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Happiest Minds IPO: Rs 316 crore raised via anchor investors

Happiest Minds Technologies has garnered Rs 316 crore from anchor investors ahead of its initial public offering (IPO) that opens on Monday

twitter-logoBusinessToday.In | September 6, 2020 | Updated 08:09 IST
Happiest Minds IPO: Rs 316 crore raised via anchor investors
Happiest Minds IPO

Happiest Minds Technologies has garnered Rs 316 crore from anchor investors ahead of its initial public offering (IPO) that opens on Monday. Government of Singapore, Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India and Pacific Horizon Investment are some of the anchor investors.

A total of 25 anchor investors have been allotted 1,90,30,541 equity shares at the upper price band of Rs 166 per scrip. At this price, Happiest Minds mopped up Rs 315.9 crore, the company said in a statement on Saturday.

The IPO will open for subscription on September 7 and close on  September 9. The price band of the offer has been fixed at Rs 165 to Rs 166 per equity share. The offer comprises a fresh issuance of shares aggregating up to Rs 110 crore and an offer for sale of up to 3.56 crore equity shares.

Through the IPO, company promoter Ashok Soota and private equity investor J P Morgan CMDB II will offer shares. The Bengaluru-based software services company reported a flat revenue at Rs 187 crore in March quarter this year. Company's revenues at the end of FY20 stood at Rs 714 crore.

The IT service firm has said the amount received from the sale of fresh issue will be utilised to meet the long-term working capital requirement and general corporate purposes. The company will not receive any proceeds from the offer for sale.

ICICI Securities and Nomura Financial Advisory and Securities (India) are the book running lead managers of the offer, while KFin Technologies is the registrar to the public issue.

Also read: Happiest Minds IPO to open on September 7, price band set at Rs 165-166

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