Happy Steels IPO
Happy Steels, founded in 1996, is one of the leading manufacturers of forged and machined metal components used in vehicle transmission and driveline systems. These components are used in various industries, including automotive, electric vehicles (EVs), off-highway equipment, and defence.
IPO GMP
+₹10
+15% expected gain
Price Band
₹62 - ₹66
Lot Size
4000 shares
Min Investment
₹2,64,000
Listing Date
July 16, 2026
About Happy Steels
Company overview, business, and key facts.
Happy Steels, founded in 1996, is one of the leading manufacturers of forged and machined metal components used in vehicle transmission and driveline systems. These components are used in various industries, including automotive, electric vehicles (EVs), off-highway equipment, and defence.
Happy Steels manages the entire manufacturing process, from raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. Its product portfolio consists of a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components. Its manufacturing facility is located in Punjab, covering 16,577 square yards with a capacity of 8,640 MT for cutting, 7,776 MT for forging, and 4,492.8 MT for machining annually.
Founded
1996
Headquarters
Ludhiana, Punjab
Promoters
Mr Parveen Kumar Garg, Mr Abhishek Garg, Mr Deepak Garg
Website
https://happysteels.com/
IPO Details
Subscription Status
How many times each investor category has bid for the issue.
Strengths & Risks
Strengths
- Review: Neutral
Risks
Financials
Restated summary financials for the most recent periods.
Figures are indicative and restated for presentation.
Happy Steels IPO Key Numbers
Calculated by IPOLyst from the published offer-document data. These are figures, not buy or sell calls.
Revenue growth, 2026
+17%
0.8% a year over the period
Profit growth, 2026
+203.4%
160.9% a year over the period
Profit margin (PAT)
7.4%
EBITDA margin 16.14%
ROE / ROCE
19.49% / 20.89%
As published in the offer document
Debt to equity
1.18
Issue mix
100% fresh / 0% sale
Fresh issue goes to the company, offer for sale to selling shareholders
GMP-implied gain per lot
₹40,000
4000 shares on ₹2,64,000. GMP is unofficial.
What stands out
- Profit grew 203.4% in 2026.
Watch-outs
- Leverage: debt to equity is 1.18.
- 1 use-of-proceeds item(s) have no disclosed amount.
Scenarios apply today's grey market premium figures to the upper price band. They are illustrations, not predictions. GMP is unofficial and can be wrong.
Not yet available for this IPO: post-IPO share count (market cap and P/E not computable), published risk factors.
IPO Analysis SummaryAI-generated
A plain-language review of Happy Steels's financials, valuation and demand, based only on the verified figures above. For information only. It does not recommend whether to apply.
Happy Steels IPO Review
Analysis based on live GMP, subscription, and issue details.
As of today, Happy Steels IPO is trading at a grey market premium (GMP) of +₹10 (+15% estimated listing gain), indicating positive market sentiment.
The IPO has been subscribed 72.03x overall — QIB: 59.01x, NII: 84.26x, Retail: 72.4x.
Happy Steels IPO subscription has closed. The shares are expected to list on July 16, 2026.
The minimum investment required is ₹2,64,000 for 4000 shares (1 lot). Retail investors can apply at cut-off price for the best chance of allotment.
Key strengths include: Review: Neutral.
Disclaimer: IPO GMP is indicative and sourced from the grey market. This is not investment advice. Please consult a SEBI-registered advisor before investing.
Happy Steels IPO — Frequently Asked Questions
What is Happy Steels IPO GMP today?
Happy Steels IPO GMP (grey market premium) today is +₹10, suggesting an estimated listing gain of +15%. GMP is indicative and subject to change.
What is the price band of Happy Steels IPO?
The price band for Happy Steels IPO is ₹62 - ₹66 with a lot size of 4000 shares. The minimum investment required is ₹2,64,000.
When is Happy Steels IPO allotment date?
Happy Steels IPO allotment is expected to be finalised on July 14, 2026. You can check your allotment status on the registrar's website (Bigshare Services Pvt. Ltd.) using your PAN number.
When will Happy Steels IPO list on NSE/BSE?
Happy Steels IPO is expected to list on NSE SME on July 16, 2026.
How to check Happy Steels IPO allotment status?
To check Happy Steels IPO allotment status, visit the registrar's website (Bigshare Services Pvt. Ltd.) and enter your PAN number, application number, or DP/Client ID. You can also check on the BSE IPO allotment page at https://www.bseindia.com/investors/appli_check.aspx.
Should I apply for Happy Steels IPO?
Happy Steels IPO has a GMP of +₹10. Before applying, review the company's financials, business model, issue structure (OFS vs fresh issue), and sector outlook. IPOLyst is not a SEBI-registered investment advisor — please consult a qualified financial advisor before investing.
What is the lot size of Happy Steels IPO?
The lot size for Happy Steels IPO is 4000 shares per lot. The minimum investment for retail investors is ₹2,64,000. Retail investors can apply for a maximum of 13 lots or up to ₹2 lakh, whichever is lower.