BY THE NUMBERS.
WHERE IT LANDED.
HOW FULL THE BUS GOT.
TICKET CLASSES.
HOW THE ISSUE IS BUILT.
The two legs send the money to different places: a fresh issue raises new capital for the company, while an offer for sale is existing shares being sold by existing shareholders, whose proceeds go to those sellers and not to the company.
ON THE DASHBOARD.
THE RUNNING RECORD.
WHO ELSE RUNS THIS LINE.
Current Market Price, PE Ratio and EPS are taken from BSE Website i.e. www.bseindia.com for peers as of June 12, 2026.
WHAT THE MONEY IS FOR.
WHO GETS WHICH SEATS.
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. Competitive Strengths: Integrated manufacturing capabilities enabling diversified product offerings with enhanced value addition Strong focus on safety-critical and load-bearing components In-house expertise across forging, heat treatment, precision machining, and quality control Robust quality management systems aligned with automotive industry standards Diversified domestic and international customer base Scalable manufacturing infrastructure supporting future growth
ON THE ROSTER.
COMMON QUESTIONS.
What is the Happy Steels IPO price band?+
The indicative price band is ₹66 per share. The binding terms are the ones in the Red Herring Prospectus (RHP).
What is the lot size of the Happy Steels IPO?+
One lot is 2000 shares. At the upper band of ₹66, one lot works out to ₹1,32,000.
When does the Happy Steels IPO open and close?+
The issue opened on 09 Jul 2026 and closed on 13 Jul 2026. Dates can move — the registrar and the exchange notices are the record.
When is the Happy Steels IPO allotment?+
Allotment is scheduled for 14 Jul 2026. The basis of allotment is published by the registrar to the issue. BuyUnlistedShares does not accept, process or track IPO applications.
When did Happy Steels list?+
Listing took place on 16 Jul 2026 on NSE SME.
Where will Happy Steels be listed?+
Happy Steels is listed on NSE SME. It is an SME issue, so it trades on the SME platform.
How large is the Happy Steels IPO?+
The issue size is ₹25.00 Cr — a fresh issue of ₹23.75 cr. Figures are indicative and subject to the RHP.
How was the Happy Steels IPO subscribed?+
The issue was subscribed 77.81× overall. By category: qib 59.01×, nii 113.6×, small hni 83.26×, big hni 128.77×, retail 73.25×. Subscription figures are as reported by the exchanges.
At what price did Happy Steels list?+
Happy Steels listed at ₹68, +3.03% against the issue price.
Who is the registrar for the Happy Steels IPO?+
The registrar to the issue is Bigshare Services Pvt.Ltd. (8657578989/8069219065/8069219060), ipo@bigshareonline.com.
Where can I check the Happy Steels IPO allotment status?+
Allotment status is published by the registrar on its own official portal: https://ipo.bigshareonline.com/IPO_Status.html. Use the registrar's site directly — BuyUnlistedShares does not ask for PAN, application numbers or any other applicant detail.
What is the P/E ratio of the Happy Steels IPO?+
The P/E ratio on file for this issue is 9.76, and the post-issue P/E is 13.28, stated as of 31 Mar 2026. A reported ratio is not a view on value.