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Home»IPO Analysis»Happy Forgings Limited | IPO Analysis
IPO Analysis

Happy Forgings Limited | IPO Analysis

Vicky NagarBy Vicky Nagar18 December 2023Updated:18 December 2023No Comments3 Mins Read
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About the Company:

Established in July 1979, Happy Forgings Limited is a leading Indian manufacturer specializing in heavy forgings and high-precision machined components. With a strong four-decade track record, the company excels in designing, testing, and producing a diverse range of products for various industries.

Products and Clients: Happy Forgings offers a comprehensive product line, including crankshafts, front axle carriers, steering knuckles, and more. Its clientele includes industry leaders like AAM India Manufacturing Corporation, Ashok Leyland, and Mahindra & Mahindra. The company's global presence extends to countries such as Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkey, the United Kingdom, and the United States.

Manufacturing Facilities: The company operates three state-of-the-art facilities in Kanganwal and Dugri, Ludhiana, Punjab, ensuring the production of high-quality components meeting industry standards.

IPO Objectives:

  1. Purchase of equipment, plant and machinery.
  2. Prepayment of all or a portion of certain outstanding borrowings availed by the Company and
  3. General corporate purposes.

Promoters and Shareholding:

Promoters include Paritosh Kumar, Ashish Garg, Megha Garg, Ayush Capital & Financial Services Private Limited, Garg Family Trust, Paritosh Kumar Garg (HUF), and Ashish Garg & Sons (HUF). The shareholding pre-issue stands at 88.24%.

Summary of Financial Information:

Period Ended 30 Sep 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021
Assets 1,489.80 1,326.17 1,129.87 876.38
Revenue 675.73 1,202.27 866.11 590.81
Profit After Tax 119.30 208.70 142.29 86.45
Net Worth 1,103.33 988.31 787.62 645.16
Reserves and Surplus 1,088.25 978.66 769.72 636.21
Total Borrowing 258.97 218.52 240.35 153.47
Amount in Rs. Crore

Key Performance Indicators:

KPI Values
P/E (x) 36.45
ROE 21.12%
ROCE 24.24%
EPS (Rs) 23.32
RoNW 21.12%
Values are represented as multiples or percentages

Comparison with Peers:

Company Name P/B (x) P/E (x) ROE (%)
Happy Forgings Ltd 32 6.89 23.5
Bharat Forge Ltd 83 7.95 7.66
Craftsman Automation Ltd 38 7.39 19.98
Ramkrishna Forgings Ltd 47 5.4 21.01
Sona BLW Precision Forgings Ltd 70 13.33 18.47
Values are represented as multiples or percentages

Key IPO Details:

IPO Date December 19 to December 21, 2023
Listing Date December 27, 2023
Face Value Rs. 2 per share
Price Band Rs. 808 to Rs. 850 per share
Lot Size 17 Shares
Total Issue Size Up to Rs. 1008 Cr
Fresh Issue Up to Rs. 400 Cr
Offer for Sale 7,159,920 shares of Rs. 2 (Up to Rs. 608.59 Cr)
GMP Rs 410 (48.24%) [For informational purposes]
As of 18th December, 2023

Note: For additional information & risk factors please refer to the Red Herring Prospectus

Disclaimer: We are not SEBI registered. All the views are personal and only for educational purposes. Do your due diligence before making any trading or investing decisions. The data provided in this blog post is for illustrative purposes only and does not constitute financial advice. Always consult with a qualified financial advisor before making investment decisions.

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Vicky Nagar
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Vicky Nagar is an equity trader with 5+ years of experience in trading and investing. He has expertise in equity valuation, sectoral analysis, index analysis, and in identifying the market trends. He is a NISM Certified Research Analyst. Formerly a relationship manager at Kotak Mahindra Bank Limited in the Agri-Business Group, he also has teaching experience at KS School of Business Management, Gujarat University, and as an Academic Associate at IRMA (Institute of Rural Management Anand). He holds a BBA (Gold Medalist) and an MBA (Gold Medalist) in Marketing.

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