Happy Steels IPO: Undervalued opportunity?

Happy Steels is a niche manufacturer of forged and precision-machined driveline components serving automotive, EV and defence markets, with a sharp turnaround in FY26 profitability. The company is also building an export business rapidly while seeking fresh capital to expand capacity and reduce debt. However, investors need to weigh its attractive valuation against high customer concentration, elevated leverage and the risks of a thinly traded SME listing.To read the entire article of this IPO, click here.