Ahmedabad: Happy Forgings Limited (“HFL” or the “Company”), the fourth largest engineering led manufacturer of complex and safety critical, heavy forged and high precision machined components in India      as of Fiscal 2023 in terms of forgings capacity (Source: ‘Industry Report on Global and Indian Forging and Machining Markets’ dated November 30, 2023  issued by Ricardo India Private Limited (“Ricardo Report”)), has fixed the price band at Rs 808 to Rs 850 per Equity Share for its initial public offer.  The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, December 19, 2023, for subscription and close on Thursday, December 21, 2023. Investors can bid for a minimum of 17 Equity Shares and in multiples of 17 Equity Shares thereafter, the company said in press statement

“The public issue of Equity Shares comprises of a fresh issuance of Equity Shares aggregating up to Rs. 4,000 million and an Offer for Sale (OFS) of up to 7,159,920 Equity Shares,” the statement further said.

The statement released by the company said, “HFL, a company through their vertically integrated operations and with over 40 years of experience in manufacturing and supplying quality and complex components according to customers specifications, are engaged in engineering, process design, testing, manufacturing, and supply of a variety of components that are both margin-accretive and value-additive components. The Company has emerged as a leading player in the domestic crankshaft manufacturing industry with the second largest production capacity for commercial vehicle and high horse-power industrial crankshafts in India (Source: Ricardo Report).”

As outlined in the its press release, “HFL’s revenue from operations increased by 39.12% to Rs 11,965.30 million in Fiscal 2023 from Rs 8,600.46 million in Fiscal 2022. Restated profit after tax increased from Rs 1,422.89 million in Fiscal 2022 to Rs 2,087.01 million in Fiscal 2023. For the six months ended September 30, 2023, the revenue from operations stood at Rs 6,729.00 million and restated profit for the period stood at Rs 1,192.99 million.”

As per the media release, “JM Financial Limited, Axis Capital Limited, Equirus Capital Private limited and Motilal Oswal Investment Advisors Limited are book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE”