Happy Forgings IPO vs IREDA IPO

Comparision between Happy Forgings IPO and IREDA IPO.

IPO Details

Happy Forgings IPO is a Mainline Book Built Issue IPO proposed to list at BSE, NSE while IREDA IPO is a Mainline Book Built Issue proposed to list at BSE, NSE.

	Happy Forgings IPO	IREDA IPO
Logo
Issue Category	Mainline	Mainline
Issue Type	IPO	IPO
Process Type	Book Built Issue	Book Built Issue
Listing At	BSE, NSE	BSE, NSE
Lead Managers	Jm Financial Limited Axis Capital Limited Equirus Capital Private Limited Motilal Oswal Investment Advisors Limited	Idbi Capital Market Services Limited Bob Capital Markets Limited SBI Capital Markets Limited
Registrar	Link Intime India Private Ltd	Link Intime India Private Ltd
Market Maker
DRHP	DRHP	DRHP
RHP	RHP	RHP
Anchor Investor	Anchor Investor	Anchor Investor
IPO Allotment URL	IPO Allotment URL	IPO Allotment URL

Issue Size and Price

The total issue size of Happy Forgings IPO is up to ₹1,008.59 Cr whereas the issue size of the IREDA IPO is up to ₹2,150.21 Cr. The final issue price of Happy Forgings IPO is ₹850.00 per share and of IREDA IPO is ₹32.00 per share.

	Happy Forgings IPO	IREDA IPO
Face Value	₹2 per share	₹10 per share
Issue Price (Lower)	₹808.00 per share	₹30.00 per share
Issue Price (Upper)	₹850.00 per share	₹32.00 per share
Issue Price (Final)	₹850.00 per share	₹32.00 per share
Discount (Retail)
Discount (Employee)
Market Lot Size	17 shares	460 shares
Fresh Issue Size	47,05,882 shares	40,31,64,706 shares
Fresh Issue Size (Amount)	up to ₹400.00 Cr	up to ₹1,290.13 Cr
OFS Issue Size	71,59,920 shares	26,87,76,471 shares
OFS Issue Size (Amount)	up to ₹608.59 Cr	up to ₹860.08 Cr
Issue Size Total	1,18,65,802 shares	67,19,41,177 shares
Issue Size Total (Amount)	up to ₹1,008.59 Cr	up to ₹2,150.21 Cr

IPO Timetable

Happy Forgings IPO opens on Dec 19, 2023, while IREDA IPO opens on Nov 21, 2023. The closing date of Happy Forgings IPO and IREDA IPO is Dec 21, 2023, and Nov 23, 2023, respectively.

	Happy Forgings IPO	IREDA IPO
Anchor Bid Date	Dec 18, 2023	Nov 20, 2023
Issue Open	Dec 19, 2023	Nov 21, 2023
Issue Close	Dec 21, 2023	Nov 23, 2023
Basis Of Allotment (Tentative)	Dec 22, 2023	Nov 24, 2023
Initiation of Refunds (Tentative)	Dec 26, 2023	Nov 25, 2023
Credit of Share (Tentative)	Dec 26, 2023	Nov 28, 2023
Listing date (Tentative)	Dec 27, 2023	Nov 29, 2023
Anchor Lockin End date 1	Jan 21, 2024	Dec 24, 2023
Anchor Lockin End date 2	Mar 21, 2024	Feb 22, 2024

Financials

Happy Forgings IPO P/E ratio is 36.45, as compared to IREDA IPO P/E ratio of 8.47.

Happy Forgings IPO

IREDA IPO

Financial

Happy Forgings Limited Financial Information (Restated Standalone)

Happy Forgings Limited's revenue increased by 38.81% and profit after tax (PAT) rose by 46.67% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended	30 Sep 2023	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	1,489.80	1,326.17	1,129.87	876.38
Revenue	675.73	1,202.27	866.11	590.81
Profit After Tax	119.30	208.70	142.29	86.45
Net Worth	1,103.33	988.31	787.62	645.16
Reserves and Surplus	1,088.25	978.66	769.72	636.21
Total Borrowing	258.97	218.52	240.35	153.47
Amount in ₹ Crore

Indian Renewable Energy Development Agency Limited Financial Information (Restated Standalone)

Indian Renewable Energy Development Agency Limited's revenue increased by 21.18% and profit after tax (PAT) rose by 36.48% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended	30 Sep 2023	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	51,208.36	50,446.98	36,708.41	30,293.39
Revenue	2,320.46	3,483.04	2,874.16	2,657.74
Profit After Tax	579.32	864.63	633.53	346.38
Net Worth	6,580.61	5,935.17	5,268.11	2,995.60
Reserves and Surplus	2,550.36	2,310.96	1,776.05	1,386.12
Total Borrowing	39,850.19	40,165.23	27,613.07	24,000.00
Amount in ₹ Crore

Promoter Shareholding (Pre-Issue)

88.24%

100%

Promoter Shareholding (Post-Issue)

78.60%

75%

P/E Ratio

36.45

8.47

Market Cap

₹8007.42 Cr.

₹8600.85 Cr.

ROE

21.12%%

15.44%%

ROCE

24.24%%

Debt/Equity

6.77

EPS

₹23.32

₹3.78

RoNW

21.12%%

15.44%%

Shares Offered

In the Happy Forgings IPO retail investors (RII) are offered 41,53,031 shares while in IREDA IPO retail investors are offered 41,53,031 shares. Qualified institutional buyers (QIB) are offered 23,73,160 shares in Happy Forgings IPO and 13,40,13,152 shares in IREDA IPO.

	Happy Forgings IPO	IREDA IPO
Anchor Investor Reserveration	35,59,740 shares	20,10,19,726 shares
Market Maker Reserveration
QIB	23,73,160 shares	13,40,13,152 shares
NII	17,79,870 shares	10,05,09,864 shares
RII	41,53,031 shares	23,45,23,015 shares
Employee	0 shares	18,75,420 shares
Others
Total	83,06,061 shares	47,09,21,451 shares

Bids Received (Subscription)

Happy Forgings IPO subscribed 82.63x in total, whereas IREDA IPO subscribed 38.80x.

	Happy Forgings IPO	IREDA IPO
QIB (times)	214.65x	104.57x
NII (times)	63.45x	24.16x
Big NII (times)	69.87x	26.99x
Small NII (times)	50.61x	18.50x
RII (times)	15.40x	7.73x
Employee (times)		9.80x
Other (times)
Total (times)	82.63x	38.80x

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