SME IPO · NSE SME · Listed
Happy Steels IPO
Happy Steels Limited is a listed issue, offered in a price band of ₹66 to ₹66 per share, in lots of 4000 shares. Every figure below is taken from the issue's own filings and exchange disclosures.
Issue details
- Price band
- ₹66 – ₹66
- Lot size
- 4000 shares
- Minimum investment
- ₹2,64,000
- Issue size
- ₹25 Cr
- Fresh issue
- ₹25 Cr
- Offer for sale
- —
- Opens
- 9 Jul 2026
- Closes
- 13 Jul 2026
- Listing date
- 16 Jul 2026
- Registrar
- Bigshare Services Pvt. Ltd.
- Symbol
- HAPPY
One lot of 4000 shares at the upper band price of ₹66 is ₹2,64,000 — the smallest retail application this issue accepts.
Lead managers: Share India Capital Services Pvt. Ltd, Master Capital Services Ltd.
Grey market premium (GMP)
- Latest reported GMP
- ₹10
- Implied over upper band
- 15.20%
- As of
- 16 Jul 2026, 07:05 pm IST
How the reported premium has moved. The trend matters more than any single reading — a premium that is drifting down into the close is a different signal from one holding firm.
Happy Steels IPO — reported GMP history| Reported at | GMP |
|---|
| 16 Jul 2026, 07:05 pm IST | ₹10 |
|---|
| 15 Jul 2026, 10:41 pm IST | ₹12 |
|---|
Grey Market Premium is an unofficial, unregulated over-the-counter datapoint reported by third parties. It is not a price, a forecast, or an indication of listing gains, and is not investment advice.
Reported financials
As disclosed in the offer document. Figures in ₹ crore unless the filing states otherwise.
Happy Steels — financials from the offer document| PAT | Assets | Expense | Revenue | Period Ended |
|---|
| ₹0.40 | ₹69.53 | ₹93.67 | ₹94.20 | 2023 |
|---|
| ₹4.69 | ₹78.37 | ₹75.88 | ₹82.24 | 2024 |
|---|
| ₹2.34 | ₹78.62 | ₹79.32 | ₹82.52 | 2025 |
|---|
| ₹7.10 | ₹99.66 | ₹87.05 | ₹96.57 | 2026 |
|---|
Strengths disclosed in the offer document
- The company has an integrated manufacturing framework that allows for control over critical manufacturing parameters and supports scalability.
- Its focus on safety-critical and load-bearing components, which require high technical and quality standards, creates entry barriers.
- Established relationships with OEMs and Tier-I suppliers, supported by consistent quality and delivery performance, provide a competitive advantage.
- The company can manufacture both high-value and high-volume components, enabling balanced utilization of capacity.
- The company is designed to efficiently handle lower-volume, multiple-SKU production through flexible infrastructure, standardized processes, and integrated operations.
- The company's quality management systems ensure that products consistently meet customer specifications, applicable regulatory requirements, and automotive industry standards.
Risk factors disclosed in the offer document
- The company's top ten customers contribute the majority of its revenues, and it lacks long-term or firm commitment arrangements with them, posing a risk to revenues and profitability.
- A significant portion of purchases are sourced from a limited number of suppliers, and disruptions in supply or deterioration in relationships could adversely affect production schedules and operating margins.
- The business is geographically concentrated in three states (Punjab, Haryana, and Tamil Nadu), making it vulnerable to adverse developments in these regions.
- A portion of revenue is derived from export operations concentrated in select overseas markets, exposing the company to risks from changes in international trade policies, government regulations, and geopolitical developments.
- The company requires substantial capital expenditure and working capital, and an inability to obtain future financing could curtail operations.
- Fluctuations in the prices of principal raw materials, power, fuel, and consumables may adversely affect business, profitability, and results of operations.
- The company's manufacturing activities are labor-intensive and expose it to risks from industrial action, such as strikes or slowdowns, which could adversely affect business, cash flows, and results of operations.
These are the company's own disclosures, not Alphave's assessment. Read the offer document →
What this page will not tell you
- Whether to apply
- Alphave is NISM-certified, not a SEBI-registered research analyst. There is no rating, verdict or recommendation on this issue anywhere on this page.
- What it will list at
- Nobody knows, and GMP is not a forecast of it. It is an unofficial over-the-counter quote reported by third parties, shown here with its source time so you can judge how stale it is.
- Your allotment
- Allotment is decided by the registrar (Bigshare Services Pvt. Ltd.) after the issue closes. Track the whole calendar in the IPO Centre.
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