Happy Steels IPO
Price band
₹62 – ₹66
Lot size
2000 shares
Min investment
₹1,32,000
Issue size
₹25 Cr
IPO schedule
| Open date | 9 Jul 2026 |
| Close date | 13 Jul 2026 |
| UPI mandate cut-off | 13 Jul 2026 |
| Allotment finalisation | 14 Jul 2026 |
| Refund initiation | 15 Jul 2026 |
| Shares credited to demat | 15 Jul 2026 |
| Listing date | 16 Jul 2026 |
| Mandate end date | 28 Jul 2026 |
| Anchor lock-in (50%) | 12 Aug 2026 |
| Anchor lock-in (remaining) | 11 Oct 2026 |
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.
Strengths
- Manufactures catalysts, adsorbents and ceramic balls for multiple industrial applications from a single facility.
- ISO 9001:2015 and ISO 45001:2018 certified manufacturing operations with established quality systems.
- Serves customers across domestic and international markets in oil & gas, petrochemicals, steel and fertiliser industries.
- Strong technical and manufacturing capabilities support consistent product quality and timely deliveries.
- Focuses on developing new catalyst and adsorbent products to expand its product portfolio and customer base.
Risks
- A significant portion of revenue comes from the petrochemical industry, exposing the business to sector-specific risks.
- The company operates a single manufacturing facility, making operations vulnerable to any disruption at that plant.
- Failure to maintain product quality or meet customer specifications could affect customer relationships and business.
- The business depends on continuous technological development to remain competitive in the catalyst industry.
- The company has not declared or paid dividends in the last three financial years, and future dividends are not assured.
Use of proceeds
| Repayment of borrowings | ₹5.46 (21.84%) Cr |
| General corporate purposes | ₹7.86 (31.44%) Cr |
IPO information is sourced from public feeds and shown for general information only. It is not a recommendation to apply for this or any IPO. IPOs are equity investments and carry market risk; listing gains are not guaranteed and SME IPOs are especially volatile. Grey Market Premium (GMP) is unofficial and not endorsed by SEBI or the exchanges. Equity IPOs are applied for through a demat and trading account, not through mutual fund distribution services. Read the RHP and consult a SEBI-registered investment adviser before investing.