Happiest Minds IPO Opens For Subscription. Key Things To Know

Happiest Minds' initial public offer (IPO) has opened for subscription on Monday i.e. September 7, 2020. The IT services firm's issue will remain open for three trading days, until September 9, and trading will take place between 10:00 am and 5:00 pm each day. The company has fixed the price band at Rs 165-166 per share. The IPO will fetch Rs 702 crore, at the upper end of the price band.

The Rs 702 crore initial public offer involves fresh issue of 0.67 crore shares and offer-for-sale of 3.56 crore shares. A retail investor can bid for a minimum one lot of 90 shares and in multiples of 90 shares thereafter. The upper application limit for a retail investor has been capped at 13 lots. The shares will have a face value of Rs 2 per share and be listed on both BSE and the NSE.

Ahead of its IPO, Happiest Minds Technologies raised Rs 316 crore from anchor investors such as Government of Singapore, Kuwait Investment Authority and Goldman Sachs.

Ashok Soota is the promoter of Happiest Minds. Mr Soota was the founding chairman and managing director of MindTree before setting up Happiest Minds in April 2011.

Happiest Minds is headquartered at Bangalore and offers digital business services in the US, UK, Australia, Canada and the Middle East.

Happiest Minds IPO is the first public issue by an information technology (IT) company in the past four years. L&T Infotech was the last information technology company to be listed on the bourses.

The Happiest Minds IPO is the third public listing this year, after SBI Cards and Payment Services' offering in March and that of Rossari Biotech in July. The IPO comes at a time when Covid19 continues its march across the country, with daily cases count mounting to 90,000.

The lead managers for the public offering are ICICI Securities and Nomura Financial Advisory And Securities (India).