Ludhiana, February 14, 2026 (Saturday) – Happy Steels Limited has filed its Draft Red Herring Prospectus for an initial public offering of up to 38,50,000 equity shares of face value ₹10 each, marking its proposed listing on the SME platform of the National Stock Exchange.
The public issue comprises a fresh issue of up to 38.5 lakh equity shares, with no offer for sale component. The price band will be decided in consultation with the book running lead manager prior to the opening of the issue.
Issue Snapshot
| Particulars | Details |
|---|---|
| Issue Type | Fresh Issue |
| Shares Offered | Up to 38,50,000 equity shares |
| Face Value | ₹10 per equity share |
| Pre-Issue Equity Shares | 1,04,98,180 equity shares |
| Post-Issue Equity Shares | To be determined post allotment |
| Offer for Sale | Nil |
Objects of the Issue
The company plans to deploy the net proceeds towards capacity expansion and debt reduction, alongside general corporate purposes.| Sr. No. | Particulars | Amount (₹ in Lakhs) |
|---|---|---|
| 1 | Capital expenditure for additional plant and machinery | 1,168.29 |
| 2 | Repayment/Prepayment of term loans | 545.54 |
| 3 | General corporate purposes | To be finalised |
| Total | To be finalised |
Promoter Shareholding
Prior to the issue, the promoters and promoter group collectively hold 1,04,27,522 equity shares, representing 99.33% of the pre-issue paid-up share capital.Pre-Issue Shareholding
| Name | Equity Shares | % Holding |
|---|---|---|
| Parveen Kumar Garg | 80,97,222 | 77.13% |
| Abhishek Garg | 4,85,975 | 4.63% |
| Deepak Garg | 4,86,675 | 4.64% |
| Others (Promoter Group) | 9,57,650 | 9.13% |
| Total | 1,04,27,522 | 99.33% |
Business Overview
Incorporated in 1996, Happy Steels Limited is an integrated manufacturer of safety-critical, forged and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle and defence applications.The company’s product portfolio includes:
- Axles
- Long spline shafts
- Spindles
- Other load-bearing and transmission components
Capital Structure and Positioning
The proposed listing is expected to enhance brand visibility, strengthen market positioning, and provide a public market for its equity shares. The issue size represents at least 25% of the post-issue paid-up equity capital.About Happy Steels Limited
Happy Steels Limited, headquartered in Ludhiana, Punjab, operates in the automotive and industrial components manufacturing segment. The company specializes in safety-critical forged and machined driveline components for diverse applications including conventional and electric vehicles. It now seeks to transition into the public markets through its SME IPO to fund expansion and strengthen its balance sheet.Source
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.