Happy Forgings Limited had a successful entry into the stock market on Wednesday after its recent IPO.
The shares were listed at a much higher price than expected, making early investors quite wealthy.
Before the market opened on Wednesday, the shares of Happy Forgings were trading at a significant premium of Rs 235 in the gray market.
It was anticipated that the listing price could be between Rs 1,050 and Rs 1,100.
However, the actual listing on the BSE occurred at Rs 00 with a premium of Rs 00, equivalent to 00 percent.
The IPO of Happy Forgings Limited, which took place from December 19th to December 21st, had a total size of over Rs 1000 crore.
This included a fresh issue of shares worth Rs 400 crore and an offer for sale of shares worth Rs 608.59 crore, making the total IPO size Rs 1,008.59 crore.
The response to the IPO was remarkable, as it was fully subscribed on the first day itself.
The IPO received 215 times subscription in the most qualified institutional buyers category, 63.45 times in the NII category,
and 15.40 times in the retail category, resulting in an overall subscription of 82.63 times.
For one lot of shares, which comprised 17 shares, investors needed at least Rs 14,450 to participate in the Happy Forgings IPO.
After listing, the value of one lot of shares became Rs 00, providing a profit of Rs 00 for investors whose bids were successful.
In contrast, the shares of Credo Brands and RBZ Jewelers were listed flat.
Credo Brands’ shares were listed at Rs 282 against the upper price band of Rs 280, while RBZ Jewelers’ shares were listed at Rs 100, matching the upper price band of its IPO.
