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

Through the IPO, company promoter Ashok Soota and private equity investor J P Morgan CMDB II will offer shares

twitter-logoBusinessToday.In | September 2, 2020 | Updated 17:48 IST
Happiest Minds IPO to open on September 7, price band set at Rs 165-166
Happiest Minds received approval for the IPO from SEBI on August 21

Happiest Minds Technologies will launch its initial public offer (IPO) on September 7, which will conclude on September 9.

The digital transformation IT consulting & services company plans to raise up to Rs 702 crore through this IPO. The price band of the issue has been fixed at Rs 165-166 per share.

As per the company's draft red herring prospectus (DRHP), investors can bid for a minimum of 90 shares and in multiples of 90 equity shares thereafter. Face value of the equity shares is Rs 2 each.

Happiest Minds received approval for the IPO from SEBI on August 21. The book-built type IPO consists of a fresh issue of shares totalling up to Rs 110 crore and an offer for sale 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.

"Digital is growing much faster than a traditional business," Soota earlier said in a virtual media briefing.

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.

Happiest Minds Technologies is a digital transformation IT consulting & services company focusing on big data, analytics cloud, mobility & security for better business solutions.

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