Happy Forgings, a Ludhiana-based company specializing in serving sectors like automotive and railways, saw its Initial Public Offering (IPO) officially listed today, December 27, 2023, on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The listing came after a successful subscription period from December 19 to December 21, drawing substantial interest from investors across categories.
Happy Forgings share price
The eagerly anticipated listing day commenced with high hopes, as expectations loomed around the potential share prices, estimated to soar over 40 percent above the listing price. The Grey Market Premium (GMP) hinted at a promising trajectory for subscribers, reaching ₹235, indicating substantial gains.
Happy forgings share price listing price
Happy Forgings, a company that just got listed on the stock market, had a good beginning today. Its share price started at ₹1,000 on the NSE (National Stock Exchange) and got listed at ₹1,001.25, which is about 17.79% higher, on the BSE (Bombay Stock Exchange). People who invested in Happy Forgings’ IPO are making a decent profit as the listing price remains steady at ₹1,000.
Happy Forgings share price LIVE updates
As the markets opened at 9:15 am IST, the buzz around Happy Forgings took center stage. Early indications projected the share price to hover around ₹1085, suggesting a robust opening. These predictions were reinforced by various market analyses, including Zee Business, setting the share price at ₹1000, a significant 17.65 percent above the price band.
The listing day witnessed an eventful session, with Happy Forgings making a notable debut. On the NSE, the company’s shares debuted at ₹1,000, while the BSE showcased a premium listing of ₹1,001.25, marking a robust 17.79 percent increase.
Throughout the trading day, amidst market fluctuations and new highs for indices like Nifty crossing the 21,600 mark, Happy Forgings maintained its stance above the ₹1000 mark, despite the grey market prediction of prices over ₹1100.
Investor enthusiasm was evident, as retail investors and high net-worth individuals exhibited substantial interest, subscribing 15.09 and 62.17 times their allotted quotas, respectively. Qualified Institutional Buyers (QIBs) displayed immense confidence, oversubscribing by a staggering 220.48 times their reserved portion.
Happy Forgings aims to allocate the IPO funds efficiently, with plans to allocate ₹171 crore towards equipment acquisition, ₹153 crore for debt repayment, and the remainder reserved for general corporate purposes.
With an impressive start and a strong backing from investors, Happy Forgings signifies a promising addition to the Indian stock market, reflecting positive prospects and potential growth in the coming sessions. Happy Forgings’ successful IPO listing and its strong debut on the Indian stock market signal a promising trajectory. With robust investor interest, substantial oversubscription across categories, and a notable debut, the company stands poised for growth. The enthusiastic response from investors and market performance on the listing day paint a positive picture for Happy Forgings, setting the stage for a potentially prosperous journey ahead in the market.
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