NSE List Price : ₹68.00

subscription

Category	Times
QIBs	59.01x
HNIs	113.95x
Retail	73.25x
Total : 77.89x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	2	4,000	₹264,000
Retail Maximum	2	4,000	₹264,000
S-HNI Minimum	3	6,000	₹396,000
S-HNI Maximum	7	14,000	₹924,000
B-HNI Minimum	8	16,000	₹1,056,000

About the Company

Established in 1996, Happy Steels is among the leading manufacturers of forged and precision-machined metal components used in vehicle transmission and driveline systems. Its products cater to a wide range of industries, including automotive, electric vehicles (EVs), off-highway machinery, and defence.

The company follows an integrated manufacturing process that covers raw material sourcing, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, quality inspection, and packaging. Its product portfolio includes axles, long spline shafts, spindles, and various other safety-critical and load-bearing components. Happy Steels operates a manufacturing facility in Punjab spread across 16,577 square yards, with an annual production capacity of 8,640 MT for cutting, 7,776 MT for forging, and 4,492.8 MT for machining.

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2023	₹94.20	₹93.67	₹0.40	₹69.53
2024	₹82.24	₹75.88	₹4.69	₹78.37
2025	₹82.52	₹79.32	₹2.34	₹78.62
Sep 2025	₹47.93	₹42.69	₹3.93	₹93.95

Company Promoter

Mr Parveen Kumar Garg

Mr Abhishek Garg

Mr Deepak Garg

Parveen Kumar Garg (HUF)

Know before investing

• • Strengths

  Comprehensive In-House Manufacturing: Operates an integrated manufacturing process covering every stage from raw material procurement to final quality inspection, enabling enhanced quality control and greater value addition.

  Diverse Safety-Critical Components: Manufactures a broad range of safety-critical and load-bearing components for the automotive, defence, electric vehicle (EV), and off-highway sectors, contributing to vehicle reliability and performance.

• • Risks

  Reliance on Limited Suppliers: The company procures a substantial portion of its raw materials from a limited number of suppliers without entering into long-term supply contracts. Any interruption in supply or unfavorable pricing changes could adversely impact its manufacturing activities and business operations.

  Capital-Intensive Nature of Business: The company's operations require significant capital expenditure and working capital. Any inability to obtain adequate funding in a timely manner may hinder its expansion plans and affect overall business operations.

Objects of the Issue & Utilisation of proceeds

Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit

Repayment/ Prepayment of Term Loans to Banks

General Corporate Purpose

Company  Address

Happy Steels Ltd.
Kanganwal Road
Jaspal
Banger
Ludhiana, Punjab, 141122
Phone: +91 6239821029
Email: cs@happysteels.com
Website: https://happysteels.com/

IPO Registrar

Bigshare Services Pvt. Ltd.
Phone: 8657578989/8069219065/8069219060
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html

IPO Review

Avoid