Happy Forgings
Book Building issueMainboard₹1,009 Cr issue
+17.79%
Listing gain over issue price
Issue size
₹1,009 Cr
1 lot at cut-off
₹14,450
Lot size
17shares
Open
19 Dec 2023
Close
21 Dec 2023
Allotment
22 Dec 2023
Listing
27 Dec 2023
Listing performance
Issue price
₹850
Listed at
₹1,001.25
Listing-day close
₹1,030.80
Latest price
₹1,762
Close on 23 Oct 2026
Listing gain
+17.79%
Return since issue
+107.29%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Dec 2023 – 21 Dec 2023
- Listing date
- 27 Dec 2023
- Face value
- ₹2 per share
- Issue price
- ₹850 per share
- Lot size
- 17 shares
- Issue type
- Book Building issue
- Total issue size
- ₹1,009 Cr
- Market cap at offer price
- ₹8,007 Cr
- Promoter holding
- 88.24% → 78.60% pre-issue → post-issue
- ISIN
- INE330T01021
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- B XXIX, 2254/1, Kanganwal Road, P.O.Jugiana, Punjab
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 35,59,740 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 17 shares per lot, in multiples, at ₹850
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 17 | ₹14,450 |
| Retail (max) | 13 | 221 | ₹1,87,850 |
| S-HNI (min) | 14 | 238 | ₹2,02,300 |
| S-HNI (max) | 69 | 1,173 | ₹9,97,050 |
| B-HNI (min) | 70 | 1,190 | ₹10,11,500 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
35,59,740
Anchor portion
₹303 Cr
at ₹850 per share
Valuation and performance
Valuation at offer price
₹850 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 23.32 | — |
| P/E (×) | 36.45 | — |
| Market cap | — | ₹8,007 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 21.12%
- ROCE
- 24.24%
- PAT margin
- 17.44%
- NAV per share
- ₹110.43
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Happy Forgings
Happy Forgings Limited is an engineering-led manufacturer of safety critical, heavy forged and high precision machined components. Incorporated in 1979 as a private limited company and converted to a public limited company in 1998, the company manufactures a wide range of forged and machined products such as crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, planetary carriers, suspension brackets and valve bodies. The company serves diversified customers across industries including domestic and global original equipment manufacturers in the automotive sector (commercial vehicles), as well as manufacturers of farm equipment, off-highway vehicles, and industrial equipment for oil and gas, power generation, railways and wind turbine industries. It operates manufacturing facilities at Kanganwal (two facilities) and Dugri in Punjab. Revenue from operations was ₹11,965.30 million in Fiscal 2023 and ₹6,729.00 million for the six months ended September 30, 2023.
Company Analysis
from RHPHappy Forgings Limited manufactures safety critical, heavy forged and high precision machined components for automotive and non-automotive industries including commercial vehicles, farm equipment, off-highway vehicles, and industrial equipment.
Happy Forgings Limited is an engineering-led manufacturer of safety critical, heavy forged and high precision machined components. Incorporated in 1979 as a private limited company and converted to a public limited company in 1998, the company manufactures a wide range of forged and machined products such as crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, planetary carriers, suspension brackets and valve bodies. The company serves diversified customers across industries including domestic and global original equipment manufacturers in the automotive sector (commercial vehicles), as well as manufacturers of farm equipment, off-highway vehicles, and industrial equipment for oil and gas, power generation, railways and wind turbine industries. It operates manufacturing facilities at Kanganwal (two facilities) and Dugri in Punjab. Revenue from operations was ₹11,965.30 million in Fiscal 2023 and ₹6,729.00 million for the six months ended September 30, 2023.
Forging and machiningAutomotive (commercial vehicles)Farm equipmentOff-highway vehiclesIndustrial equipment (oil and gas, power generation, railways, wind turbines)
Objects of the Issue
- Purchase of equipment, plant and machinery ₹1,711.26 million p.28
- Prepayment of all or a portion of certain outstanding borrowings availed by our Company ₹1,527.60 million p.28
- General corporate purposes p.28
- Prepayment of all or a portion of certain borrowings availed by our Company p.60
- Purchase of certain equipment, plant and machinery ₹1,711.26 million (estimated funding from Net Proceeds) p.59
- General corporate purposes p.60
- Purchase of equipment, plant and machinery ₹1,711.26 million p.118
- Prepayment of all or a portion of certain outstanding borrowings availed by our Company ₹1,527.60 million p.121
- General corporate purposes p.125
- Not stated in Part 4 of document
- Repayment of borrowings p.432
- Fresh Issue ₹4,000 million p.471
Issue Structure
- Total Issue
- Up to [●] equity shares aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] equity shares aggregating up to ₹4,000 million
- Offer for Sale
- Up to 7,159,920 equity shares aggregating up to ₹[●] million (comprising up to 4,922,445 equity shares by Paritosh Kumar Garg (HUF) and up to 2,237,475 equity shares by India Business Excellence Fund – III)
- Price Band
- ₹[●] per equity share (Floor Price) to ₹[●] per equity share (Cap Price)
- Lot Size
- [●] equity shares and in multiples of [●] equity shares
- Face Value
- ₹2 each
Business Model
The company manufactures and sells forged and machined components to original equipment manufacturers and other industrial customers. It generates revenue from sale of forged products and machined components to customers in automotive and non-automotive sectors. The company operates on a job-work basis, receiving purchase orders from customers and fulfilling them based on specified delivery schedules.
Business Segments
Supply of forged and machined components to manufacturers of commercial vehicles
Supply of forged and machined components to manufacturers of farm equipment
Supply of forged and machined components to manufacturers of off-highway vehicles
Supply of forged and machined components to manufacturers of industrial equipment and machinery for oil and gas, power generation, railways and wind turbine industries
Manufacturing and sale of crankshafts used in internal combustion engines for various vehicles and applications
Manufacturing of heavy forged components using hammer and press forging processes
High-precision machined components including crankshafts manufactured using heat treatment, machining and dimensional testing
Manufactures forged and machined components for commercial vehicles, passenger vehicles, and two-wheelers including crankshafts, connecting rods, and other powertrain components
Manufactures components for farm equipment, off-highway construction equipment, industrial applications including oil and gas, marine, railways, and power sectors
Manufactures and supplies heavy forged and precision-machined components for commercial vehicle OEMs including crankshafts, brake flanges, differential cases, front axle beams, pinion shafts, ring gears, shafts, steering knuckles and suspension brackets.
Manufactures and supplies heavy forged and precision-machined components for farm equipment manufacturers including crankshafts, crown wheels, differential cases, pinion shafts, ring gears, shafts and suspension brackets.
Manufactures and supplies components for off-highway vehicle manufacturers including crankshafts, crown wheels, differential cases, housing, planetary carriers, pinion shafts, shafts and suspension brackets.
Manufactures and supplies components for industrial machinery and equipment manufacturers for oil and gas, power generation, railways and wind turbine industries, including bushings, camshafts, connecting rods, crankshafts, crown wheels, differential cases, housings, planetary carriers, pinion shafts, shafts, suspension brackets and valve bodies.
Manufacture of engine parts, crankshafts, and related automotive components
Manufacture of components for commercial vehicles including front axle beams for electric buses
Manufacture of components for farm equipment
Manufacture of components for industrial equipment
Manufacture of pinion shafts for wind turbine industry
Manufactures and sells forged products comprising of forgings and machined components for automotive and industrial sector
Manufactures crankshafts weighing 18 to 35 kg for commercial vehicles and industrial applications
Manufactures front axle beams (15-35 kg) and steering knuckles (7-16 kg)
Manufactures differential cases weighing 8-14 kg
Manufactures brake calipers and suspension brackets
Manufactures turbine shafts (2-12 kg) and other shafts and housings for power generation
Manufactures bogie connecting rod casing and piston pins (5-10 kg) for railways
Manufactures valve bodies (3-8 kg) for oil and gas applications
Manufactures pinion shafts, gears and drums (7-35 kg) for transmission systems
Sale of products to manufacturers of commercial vehicles
Sale of products to manufacturers of farm equipment, off-highway vehicles and industrial equipment and machinery for oil and gas, power generation, railways and wind turbine industries
Manufacturing of forged and machined products using press forging and upsetter forging technologies for automotive and industrial applications
SWOT Analysis
Strengths
- • Market leadership in engineered forged and machined components with strong industry positioning(p.27)
- • Long-standing relationships with top-tier customers across multiple industries over 10-21 years(p.37)
- • Diversified customer base across multiple end-use industries reducing dependency on single sector(p.27)
- • Global market presence with export revenue of ₹1,383.51 million in Fiscal 2023(p.38)
- • Growing and expanding manufacturing capabilities with capital investment of ₹1,745.87 million in Fiscal 2023(p.42)
- • Manufacturing of critical products for diverse industries(p.46)
- • Significant machinery investment and capacity expansion capability(p.50)
- • Growing revenue and profitability(p.83)
- • Fourth largest engineering-led forged components manufacturer in India(p.130)
- • Integrated manufacturing with in-house design capabilities enabling diverse product portfolio(p.130)
- • Diversified business model positioned for alternative engine technologies(p.130)
- • Long-standing relationships with customers across industries(p.130)
- • Track record of building capabilities and infrastructure with focus on capital efficiency(p.130)
- • Strong financial performance with high margins and returns(p.133)
- • Significant non-automotive revenue diversification(p.210)
- • High contribution of value-added machining to revenue(p.210)
- • Established position as key supplier in CV and industrial segments(p.207)
- • Capabilities in emerging renewable energy sector(p.209)
- • Diverse press capacity across multiple tonnage ranges(p.210)
- • Fourth largest engineering-led forging manufacturer in India with second-largest crankshaft capacity(p.219)
- • Highest EBITDA margin and ROCE among peers in Fiscal 2023(p.218)
- • 78.66% of revenue from high-margin machined products with shift from forging(p.219)
- • Rare 14,000-tonne forging press—only second company in India with this capability(p.227)
- • Long-standing customer relationships (10–21 years with top 10 customers) creating switching-cost barrier(p.231)
- • Mitigated EV disruption risk: focus on heavy commercial vehicles, farm equipment, and industrials where EV penetration is negligible(p.211)
- • Strong export growth (70% CAGR Fiscal 2021–2023) with geographic diversification across 9 countries(p.240)
- • Operating margin expansion and consistent profitability: EBITDA margin 28.49% (FY23) vs 27.14% (FY21)(p.220)
- • Established manufacturing expertise and operational scale in forgings production(p.362)
- • Significant capital investment and modern manufacturing facilities(p.337)
- • Strong financial position with growing profitability(p.355)
- • Diversified customer base with international presence(p.362)
- • Fourth largest forging manufacturer in India by capacity with established market position(p.384)
- • Second largest crankshaft producer with high-HP engine focus insulating from EV disruption(p.385)
- • Highest EBITDA margin among peers in last two fiscals(p.385)
- • Highest ROCE among peers and strategic capacity expansion(p.387)
- • Long-standing customer relationships averaging 14+ years with top customers(p.391)
- • Diversified customer base across top Indian OEMs and multiple countries(p.386)
- • Vertically integrated manufacturing with advanced equipment including 14,000 tonne press(p.387)
- • Strong 40-year track record and consistent revenue growth at 43% CAGR(p.387)
- • Strong revenue growth trajectory with 39.12% year-over-year growth in FY2023(p.420)
- • Improved profitability with net profit growing 46.79% from FY2022 to FY2023(p.421)
- • Healthy EBITDA margins expanding to 28.49% in FY2023(p.422)
- • Strong cash generation with operating cash flow of ₹2,094.57 million in FY2023(p.424)
- • Conservative debt management with Net Debt to EBITDA at 0.64x in FY2023(p.415)
- • Gross margins maintained above 53% despite business expansion(p.415)
Weaknesses
- • High customer concentration with top 10 customers representing 70.08% of revenue in Fiscal 2023(p.37)
- • High dependence on a few steel suppliers with top 5 suppliers representing 96.59% of steel cost in Fiscal 2023(p.39)
- • Significant debt burden with total outstanding borrowings of ₹2,599.42 million as of October 31, 2023(p.40)
- • Lack of definitive agreements with customers; arrangements can be terminated without compensation(p.38)
- • Unable to trace certain historical corporate records and shareholder forms filed with Registrar of Companies(p.43)
- • Missing filing documentation for two Directors' appointments; no requisite forms filed with Registrar for regularization(p.43)
- • Geographic concentration of all manufacturing facilities in one location(p.51)
- • Heavy dependence on steel as primary raw material with significant cost exposure(p.47)
- • High employee attrition particularly among unskilled labour(p.62)
- • Auditor qualifications regarding internal financial controls and statutory compliance(p.53)
- • Underutilization of forging capacity(p.50)
- • CSR expenditure non-compliance with statutory requirements(p.63)
- • Significant dependence on few key customers in Heavy Commercial Vehicles and Farm Equipment(p.133)
- • Unable to trace historical share transfer forms and some allotment forms with Registrar(p.104)
- • Plant and machinery equipment concentrated at limited locations(p.43)
- • Existing borrowings of ₹2,599.42 million as of October 31, 2023(p.121)
- • Significantly smaller total capacity compared to major competitors(p.210)
- • Lower forging capacity relative to total capacity(p.210)
- • Smaller mechanical press capacity compared to peers(p.210)
- • High customer concentration: top 10 customers represent 70.08% of FY23 revenue from operations(p.258)
- • No firm customer purchase commitments; customers can terminate purchase and supply agreements without cause or compensation(p.257)
- • High dependence on one steel supplier: top supplier accounts for 52.67% of steel costs (FY23)(p.259)
- • Concentrated geographic footprint: all three manufacturing facilities located in Ludhiana, Punjab only(p.253)
- • High employee attrition: 29.98% in FY23 (though improved from 38.49% in FY22)(p.261)
- • History of defaults and rescheduling of borrowings with financial institutions(p.271)
- • Significant indebtedness and dependence on ability to meet repayment covenants(p.271)
- • High dependency on limited number of major customers(p.362)
- • Significant debt burden with multiple borrowings(p.351)
- • Working capital intensity with high trade receivables(p.343)
- • Contingent tax liabilities pending resolution(p.361)
- • Ongoing capital commitments creating financial obligations(p.361)
- • High dependence on top 10 customers for 70% of revenue despite gradual reduction(p.391)
- • Significant exposure to raw material cost volatility, particularly steel prices(p.391)
- • Leverage increased; gearing ratio at 18.94% with floating rate borrowings of Rs 2,589.74 million(p.371)
- • Limited exposure to industrial segment with only 3.70% of revenue in Fiscal 2023(p.391)
- • Heavy dependence on top 10 customers for majority of revenues(p.430)
- • Rising finance costs increasing 74.25% from FY2022 to FY2023 due to higher borrowings(p.421)
- • Significant capital commitments of ₹1,454.41 million yet to be executed(p.427)
- • Contingent liabilities including GST and income tax demands totaling ₹36.08 million(p.427)
- • Industrial safety incident litigation with fatality in Kanganwal Facility I(p.434)
Opportunities
- • Growing global forging and machining markets expected to reach USD 97.0 billion and USD 71.2 billion by 2029(p.27)
- • Strong growth potential in Indian forging and machining markets expanding at 7.1% and 8.4% CAGR through Fiscal 2029(p.27)
- • Strategy to capitalize on increasing demand from international markets and grow exports(p.38)
- • Planned capital expenditure of ₹1,711.26 million to purchase equipment, plant and machinery to expand capacity(p.28)
- • Strategic debt reduction with ₹1,527.60 million from Net Proceeds planned for prepayment of borrowings(p.28)
- • Expansion into heavy-duty vehicle and alternative fuel segments(p.49)
- • Growing export markets with product portfolio expansion(p.48)
- • Potential to expand into new industries and product segments(p.61)
- • Improvement in machining capacity utilization(p.50)
- • Government incentive schemes providing competitive advantage(p.63)
- • Expand manufacturing capacity through purchase of equipment and machinery(p.118)
- • Reduce debt burden and improve financial ratios through prepayment of borrowings(p.121)
- • Increase export revenue with growing export sales momentum(p.133)
- • Expand into Industrial Applications segment(p.133)
- • Enhance brand visibility and market positioning through public listing(p.116)
- • Strong growth in Indian automotive forging market driven by government PLI scheme(p.187)
- • Growing demand for crankshafts in India at 7.7% CAGR through 2029(p.202)
- • Expanding wind turbine gearbox market with 7% CAGR through 2029(p.209)
- • India positioned to gain export market share as alternative to China and Europe(p.193)
- • Significant growth in heavy forged components market driven by commercial vehicles and tractors(p.177)
- • Rising demand for non-automotive forged components in aerospace, defence, and renewable energy(p.194)
- • India's emergence as global manufacturing hub with 'China plus one' strategy and lowest costs(p.218)
- • Rapid growth in non-automotive markets: forging market for farm equipment, off-highway, industrial expected to grow from USD 35.2B (2023) to USD 47.4B (2029)(p.228)
- • Strong crankshaft market growth: India crankshaft market expected to grow at 8.3% CAGR FY24–FY29 to USD 5.18B(p.225)
- • Opportunities in alternative engine technologies (hydrogen, CNG, LNG) requiring crankshafts with minimal alterations(p.230)
- • Wind turbine gearbox market growing 7% CAGR to USD 33.5B by 2029; company supplies planetary carriers, pinion shafts(p.238)
- • Strategy to grow industrial segment (defence, power, oil & gas, railways): industrial revenue grew 89.49% CAGR FY21–FY23(p.237)
- • Significant available forging capacity headroom: 62.96% utilization in FY23 (107,000 MT capacity)(p.233)
- • Capacity expansion through capital investments(p.338)
- • Export growth with established international customer base(p.362)
- • Government incentives and support schemes(p.341)
- • Expansion of product portfolio and services(p.358)
- • Expansion into industrial applications including defence, power generation, oil & gas, wind turbines(p.391)
- • Growing demand for lightweight aluminium forging and machined products(p.392)
- • Industrial machined components market growing at 4.8% CAGR through 2029(p.391)
- • Alternative powertrains (hydrogen, CNG, LNG) maintaining crankshaft demand compatibility(p.390)
- • Significant market opportunity in power generation due to backup power demand growth(p.391)
- • Export opportunities across nine countries with 12.89% of revenue from outside India(p.386)
- • Significant capex investment supporting capacity expansion with ₹1,745.87 million deployed in FY2023(p.429)
- • Sustained business volume growth with product sales increasing 35.82% in FY2023(p.420)
- • Diversification through related company operations in forging segments(p.444)
Threats
- • Business is dependent on performance of cyclical industries (commercial vehicles, farm equipment, off-highway vehicles)(p.41)
- • Significant exposure to power and fuel costs with electricity representing 5.09% of revenue (₹591.76 million in Fiscal 2023)(p.42)
- • Supply chain disruption risk due to dependence on few steel suppliers with no definitive supply agreements(p.39)
- • Competitive market with global competitors having greater financial, technical and marketing resources(p.44)
- • Risk of regulatory changes and compliance requirements for multiple approvals and licenses to operate(p.44)
- • Exposure to counterparty credit risk with trade receivables representing 25.75% of revenue in Fiscal 2023(p.45)
- • Exposure to foreign exchange and interest rate volatility affecting debt servicing costs and export revenues(p.40)
- • Volatility and supply disruptions in steel prices and availability(p.47)
- • Shift to electric vehicles threatening crankshaft demand(p.49)
- • Export market risks including geopolitical and tariff pressures(p.48)
- • Manufacturing facility operating risks and potential shutdowns(p.50)
- • Transportation disruptions affecting delivery and supply chain(p.52)
- • Competitive pricing pressure from customers(p.55)
- • Foreign exchange volatility affecting export competitiveness(p.56)
- • Regulatory and compliance risks including labour laws(p.71)
- • Hazardous operations risk with potential for workplace accidents and liabilities(p.51)
- • Dependence on heavy commercial vehicles and farm equipment industries subject to cyclicality(p.43)
- • Exposure to foreign currency and input price volatility(p.121)
- • Dependence on foreign suppliers for critical equipment with delivery delays(p.66)
- • Equipment procurement not appraised by external financial institutions(p.44)
- • Regulatory changes in tax laws, customs duties, and trade policies(p.152)
- • Strong competition from larger integrated players with significantly higher capacity(p.210)
- • Impact of electric vehicle transition on ICE component demand in medium term(p.195)
- • Geopolitical and supply chain disruptions affecting global markets(p.194)
- • Cyclicality and downturns in automotive and related industries(p.193)
- • Rising competition from Chinese forging manufacturers leveraging low costs(p.183)
- • Global inflation and rising operating costs impacting margins(p.160)
- • Heavy commercial vehicle EV adoption risk, though currently limited(p.229)
- • Intense competition from larger, better-resourced competitors with lower costs and subsidies(p.263)
- • Steel price volatility and supply chain disruption risks; no firm supply agreements(p.259)
- • Dependency on third-party transportation; disruptions could delay delivery and increase costs(p.260)
- • Power and fuel supply disruption risks in highly energy-intensive operations(p.260)
- • Stringent customer quality and delivery performance requirements; non-compliance could lead to order cancellations(p.260)
- • Comprehensive environmental regulations requiring permits and compliance(p.266)
- • Water pollution control regulations and cess obligations(p.266)
- • Hazardous waste management authorization requirements(p.266)
- • Public liability insurance mandate for hazardous substance handling(p.266)
- • Contract labour compliance obligations and penalties for non-compliance(p.267)
- • Extensive labour law compliance requirements across multiple statutes(p.267)
- • E-waste management and registration requirements(p.266)
- • Exposure to automotive and industrial sector cyclicality(p.362)
- • Commodity price volatility and raw material cost pressures(p.359)
- • Energy cost volatility affecting production economics(p.360)
- • Foreign exchange exposure on international operations(p.352)
- • Regulatory and tax compliance risks(p.361)
- • Dependence on automotive and farm equipment sectors sensitive to economic cycles and monsoon(p.390)
- • Raw material price volatility beyond company control affecting cash flows(p.391)
- • Foreign exchange fluctuation risk with 12.89% of revenues from exports(p.392)
- • Interest rate risk on floating rate borrowings of Rs 2,589.74 million at 0.5% sensitivity(p.371)
- • Time lag between raw material procurement and customer price pass-through(p.391)
- • Supply chain disruptions and increasing labour costs impacting operational efficiencies(p.391)
- • Significant exposure to volatile steel prices affecting cost structure(p.428)
- • Competitive market environment with intensity affecting pricing power(p.429)
- • Working capital pressure with inventories and receivables increasing significantly in H1FY2024(p.424)
- • Regulatory and compliance obligations including multiple material licenses and approvals required(p.439)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Paritosh Kumar | Promoter | 8,949,900 shares (10.00%) | — |
| Ashish Garg | Promoter | 12,946,200 shares (14.47%) | — |
| Megha Garg | Promoter | 2,419,900 shares (2.70%) | — |
| Ayush Capital & Financial Services Private Limited | Promoter | 10,745,100 shares (12.01%) | — |
| Garg Family Trust | Promoter | 38,047,000 shares (42.51%) | — |
| Paritosh Kumar Garg (HUF) | Promoter and Promoter Selling Shareholder | 5,607,700 shares (6.27%) | — |
| Ashish Garg & Sons (HUF) | Promoter | 254,200 shares (0.28%) | — |
| Garg Family Trust | Promoter Group | 42.51% | — |
| Ashish Garg | Promoter | 14.47% | — |
| Ayush Capital & Financial Services Private Limited | Promoter Group | 12.01% | — |
| Paritosh Kumar | Promoter | 10.00% | — |
| Paritosh Kumar Garg (HUF) | Promoter Group | 6.27% | — |
| Megha Garg | Promoter | 2.70% | — |
| Garg Family Trust | Promoter | 42.51% | — |
| Ashish Garg | Promoter | 14.47% | — |
| Ayush Capital & Financial Services Private Limited | Promoter | 12.01% | — |
| Paritosh Kumar | Promoter | 10.00% | — |
| Paritosh Kumar Garg (HUF) | Promoter | 6.27% | — |
| Megha Garg | Promoter | 2.70% | — |
| Ashish Garg & Sons (HUF) | Promoter | 0.28% | — |
| Not stated in Part 4 of document | Not available in this section | — | — |
| Paritosh Kumar | Promoter, Chairman and Managing Director | — | — |
| Ashish Garg | Promoter and Managing Director | — | — |
| MO Alternates (through India Business Excellence Fund – III) | Promoter Group | — | — |
| Paritosh Kumar | Promoter | 10.00% | — |
| Ashish Garg | Promoter | 14.47% | — |
| Megha Garg | Promoter | 2.70% | — |
| Ayush Capital & Financial Services Private Limited | Promoter | 12.01% | — |
| Garg Family Trust | Promoter | 42.51% | — |
| Paritosh Kumar Garg (HUF) | Promoter | 6.27% | — |
| Ashish Garg & Sons (HUF) | Promoter | 0.28% | — |
| Sh. Paritosh Kumar Garg | Promoter | 39.84% | 10.00% |
| Sh. Ashish Garg | Promoter | 14.47% | 14.47% |
| Garg Family Trust | Promoter Group | — | 42.51% |
| Sh. Paritosh K. Garg (HUF) | Promoter Group | 6.27% | 6.27% |
| Ayush Capital and Financial Services Private Limited | Promoter Group | 12.01% | 12.01% |
| India Business Excellence Fund - III | Promoter Group | 11.76% | — |
| Paritosh Kumar | Promoter/Chairman Cum Managing Director | — | — |
| Ashish Garg | Promoter/Managing Director | — | — |
| MO Alternates (India Business Excellence Fund – III) | Investor/Promoter Group | — | — |
| Paritosh Kumar Garg (HUF) | Promoter Selling Shareholder | — | — |
| Paritosh Kumar Garg (HUF) | Promoter Group | — | — |
| India Business Excellence Fund – III | Selling Shareholder | — | — |
Leadership
Paritosh Kumar · Chairman and Managing Director
Ashish Garg · Managing Director
Narinder Singh Juneja · Chief Executive Officer
Pankaj Kumar Goyal · Chief Financial Officer
Bindu Garg · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Happy Forgings IPO FAQs
What is the lot size of Happy Forgings IPO?
The minimum lot size of Happy Forgings IPO is 17 shares. One lot costs ₹14,450 at the cut-off price.
When does Happy Forgings IPO open and close?
Happy Forgings IPO opened for subscription on 19 Dec 2023 and closed on 21 Dec 2023.
What is the listing date of Happy Forgings IPO?
Happy Forgings IPO listed on 27 Dec 2023.