Happy Steels IPO
ListedSME
77.81×
Subscribed
Price band
₹66 – ₹66
Issue size
₹25 Cr
Open – close
09 Jul 2026
to 13 Jul 2026
Listing
16 Jul 2026
Listing gain
+3.03%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Caution5 of 7 dimensions read
The filing raises real questions — 1 of 5 signals read negative
Strength48/100
- Priced above its peers9.8× earnings against a peer median of 8.6×
- Slow revenue growthRevenue compounding at only 8.2%
- Adequate return on equityROE of 17.8%
- Meaningful leverageDebt/equity of 1.18×
- Institutions bid heavilyQIB portion subscribed 59.01×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens09 Jul 2026
- Closes13 Jul 2026
- Listing16 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB59.01x
Non-institutionalNII / HNI113.60x
Big NIIabove ₹10L128.77x
Small NII₹2L – ₹10L83.26x
Retail individualRII73.25x
28,384 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 13 Jul 2026.
Chance of allotment
Retail73.25× subscribed
~1 in 73.3
Retail is 73.25× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 73.3 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII113.60× subscribed
~1 in 113.6
HNI is 113.6× subscribed. This category is allotted proportionately, so a bid receives roughly 1/113.6 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹0+0.0%
over the upper band · last seen 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹66 – ₹66
Total issue size₹25 Cr
Listing atSME platform
Company & valuation
P/E at upper band9.76×
Return on equity17.76%
Debt / equity1.18×
ROCE20.89%
RoNW17.76%
PAT Margin7.50%
EBITDA Margin16.14%
NAV38.09
Price to Book Value1.73
ISININE1GFG01011
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 17,98,000 | 47.47% |
| Anchor Investor Shares Offered | 10,76,000 | 28.41% |
| QIB (Ex. Anchor) Shares Offered | 7,22,000 | 19.06% |
| NII (HNI) Shares Offered | 5,40,000 | 14.26% |
| bNII > ₹10L | 3,60,000 | 9.50% |
| sNII < ₹10L | 1,80,000 | 4.75% |
| Retail Shares Offered | 12,60,000 | 33.26% |
| Market Maker Shares Offered | 1,90,000 | 5.02% |
Total issue 37,88,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,64,0002 lots · 4,000 sh
Individual investors (IND) (Max)₹2,64,0002 lots · 4,000 sh
S-HNI (Min)₹3,96,0003 lots · 6,000 sh
S-HNI (Max)₹9,24,0007 lots · 14,000 sh
B-HNI (Min)₹10,56,0008 lots · 16,000 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted10,76,000
Anchor portion₹7.1 Cr
Bid date08 Jul 2026
Lock-in ends (50%)13 Aug 2026
Lock-in ends (rest)12 Oct 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Capital expenditure towards purchase of additional plant and machinery for our existing manufacturing unit₹13.16 Cr
- 02Repayment/ Prepayment of Term Loans to Banks₹4.98 Cr
- 03General corporate purposes₹3.62 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 80.909 | — | 4.689 | 30.539 | 37.836 |
| 2025 | 82.14 | — | 2.342 | 32.88 | 36.94 |
| 2026 | 94.643 | — | 7.102 | 39.983 | 47.18 |
Revenue CAGR 8.2%PAT CAGR 23.1%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Happy Steels Limited | 10.00 | — | 38.09 | 17.76% |
| EMM Force Autotech Limited | 114.00 | 5.88 | 44.52 | 19.39% |
| Kross Limited | 5.00 | 8.56 | 11.27 | 21.34% |
| GNA Axles Limited | 370.80 | 27.24 | 11.65 | 13.61% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Litigation
Except as stated in this section, there are no outstanding (i) criminal proceedings (including first information reports (“FIRs”) whether or not cognizance has been taken by any court or judicial authority); (ii) actions taken by statutory and regulatory authorities; (iii) tax proceedings - claims related to direct and indirect taxes in a consolidated manner; and (iv) material civil litigation or arbitration proceeding which are determined to be ‘material’ as per a policy adopted by our Board (“Materiality Policy”) in each case involving our Company, Promoters or Directors (collectively, the “Relevant Parties”). Further, there are no disciplinary actions including penalty imposed by the SEBI or stock exchanges against our Promoters in the last five Financial Years including any outstanding action. Further, except as stated in this section, there are no (a) pending litigation involving our Group Companies which may have a material impact on our Company; (b) outstanding criminal cases involving the Key Managerial Personnel and members of the Senior Management; and (c) outstanding action by regulatory and statutory authorities against the Key Managerial Personnel and members of the Senior Management.
Positives the filing discloses (1)
Healthy return on equity
ROE of 17.8%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Happy Steels IPO GMP today?
The most recent grey-market premium recorded for Happy Steels is ₹0 per share — about 0.0% over the ₹66 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Happy Steels IPO subscribed?
Happy Steels is subscribed 77.81× overall (QIB 59.01×, NII 113.60×, retail 73.25×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Happy Steels IPO?
The retail portion is subscribed 73.25×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 73. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.