The Rs 702-crore initial public offering of Happiest Minds Technologies has received a strong response from the investor community. The IT services company's public issue has been subscribed 8.38 times (excluding anchor book) at the end of the second day, data available on the exchanges revealed. The reserved retail investor category was subscribed 38.85 times, non-institutional investors' category attracted subscription of 3.96 times and the qualified institutional investors segment saw interest of 47 per cent.
The public issue closes on Wednesday i.e. September 9, 2020.
Happiest Minds Technologies has fixed the price band at Rs 165-166 per share, which means that the IPO will garner Rs 702 crore at the upper end of the price band. The shares have a face value of Rs 2 per share and will be listed on both BSE and the NSE on September 17, 2020.
The initial public offer includes a fresh issue of 0.67 crore shares and offer-for-sale of 3.56 crore shares. An applicant can bid for a minimum 90 shares (1 lot) and in multiples thereafter, with the upper limit capped at 13 lots. Investors can apply for the IPO either through internet banking (using ASBA), an online broker or an offline broker.
Happiest Minds Technologies plans to use the IPO proceeds for long-term working capital requirements and general corporate purposes.
Going into the IPO, Happiest Minds Technologies had raised Rs 316 crore from anchor investors i.e. the Government of Singapore, Kuwait Investment Authority and Goldman Sachs, and others
Headquartered at Bangalore, Happiest Minds Technologies provides digital business services to clients across the US, UK, Australia, Canada and Middle East.
The Happiest Minds IPO is the third public listing this year, after SBI Cards and Payment Services' offering in March and Rossari Biotech's public issue in July.