Happy Steels came to market through an SME IPO that opened on 9 July 2026 and closed on 13 July 2026, and the shares listed on 16 July 2026 on NSE SME. The price band was ₹62 to ₹66 per share and one lot was 2000 shares, so the minimum application was ₹1,32,000. The issue size was ₹25 crore. The whole issue was fresh shares, so the money raised went to the company.
It listed at ₹68, a gain of 3% against the issue price of ₹66. Bigshare Services Pvt.Ltd was the registrar to the issue, and Share India Capital Services Pvt.Ltd., Master Capital Services Ltd were the lead managers.
As of 13 July 2026.
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Overall the issue was subscribed 77.89 times.
Founded in 1996, Happy Steel Limited is an integrated manufacturer of safety critical, forgings and machined transmission and driveline components for applications on highway, off-highway, electric vehicle (EV) and defense sectors. The company operates through all manufacturing process steps that include sourcing raw materials, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packaging. The integrated manufacturing process allows the company to manufacture components with mechanical properties, accurate dimensions, and quality as per customers' requirements.
Products manufactured by Happy Steel Limited include a variety of axles, long spline shafts, spindles and many other safety critical and load bearing components which are extremely essential for vehicle performance and safety. The products are supplied to OEMs and Tier I suppliers in India and internationally. The firm has built up considerable knowledge in the internal manufacture of high strength and high-performance parts using advanced forging, machining, and rigorous quality control processes.
The company's quality system is structured in such a way as to guarantee adherence to customers' specifications, as well as relevant regulation and international industry standards. As of December 31, 2025, Happy Steel Limited had a staff strength of 429 people in different divisions.
As described in the offer document.
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Happy Steels Limited raised ₹7.10 crore from 3 anchor investors at ₹66 per share on July 8, 2026. Shine Star Build Cap Pvt Ltd received the largest allocation at 43.68%, followed by PESB Alpha Fund at 28.25% and Securocrop Bharat Amritkaal Fund I at 28.07%.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Happy Steels IPO was a ₹25 crore book-built issue, made up entirely of a fresh issue. It was priced at ₹62–₹66 per share with a lot size of 2,000 shares; the minimum retail application was 4,000 shares (₹2,64,000). The IPO was open from July 9 to July 13, 2026 and was subscribed 77.89x. Shares listed on NSE SME on July 16, 2026 at ₹68, a 3.0% premium to the issue price of ₹66. Bigshare Services Pvt. Ltd. is the registrar.
Share India Capital Services Pvt. Ltd. and Master Capital Services Ltd. are the book running lead managers.
The price band of Happy Steels IPO is ₹62 to ₹66 per share.
The lot size of Happy Steels IPO is 2000 shares.
The minimum investment for Happy Steels IPO is approximately ₹2,64,000 based on the upper price band.
The allotment date of Happy Steels IPO is Jul 14, 2026.
Happy Steels IPO's final recorded GMP before listing was ₹8 per share (a 12% premium over the ₹66 upper price band). The shares listed at ₹68. GMP is unofficial and does not forecast or guarantee the actual listing price.
You can check Happy Steels IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Happy Steels IPO allotment status on Rupix for quick and easy access.
₹62 to ₹66 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 2000 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,32,000. After listing, SME shares also trade in lots rather than one share at a time.
₹1,32,000, for one lot of 2000 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 9 July 2026 and closed on 13 July 2026.
The basis of allotment was published on 14 July 2026 by Bigshare Services Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 16 July 2026 on NSE SME, opening at ₹68.
The issue size was ₹25 crore. The fresh issue was 37,88,000 shares (aggregating up to ₹25 crore).
It listed at ₹68 against an issue price of ₹66, a gain of 3 percent on listing day.