Initial public offer (IPO) of Happiest Minds Technologies saw a good response on Day 1 of subscription. The share sale attracted bids for 6.67 crore equity shares, 2.87 times the IPO size of 2.32 crore shares (excluding anchor book.) The portion reserved for retail investors was subscribed 14.61 times and that of non-institutional investors 61.3 percent. The portion allotted for qualified institutional investors saw 8 percent subscription.
The Rs 702-crore share sale will end on September 9. Price band for the IPO has been fixed at Rs 165-Rs 166 per equity share. The firm will issue fresh shares aggregating up to Rs 110 crore, and an offer for sale of up to 3.56 crore equity shares.
Promoter Ashok Soota will sell 8,414,223 equity shares and private equity fund CMDB-II will offer 27,249,362 shares through the offer-for-sale route. Application in the IPO can be made in a lot size of 90 equity shares and in multiples of 90 scrips thereafter.
The Bengaluru-based company plans to use the net proceeds from the fresh issue to meet long-term working capital requirement and general corporate purposes.
The shares are proposed to be listed on BSE and NSE. ICICI Securities and Nomura Financial Advisory and Securities (India) are the manager for the offer.