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Latest GMP
- Lead Manager
- Share India Capital Services Private Limited
- IPO Registrar
- Bigshare Services Private Limited
- IPO Open Date
- 9th Jul 2026
- IPO Close Date
- 13th Jul 2026
- Allotment date
- 14th Jul 2026
- Listing date
- 16th Jul 2026
- Issue Size
- ₹ 25 Cr.
- Issue Price Band
- ₹ 62 to 66
- Lot Size
- 2000 Share
- Minimum Investment
- ₹ 264000
Disclaimer: IPO details, GMP, subscription figures, and other related information are for informational purposes only and may not always be accurate or up to date. Please verify the latest details from official sources before investing.
About Happy Steels Limited
Incorporated in 1996, Happy Steels Ltd (also referred to as Happy Steel Limited) is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components. The company caters to on-highway, off-highway, electric vehicle (EV), and defence applications.
Happy Steels operates across the complete manufacturing value chain — from raw material procurement to forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This end-to-end integration allows the company to deliver components with precise mechanical properties, high dimensional accuracy, and consistent quality as per stringent customer specifications.
Its products are supplied to Original Equipment Manufacturers (OEMs) and Tier-I suppliers in India and overseas markets.
Manufacturing Facility
- Location: Ludhiana, Punjab
- Area: Approximately 16,427 square yards
Installed Capacities (per annum):
- Cutting operations: 8,640.00 MT
- Forging: 7,776.00 MT
- Machining: 5,861.21 MT
Product Portfolio
The company manufactures a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components essential for vehicle performance and safety.
Workforce
As of May 31, 2026, Happy Steels Ltd employed 403 personnel across 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
IPO Subscription Details
| Category | Shares Offered | Shares Applied | Subscription Times (x) |
|---|---|---|---|
| QIB (Ex Anchor) | 7,22,000 (28.63%) | 4,26,06,000 | 59.01 |
| NII | 5,40,000 (21.41%) | 6,15,32,000 | 113.95 |
| bNII (> ₹10L) | 3,60,000 (14.27%) | 4,65,46,000 | 129.29 |
| sNII (< ₹10L) | 1,80,000 (7.14%) | 1,49,86,000 | 83.26 |
| Retail | 12,60,000 (49.96%) | 9,22,96,000 | 73.25 |
| Total | 25,22,000 (100.00%) | 19,64,34,000 | 77.89 |
Grey Market Premium (GMP)
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|
| 15-07-2026 | ₹66 | ₹10 | ₹76 ( 15.15% ) | ₹20,000.00 | 15-Jul-2026 03:09 PM |
| 14-07-2026 | ₹66 | ₹8 | ₹74 ( 12.12% ) | ₹16,000.00 | 14-Jul-2026 10:35 AM |
| 13-07-2026 | ₹66 | ₹8 | ₹74 ( 12.12% ) | ₹16,000.00 | 13-Jul-2026 05:03 PM |
| 11-07-2026 | ₹66 | ₹7 | ₹73 ( 10.61% ) | ₹14,000.00 | 11-Jul-2026 12:33 PM |
| 10-07-2026 | ₹66 | ₹8 | ₹74 ( 12.12% ) | ₹16,000.00 | 10-Jul-2026 12:14 PM |
| 09-07-2026 | ₹66 | ₹6.5 | ₹72.5 ( 9.85% ) | ₹13,000.00 | 09-Jul-2026 06:18 PM |
Financials of Happy Steels Limited
A quick overview of the key financial performance of Happy Steels Limited.
Total Assets (₹ Cr)
Revenue (₹ Cr)
Profit after Tax (₹ Cr)
*All values are in Rs. Cr
Company Financials
Revenue increased by 17%, Profit after Tax (PAT) increased by 203%, Total Assets increased by 27% between FY2025 and FY2026.
| Period Ended | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 82.24 | 82.52 | 96.57 |
| Assets | 78.37 | 78.62 | 99.66 |
| Profit After Tax | 4.69 | 2.34 | 7.10 |
IPO Lot Size
Application
Lots
Shares
Amount
Individual Investors (IND) (Min)
2
4,000
₹ 2,64,000
Individual Investors (IND) (Max)
2
4,000
₹ 2,64,000
S-HNI (Min)
3
6,000
₹ 3,96,000
S-HNI (Max)
7
14,000
₹ 9,24,000
B-HNI (Min)
8
16,000
₹ 10,56,000
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual Investors (IND) (Min) | 2 | 4,000 | ₹ 2,64,000 |
| Individual Investors (IND) (Max) | 2 | 4,000 | ₹ 2,64,000 |
| S-HNI (Min) | 3 | 6,000 | ₹ 3,96,000 |
| S-HNI (Max) | 7 | 14,000 | ₹ 9,24,000 |
| B-HNI (Min) | 8 | 16,000 | ₹ 10,56,000 |
Key Performance Indicators (KPI)
| KPI | Latest |
|---|---|
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Pre IPO
Post IPO
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| EPS (₹) |
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| P/E (x) |
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| Promoter Holding (%) |
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IPO Lead Manager(s)
Lead Manager Details
- Share India Capital Services Private Limited
- Contact Person: Mr. Vinay Pareek / Mr. Kunal Bansal
- SEBI Registration Number: INM000012537
- Investor Grievance Email: mb@shareindia.com
- Website: https://www.shareindia.com
- Email: vinay.pareek@shareindia.co.in / kunal.bansal@shareindia.co.in
- Phone: +91-0120-6483000
- Address: A-25, Basement, Sector-64, Gautam Buddha Nagar, Noida - 201301, Uttar Pradesh, India
Lead Manager Details
- MASTER CAPITAL SERVICES LIMITED
- Contact Person: Mr. Puneet Singhania
- SEBI Registration Number: INM000000107
- Investor Grievance Email: ig.mbd@mastertrust.co.in
- Website: https://www.mastertrust.co.in/
- Email: secretarial@mastertrust.co.in
- Phone: 0161-5043525
- Address: Master Chambers, SCO 19, Feroze Gandhi Market, Ludhiana -141001, Punjab
IPO Registrar
- Registrar Name
- Bigshare Services Private Limited
- ipo@bigshareonline.com
- Phone
- 022 62638200
- Contact Person
- Mr. Babu Raphael
- SEBI Registration Number
- INR000001385
- Address
- Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri East, Mumbai - 400093, Maharashtra, India
- Website
- https://www.bigshareonline.com/
Company Contact Details
- Company Name
- Happy Steels Limited
- cs@happysteels.com
- Phone
- +91 6239821029
- Contact Person
- Ms. Isha Ghai
- Corporate Identity Number
- U35923PB1996PLC018348
- Address
- Kanganwal Road, Jaspal Banger, Ludhiana-141122, Punjab, India.
- Website
- https://www.happysteels.com/
Happy Steels Limited FAQs
