Happy Forgings Limited, the fourth largest engineering led manufacturer of complex and safety critical, heavy forged and high precision machined components in India ass of Fiscal 2023 in terms of forgings capacity has fixed the price band at ₹808 to ₹850 per Equity Share for its initial public offer. The Initial Public Offering of the Company will open on Tuesday, December 19, 2023, for subscription and close on Thursday, December 21, 2023. Investors can bid for a minimum of 17 Equity Shares and in multiples of 17 Equity Shares thereafter.
The public issue of Equity Shares comprises of a fresh issuance of Equity Shares aggregating up to Rs. 4,000 million and an Offer for Sale (OFS) of up to 7,159,920 Equity Shares.
HFL, a company through their vertically integrated operations and with over 40 years of experience in manufacturing and supplying quality and complex components according to customers specifications, are engaged in engineering, process design, testing, manufacturing, and supply of a variety of components that are both margin-accretive and value-additive components. The Company has emerged as a leading player in the domestic crankshaft manufacturing industry with the second largest production capacity for commercial vehicle and high horse-power industrial crankshafts in India (Source: Ricardo Report).
HFL primarily serves domestic and global original equipment manufacturers (“OEMs”), manufacturing commercial vehicles in the automotive sector, while in the non-automotive sector, they cater to manufacturers of farm equipment, off-highway vehicles and manufacturers of industrial equipment and machinery for oil and gas, power generation, railways and wind turbine industries.
The Company owns and operate three manufacturing facilities, of which two are located at Kanganwal in Ludhiana, Punjab and one is located at Dugri in Ludhiana, Punjab. The annual aggregate installed capacity for forging and machining stands at 120,000.00 MT and 47,200.00 MT as of September 30, 2023, respectively.
HFL’s focus on producing margin accretive value-added products has led to its transition from being a forging led business to a machined components manufacturer. The Company manufactures a wide range of heavy forged and machined products which include crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, pinion shafts, suspension products and valve bodies across industries for a diversified base of customers.
