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
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.