity shares at ₹850 per share on Monday, December 18, 2023, to the 25 anchor investors.
The funds were raised at the upper limit of the ₹808-850 price band. Global investors such as Fidelity International, Neuberger Berman, Morgan Stanley, Janchor Partners, WhiteOak Capital, Eastbridge Capital and Kotak Offshore participated as a part of the anchor book.
14 mutual funds including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mahindra Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Canara Robeco Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Quant Mutual Fund and HSBC Mutual Fund along with Insurance companies such as SBI Life Insurance, ICICI Prudential Life Insurance, HDFC Life Insurance and Birla Life Insurance participated in the anchor book as well. Out of the total allocation of 35,59,740 equity shares to the anchor investors, the largest pie went to 14 domestic mutual funds amounting to ₹174 crore (approx.) i.e.
58% of the total anchor book size with an allocation of 20,45,766 equity shares. The company has established a track record of consistent revenues and high profitability.
Revenues doubled from ₹585 crore in FY21 to ₹1,197 crore in FY23 at a CAGR of 43%+ and profit after tax grew 2.4x from ₹86 crore in FY21 to ₹209 crore in FY23 at a CAGR of 55%+ demonstrating margin expansion led by growth in value added machined products. Revenues and profit after tax for half year ended Sept’23 was
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