 "Happy Forgings, RBZ Jewellers, Credo Brands end their debut at premium")
The shares of Happy Forgings made a strong debut on the bourses on Wednesday. The stock was listed at Rs 1,001, a 17 per cent premium to the issue price, and ended the session at Rs 1,030, a 21 per cent premium to its issue size.
The company priced its initial public offering (IPO) between Rs 808 and 850 per share. The Rs 1,008 crore IPO comprised a fresh issue worth Rs 400 crore and an offer for sale worth Rs 608 crore. The IPO was subscribed 82 times.
Happy Forgings manufactures a range of products, including crankshafts, front axle beams, steering knuckles, differential cases, suspension products and valve bodies across industries for a diversified base of customers.
The company caters to domestic and global original equipment manufacturers ("OEMs") manufacturing commercial vehicles in the automotive sector. The non-automotive sector is categorized as manufacturers of farm and industrial equipment, oil and gas, power generation, railways, and wind turbine industries.
Post-listing, Happy Forgings commands a market capitalization of Rs 9,701 crore, and it plans to utilize the proceeds of its net issue to purchase plant and machinery and repay its loans.
The stock RBZ Jewellers ended its debut session at a 5 per cent premium to its issue price. The stock was listed at its issue price of Rs 100 and ended the session at Rs 105. RBZ Jewellers had priced its IPO between Rs 95 to 100. The IPO is a fresh issue of Rs 100 crore. The company manufactures and distributes antique bridal jewellery to other retailers.
Credo Brands stock was listed at Rs 282 and ended the session at Rs 312.5, an 11.6 per cent premium gain from its issue price. The Rs 549.8 crore IPO was an offer for sale (OFS). The company priced its issue between Rs 266 and Rs 280 per share. The company is engaged in the retail sale of garments and accessories. The company offers its products under the "Mufti" brand. As of September 2023, the company has a presence in 591 cities across 1,807 outlets.