Happy Steels IPO Finishes with 77.81x Overall Subscription
5paisa Capital Ltd
- 2 min read
Last Updated: 13th July 2026 - 05:30 pm
Happy Steels Limited's initial public offering (IPO) recorded an overall subscription of 77.81 times by 5:04 PM on Day 3 (July 13, 2026). The ₹8.35 crore book-built issue received bids for 19,62,44,000 shares against 25,22,000 shares on offer, with healthy investor participation led by NIIs, followed by individual investors and QIBs.
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| Date | QIB | NII | Individual | Total |
|---|---|---|---|---|
| Day 1 (July 9) | 0.21 | 1.31 | 0.51 | 0.59 |
| Day 2 (July 10) | 0.63 | 5.40 | 3.61 | 3.14 |
| Day 3 (July 13) | 59.01 | 113.60 | 73.25 | 77.81 |
Here are the subscription details for Happy Steels IPO Day 3, as of 5:04 PM:
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ Cr.) |
|---|---|---|---|---|
| Anchor | 1.00 | 10,76,000 | 10,76,000 | 7.10 |
| Market Maker | 1.00 | 1,90,000 | 1,90,000 | 1.25 |
| QIB (Ex-Anchor) | 59.01 | 7,22,000 | 4,26,06,000 | 281.20 |
| NII | 113.60 | 5,40,000 | 6,13,42,000 | 404.86 |
| Individual | 73.25 | 12,60,000 | 9,22,96,000 | 609.15 |
| Total | 77.81 | 25,22,000 |
19,62,44,000 |
1,295.21 |
Key Highlights – Day 3
- Overall subscription surged to 77.81 times on Day 3 from 3.14 times on Day 2, driven by exceptional participation across QIB, NII, and individual investor categories.
- Non-Institutional Investors (NIIs) emerged as the strongest category, with subscription soaring to 113.60 times from 5.40 times on Day 2, reflecting robust HNI demand.
- Individual investors subscribed 73.25 times, rising sharply from 3.61 times on Day 2, indicating strong retail participation on the final day.
- Qualified Institutional Buyers (QIBs) (excluding anchor investors) witnessed subscription jump to 59.01 times from 0.63 times on Day 2, signalling strong institutional confidence.
Key Highlights – Day 2
- Overall subscription climbed to 3.14 times on Day 2 from 0.59 times on Day 1, supported by a sharp increase in participation across all investor categories.
- Non-Institutional Investors (NIIs) surged to 5.40 times from 1.31 times on Day 1, emerging as the most subscribed category.
- Individual investors subscribed 3.61 times, up from 0.51 times on Day 1, crossing full subscription comfortably.
- Qualified Institutional Buyers (QIBs) improved to 0.63 times from 0.21 times on Day 1, remaining below full subscription.
Key Highlights – Day 1
- Overall subscription reached 0.59 times on Day 1 (July 9, 2026), reflecting a moderate opening response from investors.
- Non-Institutional Investors (NIIs) led demand with a subscription of 1.31 times, crossing full subscription on the opening day.
- Individual investors subscribed 0.51 times, while Qualified Institutional Buyers (QIBs) subscribed 0.21 times on Day 1.
- Anchor investors fully subscribed their allocation of ₹7.10 crore ahead of the IPO opening, while the market maker portion was also fully subscribed.
About Happy Steels Limited
Happy Steels Limited was incorporated in 1996 and is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components for on-highway, off-highway, electric vehicle (EV), and defence applications. The company manufactures products such as axles, long spline shafts, spindles, and other load-bearing components supplied to OEMs and Tier-I suppliers in India and overseas markets.
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