Happy Forgings shares to make D-Street debut on Wednesday. Here's what GMP indicates
Happy Forgings will list on the exchanges on Wednesday. Ahead of the listing, the company's shares are commanding a premium of Rs 282 in the unlisted market.
Considering the upper price band of Rs 405, the stock is likely to list with a premium of 70%.
However, it is important to note that grey market premia are just an indicator of how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
The issue received a strong subscription of 82 times at close.
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The massive subscription of the IPO was driven by institutional investors.
The categories reserved for retail investors and NIIs were subscribed 15 times and 62 times, respectively. The QIB portion was booked 220 times.
Happy Forging is an engineering-led manufacturer of safety-critical, heavy forged and high-precision machined components.
The company caters to domestic and global original equipment manufacturers, manufacturing commercial vehicles in the automotive sector, while in the non-automotive sector, its clients are manufacturers of farm equipment, off-highway vehicles, and manufacturers of industrial equipment and machinery for oil and gas, power generation, railways, and wind turbine industries.
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