Comparison between Happy Steels IPO and Millworks Technologies IPO.
Happy Steels IPO is a SME Bookbuilding IPO proposed to list at NSE SME while Millworks Technologies IPO is a SME Bookbuilding proposed to list at BSE SME.
| Happy Steels IPO | Millworks Technologies IPO | |
|---|---|---|
| Logo |  |  |
| Issue Category | SME | SME |
| Issue Type | IPO | IPO |
| Process Type | Bookbuilding | Bookbuilding |
| Listing At | NSE SME | BSE SME |
| Lead Managers | Master Capital Services Ltd. Share India Capital Services Pvt.Ltd. | GYR Capital Advisors Pvt.Ltd. |
| Registrar | Bigshare Services Pvt.Ltd. | Purva Sharegistry (India) Pvt.Ltd. |
| Market Maker | Share India Securities Ltd. | Pace Stock Broking Services Pvt.Ltd. |
| DRHP | DRHP  | DRHP |
| RHP | RHP | RHP |
| Final Prospectus | Final Prospectus | Final Prospectus |
| Anchor Investor | Anchor Investor | Anchor Investor |
| IPO Allotment URL | IPO Allotment URL | IPO Allotment URL |
The total issue size of Happy Steels IPO is up to ₹23.75 Cr whereas the issue size of the Millworks Technologies IPO is up to ₹146.30 Cr. The final issue price of Happy Steels IPO is ₹66.00 per share and of Millworks Technologies IPO is ₹331.00 per share.
| Happy Steels IPO | Millworks Technologies IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹62.00 per share | ₹315.00 per share |
| Issue Price (Upper) | ₹66.00 per share | ₹331.00 per share |
| Issue Price (Final) | ₹66.00 per share | ₹331.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 2000 shares | 400 shares |
| Fresh Issue Size | 35,98,000 shares | 44,20,000 shares |
| Fresh Issue Size (Amount) | up to ₹23.75 Cr | up to ₹146.30 Cr |
| OFS Issue Size | 0 shares | 0 shares |
| OFS Issue Size (Amount) | up to ₹0.00 Cr | up to ₹0.00 Cr |
| Issue Size Total | 35,98,000 shares | 44,20,000 shares |
| Issue Size Total (Amount) | up to ₹23.75 Cr | up to ₹146.30 Cr |
Happy Steels IPO opens on Jul 09, 2026, while Millworks Technologies IPO opens on Jul 14, 2026. The closing date of Happy Steels IPO and Millworks Technologies IPO is Jul 13, 2026, and Jul 16, 2026, respectively.
| Happy Steels IPO | Millworks Technologies IPO | |
|---|---|---|
| Anchor Bid Date | Jul 08, 2026 | Jul 13, 2026 |
| Issue Open | Jul 09, 2026 | Jul 14, 2026 |
| Issue Close | Jul 13, 2026 | Jul 16, 2026 |
| Basis Of Allotment (Tentative) | Jul 14, 2026 | Jul 17, 2026 |
| Initiation of Refunds (Tentative) | Jul 15, 2026 | Jul 20, 2026 |
| Credit of Share (Tentative) | Jul 15, 2026 | Jul 20, 2026 |
| Listing date (Tentative) | Jul 16, 2026 | Jul 21, 2026 |
| Anchor Lockin End date 1 | Aug 13, 2026 | Aug 16, 2026 |
| Anchor Lockin End date 2 | Oct 12, 2026 | Oct 15, 2026 |
Happy Steels IPO P/E ratio is 9.76, as compared to Millworks Technologies IPO P/E ratio of 11.4.
| Happy Steels IPO | Millworks Technologies IPO | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financials | Company Financials (Restated)Happy Steels Ltd.'s revenue increased by 17% and profit after tax (PAT) rose by 203% between the financial year ending with March 31, 2026 and March 31, 2025.
| Company Financials (Restated)Millworks Technologies Ltd.'s revenue increased by 584% and profit after tax (PAT) rose by 606% between the financial year ending with March 31, 2026 and March 31, 2025.
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| Promoter Shareholding (Pre-Issue) | 99.33 | 65.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 72.99 | 47.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 9.76 | 11.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹94.29 Cr. | ₹583.05 Cr. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 19.49 | 69.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 20.89 | 56.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 1.18 | 0.21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹6.77 | ₹29.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 17.76 | 44.83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Happy Steels IPO Retail Individual Investors (RII) are offered 12,60,000 shares while in Millworks Technologies IPO retail investors are offered 12,60,000 shares. Qualified Institutional Buyers (QIB) are offered 7,22,000 shares in Happy Steels IPO and 8,84,000 shares in Millworks Technologies IPO.
| Happy Steels IPO | Millworks Technologies IPO | |
|---|---|---|
| Anchor Investor Reservation | 10,76,000 shares | 13,25,200 shares |
| Market Maker Reservation | 1,90,000 shares | 4,24,000 shares |
| QIB | 7,22,000 shares | 8,84,000 shares |
| NII | 5,40,000 shares | 6,63,600 shares |
| RII | 12,60,000 shares | 15,47,200 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 35,98,000 shares | 44,20,000 shares |
Happy Steels IPO subscribed 54.54x in total, whereas Millworks Technologies IPO subscribed 153.72x.
| Happy Steels IPO | Millworks Technologies IPO | |
|---|---|---|
| QIB (times) | 59.01x | 194.05x |
| NII (times) | 113.60x | 260.37x |
| Big NII (times) | 128.77x | 289.84x |
| Small NII (times) | 83.26x | 201.44x |
| RII (times) | 73.25x | 216.60x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 54.54x | 153.72x |
