Happy Steels SME IPO Subscription Status
Happy Steels SME IPO closed on 13 July 2026 with an overall subscription of 77.89x based on shares applied. QIB demand came in at 59.01x, NII at 113.95x, and retail at 73.25x.
Allotment will be finalised on 14 July 2026. The stock is scheduled to list on NSE and BSE on 16 July 2026.
Issue Price
Rs 66.00
GMP Today
Rs 10.00 (+15.15%)
Overall Subscription
77.89x
Issue Size
₹25.00 Cr
Allotment Date
14 Jul 2026
Listing Date
16 Jul 2026
Happy Steels SME IPO Subscription by Amount
Category-wise subscription based on amount applied at issue price Rs 66.00
| Category | Amount Offered | Amount Applied | Subscription |
|---|---|---|---|
| QIB | Rs 4.77 Cr | Rs 281.20 Cr | 59.01x |
| FII | - | Rs 16.02 Cr | - |
| DFI | - | Rs 47.52 L | - |
| Mutual Funds | - | - | - |
| Other | - | Rs 264.70 Cr | - |
| NII | Rs 3.56 Cr | Rs 406.11 Cr | 113.95x |
| bNII (above Rs 10L) | Rs 2.38 Cr | Rs 307.20 Cr | 129.29x |
| Corporate | - | Rs 9.54 Cr | - |
| Individual | - | Rs 292.13 Cr | - |
| Other | - | Rs 5.53 Cr | - |
| sNII (Rs 2L to Rs 10L) | Rs 1.19 Cr | Rs 98.91 Cr | 83.26x |
| Corporate | - | Rs 4.30 Cr | - |
| Individual | - | Rs 92.70 Cr | - |
| Other | - | Rs 1.90 Cr | - |
| IND | Rs 8.32 Cr | Rs 609.15 Cr | 73.25x |
| Total | Rs 16.65 Cr | Rs 1,296.46 Cr | 77.89x |
Happy Steels SME IPO Subscription by Applications
Category-wise subscription based on applications received
| Category | Applications Offered | Applications Received | Subscription |
|---|---|---|---|
| QIB | 361 | 43 | 0.12x |
| FII | - | 3 | - |
| DFI | - | 12 | - |
| Mutual Funds | - | - | - |
| Other | - | 28 | - |
| NII | 90 | 5,267 | 58.52x |
| bNII (above Rs 10L) | 60 | 2,858 | 47.63x |
| Corporate | - | 69 | - |
| Individual | - | 2,737 | - |
| Other | - | 52 | - |
| sNII (Rs 2L to Rs 10L) | 30 | 2,409 | 80.30x |
| Corporate | - | 107 | - |
| Individual | - | 2,254 | - |
| Other | - | 48 | - |
| IND | 315 | 23,074 | 73.25x |
| Total | 766 | 28,384 | 37.05x |
What Do These Subscription Numbers Mean?
A subscription of 77.89x by shares means the IPO received bids for 78 times the shares reserved. Allotment odds depend on application count in each category, not share volume.
Here is what each category number tells you:
QIB at 59.01x by shares: This is the strongest signal on the page. QIBs are institutional investors, mutual funds, foreign institutions, and banks. When they subscribe at 59.01x, it reflects serious institutional conviction.
NII at 58.52x by applications: NII includes high net worth individuals applying above Rs 2 lakh. Proportional allotment uses application subscription. bNII came in at 47.63x and sNII at 80.30x by applications. Share subscription was 113.95x. Allotment uses application count, not share volume.
At 73.25x subscription by applications, approximately 1 in 73 retail applicants can expect an allotment (~1% per application). Retail allotment is done by lottery when oversubscribed.
Happy Steels SME IPO Allotment Chances
Allotment odds below use application subscription (number of bids received), not share or amount subscribed.
Retail (IND)
- •Application subscription: 73.25x.
- •Allotment odds: about 1 in 73 (~1% chance per application).
- •Method: Lottery. If allotted, you receive at least one lot.
- •One application per PAN. Multiple eligible accounts in a household can improve overall family odds, not individual odds.
SHNI (Rs 2 lakh to Rs 10 lakh)
- •Application subscription: 80.30x.
- •Allotment odds: about 1 in 80 for a minimum-lot application (~1% of the applied lot on average).
- •Method: Proportional. Shares allotted are based on your bid size, not a lottery.
- •Share subscription was 83.26x. Allotment uses application count, not share volume.
BHNI (above Rs 10 lakh)
- •Application subscription: 47.63x.
- •Allotment odds: about 1 in 48 for a minimum-lot application (~2% of the applied lot on average).
- •Method: Proportional. Shares allotted are based on your bid size, not a lottery.
- •Share subscription was 129.29x. Allotment uses application count, not share volume.
Check the Happy Steels SME IPO Allotment Status page from 14 July 2026 for your allotment result.
Happy Steels SME IPO GMP After Subscription
GMP for Happy Steels SME stands at Rs 10.00 today, giving an estimated listing price of Rs 76.00 per share.
A subscription of 77.89x combined with a GMP of 15.15% is a strong combination heading into listing. QIB demand above 50x in particular tends to support listing sentiment, as institutional investors are seen as informed buyers.
Track live GMP on the Happy Steels SME IPO GMP Today page or the IPOwiz Live IPO GMP Tracker.
Happy Steels SME IPO Day-wise Subscription
| Day | QIB | NII | Retail | Overall |
|---|---|---|---|---|
| Day 1 - 9 Jul 2026 | 0.21x | 1.31x | 0.51x | 0.59x |
| Day 2 - 10 Jul 2026 | 0.63x | 5.40x | 3.61x | 3.14x |
| Day 3 - 13 Jul 2026 | 59.01x | 113.60x | 73.25x | 77.81x |
Happy Steels SME IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | 9 July 2026 |
| IPO Close Date | 13 July 2026 |
| Allotment Date | 14 July 2026 |
| Refund Initiation | 15 July 2026 |
| Share Credit to Demat | 15 July 2026 |
| Listing Date | 16 July 2026 |
| Minimum Investment | Rs 2,64,000.00 |
| Lot Size | 2000 shares |
About Happy Steels SME
Happy Steel Limited, established in 1996, is an integrated manufacturer of safety-critical, forged, and precision-machined transmission and driveline components. Operating out of a 16,577 square yard production complex in Ludhiana, Punjab, the company controls the entire metal processing value chain—encompassing raw material cutting, heavy forging, heat treatment, precise gear shaping, surface induction hardening, and grinding. Its specialized high-strength asset portfolio features finished axles, long spline shafts, and safety load-bearing spindles tailored for domestic and international original equipment manufacturers (OEMs) and Tier-I engineering suppliers across on-highway, off-highway, electric vehicle (EV), and sovereign defense application networks.
Understanding Subscription Categories
QIB - Qualified Institutional Buyers
Includes foreign institutional investors, domestic financial institutions, mutual funds, and other qualified institutions. QIB demand is considered the most reliable indicator of institutional confidence in an IPO.
NII - Non-Institutional Investors
High net worth individuals applying above Rs 2 lakh. Divided into bNII (above Rs 10 lakh) and sNII (Rs 2 lakh to Rs 10 lakh). NII allotment is proportional.
IND - Individual Investors
Investors applying up to Rs 2 lakh per PAN. Allotment is by lottery when oversubscribed. Minimum one lot per successful applicant.
Happy Steels SME IPO Subscription FAQs
What is Happy Steels SME IPO subscription status today?
Happy Steels SME IPO subscription closed on 13 July 2026 with overall subscription of 77.89x (by shares) as of 18 July 2026, 5:32 PM IST. QIB 59.01x, NII 58.52x, IND 73.25x.
What is the overall subscription of Happy Steels SME IPO?
Happy Steels SME IPO is subscribed 77.89x overall by shares at close on 13 July 2026. QIB 59.01x, NII 58.52x, and IND 73.25x.
What is Happy Steels SME IPO QIB subscription?
Happy Steels SME IPO QIB (Qualified Institutional Buyers) subscription is 59.01x by shares. QIB includes mutual funds, FIIs, banks, and other institutions.
What is Happy Steels SME IPO IND subscription?
Happy Steels SME IPO IND subscription is 73.25x by applications. Minimum retail bid is up to Rs 2 lakh per PAN.
What is Happy Steels SME IPO NII subscription?
Happy Steels SME IPO NII (Non-Institutional Investors) subscription is 58.52x by applications. NII covers bids above Rs 2 lakh.
What are allotment chances in Happy Steels SME IPO for retail?
At 73.25x subscription by applications, approximately 1 in 73 retail applicants can expect an allotment (~1% per application). Allotment is done by lottery.
When is Happy Steels SME IPO allotment date?
Happy Steels SME IPO allotment date is 14 July 2026. Check Happy Steels SME IPO Allotment Status on IPOwiz from that day using your PAN.
When does Happy Steels SME IPO subscription close?
Happy Steels SME IPO subscription closed on 13 July 2026. No new applications are accepted after the close.
What is Happy Steels SME IPO GMP today?
Happy Steels SME IPO GMP is ₹10 today (+15.15% over issue price ₹66). See live GMP on the Happy Steels SME IPO GMP Today page.
What is Happy Steels SME IPO issue price and lot size?
Happy Steels SME IPO issue price is ₹66 per share. Lot size is 2000 shares. Minimum investment is ₹2,64,000 per lot (minimum 2 lots for SME). Issue size: ₹25.00 Cr.
When is Happy Steels SME IPO listing date?
Happy Steels SME IPO listing date is 16 July 2026 on NSE and BSE. Allotment is on 14 July 2026.
How does subscription affect Happy Steels SME IPO allotment?
Allotment odds in Happy Steels SME IPO depend on application subscription in each category, not share volume. Retail uses lottery when oversubscribed. NII proportional allotment at 58.52x by applications means roughly 1 in 59 for minimum-lot bids; bNII at 47.63x (~1 in 48). At 77.89x overall, competition is very high.
For allotment results from 14 July 2026, visit the Happy Steels SME IPO Allotment Status page. For listing day updates on 16 July 2026, download the IPOwiz App.
Reviewed by Dinesh Agrawal
15+ years in Indian capital markets and IPO research. Subscription data verified before publish.