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Know about Happiest Minds, the latest company to hit IPO street

Know about Happiest Minds, the latest company to hit IPO street

By Ankit Gohel  Sept 2, 2020 7:36:04 PM IST (Published)

The initial public offer (IPO) of Bengaluru based IT services provider Happiest Minds Technologies is set to hit markets on September 7. The Rs 702 crore-IPO comprises of fresh issue of Rs 110 crore and an offer for sale aggregating upto 35,663,585 equity shares, which includes 8,414,223 equity shares by the company’s promoter Ashok Soota and 27,249,362 shares by CMDB II.

The initial public offer (IPO) of Bengaluru based IT services provider Happiest Minds Technologies is set to hit markets on September 7.

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The Rs 702 crore-IPO comprises of fresh issue of Rs 110 crore and an offer for sale aggregating upto 35,663,585 equity shares, which includes 8,414,223 equity shares by the company’s promoter Ashok Soota and 27,249,362 shares by CMDB II.
The price band of the issue is fixed at Rs 165 - 166 per equity share. The issue opens on September 7 and closes on September 9. The shares will be listed on September 17.
The company proposes to utilize the net proceeds from the fresh issue to meet long term working capital requirements and general corporate purposes.
Investors can bid for a minimum of 90 shares and in multiples of 90 equity shares thereafter.
ICICI Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited are the book running lead managers to the Offer. KFin Technologies Private Limited is the registrar to the Offer.
Happiest Minds Technologies' total income for the year ended March 2020 stood at Rs 714.2 crore and has over 2,600 employees.
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