Shares of Happy Steels Ltd. delivered an impressive market debut, gaining 7.50% to trade at ₹70.95 on the NSE SME platform, representing a ₹2.34 premium over the IPO issue price of ₹66. The stock demonstrated strong intraday performance, hitting a high of ₹71.40 and low of ₹68, with approximately 14.76 lakh shares changing hands during the trading session. This solid debut performance came after the stock made a subdued debut, falling short of the grey market premium of nearly ₹10 per share that was being quoted ahead of the listing. The listing gain of ₹2 per share came below market expectations, with the grey market premium hovering around ₹10 per share before the listing, according to data from Investorgain and IPO Watch.
The ₹25 crore initial public offering, which was open for subscription from July 9 to July 13, got an exceptional response, closing with 72.43 times subscription. The IPO was entirely a fresh issue of 37.88 lakh equity shares, with a price band set at ₹62 to ₹66 per share. Investors were required to apply for a minimum lot of 2,000 shares, while the minimum investment for retail investors stood at ₹2.64 lakh (4,000 shares) at the upper price band. Share India Capital Services Pvt. Ltd. acted as the book-running lead manager to the issue, while Bigshare Services Pvt. Ltd. served as the registrar. The company also raised ₹7.10 crore from anchor investors on June 8, 2026, by allotting 10.76 lakh shares at ₹66 per share to 3 anchor investors.
According to Moneycontrol, Happy Steels plans to utilise the proceeds from the IPO to expand its manufacturing capabilities, reduce debt, and strengthen its financial position. The company has earmarked ₹13.16 crore for capital expenditure towards purchasing additional plant and machinery at its existing manufacturing facility. Another ₹4.98 crore will be used to repay or prepay outstanding bank term loans. The net proceeds will also be utilised for general corporate purposes to support the company's growth initiatives.
Happy Steels Ltd. is an integrated manufacturer of safety-critical forged and machined transmission and driveline components, incorporated in 1996. As of May 31, 2026, the company employed 403 people and operates an end-to-end manufacturing facility covering raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection and packaging. The company supplies high-strength components to OEMs and Tier-I suppliers in India and overseas. For the period ended March 31, 2026, Happy Steels recorded revenue from operations of ₹94.64 crore and net profit of ₹7.10 crore. The company's products cater to various sectors including commercial vehicles, off-highway vehicles, electric vehicles (EVs), and defence applications.
On July 16, three public issues—SBI Funds Management, Alpine Texworld, and Millworks Technologies—closed for subscription. Simultaneously, three new companies are scheduled to make their market debut after completing their fund-raising through initial public offerings (IPOs). Laser Power & Infra, a mainboard company, will be listed on both stock exchanges, while the other two belong to the SME segment, with Happy Steels making its debut on the NSE Emerge platform and Devson Catalyst on the BSE SME platform. All three companies had closed their IPOs on July 13.
