Trade Nivesh | 7 Things to know about Happiest Minds IPO

The public issue closes on September 9. The price band of the offer has been fixed at Rs 165 to Rs 166 per equity share. The IPO is expected to raise Rs 702 crore at the upper end of the price band

The initial public offering (IPO) of IT services firm Happiest Minds Technologies is scheduled to open for subscription tomorrow. The public issue closes on September 9. The price band of the offer has been fixed at Rs 165 to Rs 166 per equity share. The IPO is expected to raise Rs 702 crore at the upper end of the price band. The company may mop up Rs 315.9 crore at the lower end of the price band. ICICI Securities and Nomura Financial Advisory and Securities (India) are the managers for the issue.

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Here are 7 things to know about Happiest Minds IPO:

1. Happiest Minds Technologies has raised Rs 316 crore from anchor investors, ahead of its initial public offering.
2. The Singapore government, Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India, and Pacific Horizon Investment are some of the anchor investors.
3. 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.
4. 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.
5. The offer comprises fresh issuance of shares aggregating up to Rs 110 crore and an offer for sale of up to 3.56 crore equity shares.
6. The company’s promoter Ashok Soota will offer 8,414,223 equity shares and CMDB-ll (JP Morgan Asset Management) will offer 27,249,362 scrips through the offer-for-sale route. Soota was also the founding chairman and managing director of MindTree.
7. The IT company proposes to utilize the net proceeds from the fresh issue to meet the long-term working capital requirements and general corporate purposes. The Bengaluru-based company’s shares are proposed to be listed on the BSE and the NSE.

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