Happy Forgings Ltd, the auto components maker, submitted the draft Red Herring Prospectus (DRHP) to capital markets regulator Sebi on Monday for an increase ₹1,200-1,300 crore through an initial public offering (IPO).
Happy Forgings Ltd, the auto components maker, submitted the draft Red Herring Prospectus (DRHP) to capital markets regulator Sebi on Monday for an increase ₹1,200-1,300 crore through an initial public offering (IPO).
According to Happy Forgings’ DRHP, the IPO is a $1.5 billion initial public offering ₹500 crore and an offer to sell (OFS) of up to 80.55 lakh shares by a promoter and a selling shareholder.
According to Happy Forgings’ DRHP, the IPO is a $1.5 billion initial public offering ₹500 crore and an offer to sell (OFS) of up to 80.55 lakh shares by a promoter and a selling shareholder.
₹1,300 crore IPO with Sebi” data-vars-event-id = “11692202298357” data-vars-event-url = “https://www.livemint.com/market/ipo/happy-forgings-files-papers-for -rs-1-300-crore-ipo-with-sebi-11692202298357.html”>
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Ludhiana-based Happy Forgings may also be considering a pre-market placement of shares totaling up to ₹100 crores. When such placement is completed, the volume of the reissue will be reduced.
Under the OFS, 53.7 lakh shares of Paritosh Kumar Garg (HUF) and up to 26.85 lakh shares of India Business Excellence Fund-III will be sold.
According to a report by PTI citing market sources, the size of the IPO is expected to be ₹1,200-1,300 crores.
The proceeds from the new edition in the amount of ₹213.6 crore will be used to purchase equipment, plant and machinery, up to ₹190 crore for debt service and part of the funds will also be used for general corporate purposes, the draft papers say.
JM Financial, Axis Capital, Equirus Capital and Motilal Oswal Investment Advisors are the lead book-running managers for the offering.
The auto parts maker takes a vertically integrated approach that includes engineering, process design, testing, manufacturing and delivery of various components.
His clients include Ashok Leyland, JCB India, Mahindra & Mahindra, SML ISUZU and Tata Cummins.
The company operates in nine countries, namely Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkey, the United Kingdom and the United States.
For fiscal year 2023, the Company reported consolidated revenue from operations of ₹1,196.53 crore, up 39.12% over ₹860.05 crore in fiscal 2022.
Net income was up 46.67% ₹208.70 crore in FY23 from ₹142.29 crore in fiscal 2022.
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