Happy Steels IPO
Happy Steels LtdSME
This IPO has listed.
- Open date
- 9 Jul 2026
- Close date
- 13 Jul 2026
- Min. Investment
- ₹2,64,000
- Lot Size
- -
- Fresh Issue
- ₹25.08 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers59.01x
- Non-Institutional Investors84.29x
- Retail-Individual Investors73.25x
- Total72.43x
Schedule
- Completed: IPO open date9 Jul 2026
- Completed: IPO close date13 Jul 2026
- Completed: Allotment date14 Jul 2026
- Completed: Funds unblock or debit15 Jul 2026
- Completed: Tentative listing date16 Jul 2026
About
Promoter shareholding in Happy Steels Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Parveen Kumar Garg | 80,97,222 | 77.13% | 80,97,222 | 56.68% |
| Abhishek Garg | 4,85,975 | 4.64% | 4,85,975 | 3.40% |
| Deepak Garg | 4,86,675 | 4.63% | 4,86,675 | 3.41% |
| Parveen garg HUF | 6,49,250 | 6.18% | 6,49,250 | 4.54% |
| Charushree Garg | 1,09,200 | 1.04% | 1,09,200 | 0.76% |
| Bindu Garg | 4,90,700 | 4.67% | 4,90,700 | 3.43% |
| Ridhima Garg | 1,08,500 | 1.03% | 1,08,500 | 0.76% |
Happy Steels IPO Strengths & Risks
- Customization Expertise
- Experienced Promoter and management team with strong industry expertise and successful track record.
- Sustainable business model.
- Marquee clientele.
- Risks Relating to the Business: The compan'y top ten customers contribute majority of its revenues from operations and the company does not has long-term or firm commitment arrangements with any of its customers. Any loss of business from one or more of them may adversely affect the company revenues and profitability.
- Risks Relating to the Business: The company's business is largely concentrated in three States i.e. Punjab, Haryana and Tamil Nadu, any adverse developments in these states may negatively impact its business, financial condition and results of operations.
- Risks Relating to the Business: The company's inability to collect receivables and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- Risks Relating to the Business: The company does not has documentary records evidencing the grant of the Consent to Establish for its manufacturing facility, which may expose the company to regulatory action.
- Risks Relating to the Business: The company's financial performance including Revenue from Operations and Profit After Tax (PAT) has fluctuated in recent periods, and any inability to grow revenue or maintain profitability may adversely affect its business and valuation.
- Risks Relating to the Business: The company's manufacturing capacity may not be fully utilized and its may be unable to effectively utilise the company's existing or expanded manufacturing capacities.
- Risks Relating to the Business: A significant portion of the company's purchases is sourced from a limited number of suppliers, with its top ten suppliers, particularly the company's top one supplier, accounting for a substantial share of its total purchases. Also, the company does not has long-term or firm commitment arrangements with any of its suppliers. Any disruption in supplies, deterioration in relationships, or inability of such suppliers to meet the company's requirements on commercially acceptable terms could adversely affect its production schedules, operating margins and business operations.
- Risks Relating to the Business: A portion of the company's revenue is derived from its growing export operations that are concentrated in select overseas markets, particularly Indonesia, and are subject to risks arising from changes in international trade policies, government regulations and geopolitical developments.
- Risks Relating to the Business: The company has substantial capital expenditure and working capital requirements and may requires additional capital and financing in the future and its operations could be curtailed if the company is unable to obtain the required additional capital and financing when needed.
- Risks Relating to the Business: The company is required to maintain high levels of inventory, and any inability to effectively manage its inventory may adversely affect the company's business, working capital and results of operations.
- Risks Relating to the Business: Fluctuation in the prices of the company's principal raw materials, power, fuel and consumables may adversely affect its business, profitability and results of operations.
- Risks Relating to the Business: There may be discrepancies in corporate filings made by its from time to time. The company cannot assure you that regulatory proceedings or actions will not be initiated against its in the future and that the company will not be subject to any penalty imposed by the competent regulatory authority in this regard.
- Risks Relating to the Business: In the past the company has entered into related party transactions and may continue to does so in the future, which may potentially involve conflicts of interest with the equity shareholders. There can be no assurance that such transactions, individually or in the aggregate, will not has an adverse effect on its financial condition and results of operations.
- Risks Relating to the Business: The company's operations requires significant power and fuel, and any disruption in supply or increase in utility costs may adversely affect its results of operations.
- Risks Relating to the Business: The company's group Companies operates in business segments similar to or related to its, which may result in potential competitive overlap, conflicts of interest and loss of business opportunities.
- Risks Relating to the Business: The company's existing manufacturing unit is subject to operating risks. The unexpected shutdown or slowdown of operations at its manufacturing facility could have a material adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Any disruption to the steady and regular supply of workforce for the company's operations, including dues to strikes, work stoppages or increased wages demands by its workforce or any other kind of disputes with the company's workforce or its inability to control the composition and cost of the company's workforce could adversely affect its business, cash flows and results of operations.
- Risks Relating to the Business: There are outstanding legal proceedings involving its, Directors, Promoters, KMPs, SMPs and Group Companies. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect its business, results of operations and prospects.
- Risks Relating to the Business: Certain corporate records and other documents filed by the company with the RoC, are not traceable. While its has conducted a search with the RoC, in respect of the unavailability of such forms and other records, the company cannot assure you that such forms or records will be available at all or any time in the future.
- Risks Relating to the Business: A portion of the Net Proceeds may be utilized for pre-payment of term loans availed by the Company.
- Risks Relating to the Business: The company cannot assure you that the Objects of the Issue will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Risks Relating to the Business: The company's success is dependent on its Promoters, senior management and skilled workforce, and any inability to retain or replace such key personnel could adversely affect the company's business, operations and future prospects.
- Risks Relating to the Business: The company has outstanding indebtedness, which requires cash flows to service and may subject its to certain conditions and restrictions in terms of the company's financing arrangements, which restricts its ability to conduct business and operations in the manner the company desires.
- Risks Relating to the Business: The company has not yet placed orders in relation to the capital expenditure for the purchase of some of the plant and machineries at its manufacturing unit. In the event of any delay in placing the orders, or in the event the vendor is not able to provide the plant and machineries in a timely manner, or at all, it may result in time and cost overruns and the company's business, prospects and results of operations may be adversely affected. Further, such proposed capital expenditure may not result in an increase in revenue from operations for the Company.
- Risks Relating to the Business: The company operates from a single manufacturing unit, and any disruption at this location may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company's inability to obtain, maintain, or enforce intellectual property rights, including its trademark, may affect the company's ability to protect its brand value and business.
- Risks Relating to the Business: The company's operations is subject to environmental, health and safety laws and regulations, and its may be subject to environmental notices, directions or penalties in the future.
- Risks Relating to the Business: The company, in the past has delayed in payment of statutory dues. Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- Risks Relating to the Business: The company's insurance coverage may be inadequate, which could have an adverse effect on its financial condition and results of operations.
- Risks Relating to the Business: There has been instances of transfer of equity shares in the Company pursuant to gift deeds where stamp duty was paid on a later date, and any non-compliance may attract penalties or other proceedings.
- Risks Relating to the Business: The company may be subject to financial and reputational risks due to product quality and liability claims and legal proceedings if the quality of its products does not meet the company's customers' expectations.
- Risks Relating to the Business: The Company has allotted Equity Shares during the preceding one year from the date of the Red Herring Prospectus which may be lower than the Issue Price.
- Risks Relating to the Business: The company has not paid any dividends in the past Financial Years. Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- Risks Relating to the Business: The company has not independently verified certain data in this Red Herring Prospectus.
- Risks Relating to the Business: The company's Promoters and Promoter Group, who will continue to hold a substantial shareholding in the Company after the Issue, may exercise significant influence over the Company, and their interests may conflict with those of its Company or minority shareholders.
- Risks Relating to the Business: Exchange rate fluctuations may adversely affect the company's results of operations as a significant portion of its revenues and some portion of the company's expenditure is denominated in foreign currencies.
- Risks Relating to the Business: Misconduct or errors by manpower engaged by the company could expose its to business risks or losses that could affect the company's business prospects, results of operations and financial condition.
- Risks Relating to the Business: The company's majority of directors does not has any prior experience of directorship of any listed entity.
- Risks Relating to the Business: The activities carried out at the company's manufacturing facilities can cause injury to people or property in certain circumstances.
- Risks Relating to the Business: The Company is dependent on third-party logistics service providers for transportation of raw materials and finished goods, and any disruption in such logistics services may adversely affect its operations, supply chain efficiency and financial performance.
- Risks Relating to the Business: Listing of equity shares may subject the company to surveillance measures like ASM and GSM, affecting market perception.
- Risks Relating to the Business: There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the NSE EMERGE Platform in a timely manner or at all.
