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Happy Forgings Ltd.‘s shares made a great start on Dalal Street on Wednesday. The company, which makes forgings and highly-precision machined components, debuted at the National Stock Exchange (NSE) at Rs. 1,001.25, an 18% premium over the issue price of Rs. 850 per share. On the BSE, the scrip was listed at an 18% premium at Rs 1,000.

Happy Forgings’ listing has gone less well than anticipated because, prior to its listing, the company was asking a premium of Rs 240–250 per share on the grey market, giving investors hope for a 28–30% listing pop. Before the bidding process began, the premium in the unofficial market was approximately Rs 450.

Happy Forgings held its initial public offering (IPO) between December 19 and December 21, with a lot size of 17 shares and a price range of Rs 808-850 per share. Through its primary offering, which comprised an offer-for-sale (OFS) of up to 47,05,882 equity shares and a fresh share sale of Rs 400 crore, the company hoped to raise approximately Rs 1,008.59 crore.

The portion reserved for qualified institutional bidders (QIBs) was booked a staggering 220.48 times, while the category for non-institutional investors was subscribed 62.17 times. The issue was subscribed an astounding 82.04 times overall. During the bidding process, the retail investor quota was subscribed 15.09 times.

Happy Forgings is an Indian manufacturer that was founded in July 1979 and specializes in creating heavy forgings and highly accurate machined components. Happy Forging is based in Ludhiana, Punjab, with three manufacturing facilities: two in Kanganwal and one in Dugri.

The book running lead managers for the IPO were JM Financial, Axis Capital, Equirus Capital, and Motilal Oswal Investment Advisors. Link Intime India acted as the registrar for the offering.

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