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Happiest Minds IPO subscribed 151 times on Day 3

The initial public offering (IPO) of Happiest Minds was subscribed 150.99 times on Wednesday which was the last day of bidding

twitter-logoBusinessToday.In | September 9, 2020 | Updated 18:44 IST
Happiest Minds IPO subscribed 151 times on Day 3
Happiest Minds IPO

The initial public offering (IPO) of Happiest Minds was subscribed 150.99 times on Wednesday which was the last day of bidding. According to the data available on the exchanges, the public offer received bids for over 351 crore equity shares as against offer size of over 2.3 crore.

The quota of retail investors was subscribed 70.94 times. The portion reserved for the non-institutional investors was subscribed 351.46 times, while the qualified institutional buyers' quota got a subscription of 77.42 times. The IPO was opened for subscription on September 7.

The IT services firm had earlier raised Rs 316 crore from anchor investors, ahead of its initial public offering. Some of the anchor investors include the government of Singapore, Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India and Pacific Horizon Investment.

"Happiest Minds' IPO has seen a very strong subscription aided by heavy demand from NIIs and retail investors. Considering factors such as a strong brand in digital IT services (96.9% of Revenue), high revenue-generating customer accounts, robust financial profitability growth, net-debt free status and minimal impact of Covid-19 pandemic, INDmoney remains positive on the prospects of the issue," INDmoney said in a report.

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. The price band of the offer was fixed at Rs 165 to Rs 166 per equity share.

The offer comprised a fresh issuance of shares aggregating up to Rs 110 crore and an offer for sale of up to 3.56 crore equity shares. The company's promoter Ashok Soota offered 8,414,223 equity shares and CMDB-ll (JP Morgan Asset Management) offered 27,249,362 scrips through the offer-for-sale route.

The IT company proposes to utilise the net proceeds from the fresh issue to meet long-term working capital requirement and general corporate purposes. The Bengaluru-based company's shares are proposed to be listed on the BSE and the NSE. ICICI Securities and Nomura Financial Advisory and Securities (India) are the managers for the offer.

Also read: Happiest Minds IPO subscribed 2.87 times on day 1, receives bids for 6.67 cr shares

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