Happy Steels IPO Subscription Status
Final figures at close of bidding: 16 Jul 2026, 6:30 pm IST
| Category | Subscription |
|---|---|
| QIB | 59.01x |
| NII | 113.6x |
| sNII (₹2L–₹10L) | 83.26x |
| bNII (above ₹10L) | 128.77x |
| Retail (RII) | 73.25x |
| Total | 77.81x |
Bidding day 5
Day-wise subscription
| Day | QIB | sNII | bNII | Retail | Total |
|---|---|---|---|---|---|
| Day 1 | 0.21x | 0.41x | 3.73x | 0.51x | 0.59x |
| Day 2 | 0.63x | 4.28x | 12.62x | 3.61x | 3.14x |
| Day 3 | 0.63x | — | — | 3.55x | 3.11x |
| Day 4 | 0.63x | — | — | 3.55x | 3.11x |
| Day 5 | 59.01x | 83.26x | 128.77x | 73.25x | 77.81x |
Times subscribed per category (bids vs shares offered, anchor portion excluded). Bidding has closed — these are the final figures.
How the book filled
Day-by-day demand
Bidding in the Happy Steels IPO ran across 5 recorded days: overall subscription stood at 0.59× at the close of day 1, read 3.14× at the end of day 2, read 3.11× at the end of day 3, read 3.11× at the end of day 4, and finished at 77.81× on day 5. On the final day it was non-institutional investors (NII) driving the book, at 113.6× of the shares set aside for the category. More than half of the final demand arrived after day 1 — a late-building book. The largest single-day addition came on day 5, when the overall multiple moved from 3.11× to 77.81×.
Category detail
Institutional demand closed at 59.01× of the QIB quota. Non-institutional investors came in at 113.6×, split 83.26× in the small-NII bucket (bids under ₹10 lakh) and 128.77× among big NIIs (above ₹10 lakh). Within the NII book, the bigger ₹10-lakh-plus bids outpaced the smaller applications. Retail investors put in bids for 73.25× the shares reserved for them. That puts non-institutional investors (NII) at the top of the book at 113.6× and qualified institutional buyers (QIB) at the bottom at 59.01×.
What the multiple means for allotment
A retail multiple of 73.25× means bids in the category outnumbered the shares set aside for it roughly 73.25 times over. When a retail book is oversubscribed, the registrar does not allot proportionately — allotment runs as a computerised lottery among all valid applications, with each successful application receiving at least one lot of 2000 shares — ₹1,32,000 of stock at the upper band. The multiple above is the data point that determines how thinly that draw is spread; it describes the final book, not the outcome of any single application.
Frequently asked questions
- When does the Happy Steels IPO open and close?
- The Happy Steels IPO opens on 9 Jul 2026 and closes on 13 Jul 2026.
- How many times was the Happy Steels IPO subscribed?
- The Happy Steels IPO was subscribed 77.81 times in total across all investor categories.
- What is the reservation split in the Happy Steels IPO?
- Of the total shares offered, retail investors get 35.02%, QIBs 20.07% (plus 29.91% anchor), non-institutional investors 15.01%.