Happy Steels seeks 25cr in IPO more than twice subscribed
Business
Happy Steels, a Punjab-based auto parts maker, is having a strong IPO debut; by the second day (July 10), investors had already bid for more than double the shares on offer.
The company aims to raise ₹25 crore by selling nearly 38 lakh shares priced between ₹62-66 each.
Non institutional investors bid almost fivefold
Most of the excitement came from non-institutional investors, who snapped up almost five times their allotted shares. Retail investors weren't far behind at nearly three times their quota, while big institutional buyers were less enthusiastic.
The IPO is open until July 13.
Earlier this week, Happy Steels also raised ₹7.1 crore from anchor investors and plans to use most of the funds for new machinery and paying off loans.