Upcoming SME IPO HSTEEL

Happy Steels

Happy Steels Limited is an integrated manufacturer of safety-critical forged and machined transmission and driveline components used in on-highway, off-highway, electric vehicle (EV), and defence applications. The company manufactures a range of products including axles, long spline shafts, spindles, and other related components that are essential for vehicle performance and safety. It primarily generates revenue from supplying these components to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas. Its manufacturing process is integrated and covers raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This enables the company to produce components with the required mechanical properties, dimensional accuracy, and consistency as per customer specifications. The company specialises in manufacturing high-strength, load-bearing components through its in-house production capabilities and stringent quality control processes.

IPO Details

Complete IPO information

Current GMP -
Estimated Listing Gain TBA
Price Band ₹62.00 - ₹66.00
Issue Price ₹66.00
Listing Price TBA
Lot Size 2,000 Shares
Issue Type SME
Issue Size Approx ₹25 Cr
Registrar TBA
Exchange NSE SME
Retail Quota TBA
Overall Subscription TBA
Listing Date 16 Jul 2026
Minimum Investment ₹2,64,000
Timeline

IPO roadmap at a glance

01
Bidding Opens 09 Jul 2026
02
Bidding Closes 13 Jul 2026
03
Allotment 14 Jul 2026
04
Listing 16 Jul 2026
Market Lot

Application size breakdown

Category Lots Shares Amount
Retail Minimum 2 Lot 4,000 ₹2,64,000
Retail Maximum 2 Lot 4,000 ₹2,64,000
S-HNI Minimum 3 Lot 6,000 ₹3,96,000
S-HNI Maximum 7 Lot 14,000 ₹9,24,000
B-HNI Minimum 8 Lot 16,000 ₹10,56,000
Issue Notes

Important takeaways before applying

Strengths

  • Manufactures catalysts, adsorbents and ceramic balls for multiple industrial applications from a single facility.
  • ISO 9001:2015 and ISO 45001:2018 certified manufacturing operations with established quality systems.
  • Serves customers across domestic and international markets in oil & gas, petrochemicals, steel and fertiliser industries.
  • Strong technical and manufacturing capabilities support consistent product quality and timely deliveries.
  • Focuses on developing new catalyst and adsorbent products to expand its product portfolio and customer base.

Risks

  • A significant portion of revenue comes from the petrochemical industry, exposing the business to sector-specific risks.
  • The company operates a single manufacturing facility, making operations vulnerable to any disruption at that plant.
  • Failure to maintain product quality or meet customer specifications could affect customer relationships and business.
  • The business depends on continuous technological development to remain competitive in the catalyst industry.
  • The company has not declared or paid dividends in the last three financial years, and future dividends are not assured.