Happy Steels Ltd lists on NSE SME opening at ₹68
Business
Happy Steels Ltd. just started trading on the NSE SME platform, opening at ₹68 per share, slightly above its IPO price of ₹66.
The stock closed at ₹69.50 after hitting a high of ₹71.40, so not a huge jump, but still a positive start.
Happy Steels's ₹25cr IPO oversubscribed
The company's ₹25 crore IPO was a hit with investors, getting nearly 78 times more subscriptions than shares available.
Even though the listing price was lower than the expected ₹76 (based on gray market chatter), Happy Steels plans to use the funds to buy new machinery and pay off some loans.
Founded in 1996, it makes safety-critical metal parts for things like electric vehicles and defense equipment, so it's aiming for growth in some pretty important industries.