Happy Steels IPO: dates, price band, lot size and GMP
Happy Steels IPO listed on 16 Jul at ₹68 (NSE SME). Issue dates 9 – 13 Jul 2026, price band ₹66, lot 2,000 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Listing: Happy Steels listed on 16 Jul 2026 on NSE SME at ₹68, +₹2 (+3.0%) against the ₹66 upper band. Happy Steels IPO listing date, price and gain · Recently listed IPOs
Updated 17 Oct 2026, 22:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 208 IPOs on its calendar; the Happy Steels IPO has a price band of ₹66, a lot of 2,000 shares and no grey-market premium reported yet as of 17 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 9 – 13 Jul 2026 |
| Price band | ₹66 |
| Lot size | 2,000 shares |
| Issue size | ₹25.00 Cr |
| Fresh issue | ₹23.75 Cr |
| Subscription | 77.81x |
| Registrar | Bigshare Services Pvt.Ltd. |
| Lead managers | Share India Capital Services Pvt.Ltd., Master Capital Services Ltd. |
| Status | Listed |
Timeline
- Issue opens: 9 Jul
- Issue closes: 13 Jul
- Allotment: 14 Jul
- Refunds: 15 Jul
- Demat credit: 15 Jul
- Listing: 16 Jul
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 59.01x |
| NII | 113.6x |
| sNII | 83.26x |
| bNII | 128.77x |
| Retail | 73.25x |
| Total | 77.81x |
Last updated 13 Jul 2026, 6:55 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE SME |
| Market cap at the upper band | ₹94.29 Cr |
| P/E (pre-issue) | 9.76x |
| P/E (post-issue) | 13.28x |
| Fresh issue (shares) | 35,98,000 |
| Total shares offered | 35,98,000 |
| Promoter holding pre-issue | 99.33% |
| Promoter holding post-issue | 72.99% |
| Promoters | Parveen Kumar Garg, Abhishek Garg, Deepak Garg, Parveen Kumar Garg (HUF) |
| Lead managers | Share India Capital Services Pvt.Ltd., Master Capital Services Ltd. |
| Registrar phone | 8657578989/8069219065/8069219060 |
| Registrar email | ipo@bigshareonline.com |
| Company website | happysteels.com |
| Anchor bid date | 8 Jul 2026 |
| Anchor lock-in ends (50%) | 13 Aug 2026 |
| Anchor lock-in ends (remaining) | 12 Oct 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 2,000 | ₹2,64,000 |
| Retail (maximum) | 2 | 4,000 | ₹2,64,000 |
| sNII (minimum) | 3 | 6,000 | ₹2,64,000 |
| bNII (minimum) | 3 | 6,000 | ₹10,56,000 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 29.9% | 10,76,000 | |
| QIB | 20.1% | 7,22,000 | Not more than 50% of the Net Issue |
| NII (HNI) | 15% | 5,40,000 | Not less than 15 % of the Net Issue |
| sNII | 5% | 1,80,000 | |
| bNII | 10% | 3,60,000 | |
| Retail | 35% | 12,60,000 | Not less than 35% of the Net Issue |
| Market Maker | 5.3% | 1,90,000 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 13 Jul | 59.01x | 113.60x | 83.26x | 128.77x | 73.25x | 77.81x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹6.77 |
|---|---|
| EPS (post-issue) | ₹4.97 |
| P/E (pre-issue) | 9.76x |
| P/E (post-issue) | 13.28x |
| RoNW | 17.76% |
| RoCE | 20.89% |
| RoE | 19.49% |
| PAT margin | 7.5% |
| EBITDA margin | 16.14% |
| Price / book | 1.73x |
| NAV per share | ₹38.09 |
| Debt / equity | 1.18 |
| Market cap (upper band) | ₹94.29 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 99.66 | 78.62 | 78.37 | +26.8% |
| Total Income | 96.57 | 82.52 | 82.24 | +17% |
| Profit After Tax | 7.1 | 2.34 | 4.69 | +203.4% |
| EBITDA | 15.27 | 8.49 | 11.08 | +79.9% |
| NET Worth | 39.98 | 32.88 | 30.54 | +21.6% |
| Reserves and Surplus | 29.48 | 31.38 | 29.04 | −6.1% |
| Total Borrowing | 47.18 | 34.21 | 35.69 | +37.9% |
About Happy Steels
Established in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle (EV), and defence applications. The company operates across the complete manufacturing value chain, with capabilities spanning raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This integrated process framework enables the company to deliver components with defined mechanical properties, high dimensional accuracy, and consistent quality in line with stringent customer specifications.
Happy Steel Limited's product portfolio includes a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components that play a crucial role in vehicle performance and safety. These products are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas markets. The company operates a manufacturing facility in Ludhiana, Punjab, covering approximately 16,577 square yards.
As of Financial Year 2025, the facility has an installed capacity of 8,640.00 MT per annum for cutting operations, 7,776.00 MT per annum for forging, and 4,492.80 MT per annum for machining, enabling scalable production across multiple product categories. The company has developed strong in-house expertise in manufacturing high-strength, safety-critical components through advanced forging techniques, precision machining, and stringent quality control systems. Its quality management framework is designed to ensure consistent compliance with customer requirements, applicable regulatory norms, and global automotive industry standards.
As of December 31, 2025, Happy Steel Limited employed 429 personnel across various departments, supporting operations, quality assurance, engineering, and management functions.
Objects of the issue
- Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit — ₹13.16 Cr
- Repayment/ Prepayment of Term Loans to Banks — ₹4.98 Cr
- General Corporate Purposes — ₹3.62 Cr
- Issue Expenses — ₹3.24 Cr
Net proceeds: ₹25 Cr
Peer comparison
| Company | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|
| Happy Steels Ltd. (issuer) | 6.77 | 38.09 | — | 17.76% | — | Standalone |
| EMM Force Autotech Limited | 5.88 | 44.52 | 19.39x | 9.04% | 2.59 | Consolidated |
| Kross Limited | 8.56 | 75.92 | 21.34x | 11.27% | 2.43 | Standalone |
| Gna Axles Limited | 27.24 | 223.89 | 13.61x | 11.65% | 1.66 | Consolidated |
Current Market Price, PE Ratio and EPS are taken from BSE Website i.e. www.bseindia.com for peers as of June 12, 2026.
Offer documents: DRHP (PDF) · RHP (PDF)
Frequently asked questions
When does the Happy Steels IPO open and close?
The issue is scheduled for 9 – 13 Jul 2026.
What is the Happy Steels IPO price band?
The price band is ₹66 per share with a lot size of 2,000 shares.
How big is the Happy Steels IPO?
The total issue size is ₹25.00 Cr.
When will Happy Steels list?
The tentative listing date is 16 Jul on the SME platform.
How do I apply for the Happy Steels IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Happy Steels · as filed with SEBI · nsearchives.nseindia.com
- Red herring prospectus (RHP), Happy Steels · as filed · nsearchives.nseindia.com
- Registrar allotment page, Bigshare Services Pvt.Ltd. · allotment 14 Jul · ipo.bigshareonline.com
- NSE public issues page · listing 16 Jul · nseindia.com
- Happy Steels company website · happysteels.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 28 Jul, 06:00 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Happy Steels IPO”, https://buyunlistedshares.com/ipo/happy-steels-ipo, as of 17 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. In the market since 2002. Data as of 17 Oct 2026.
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