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Happiest Minds IPO: Open for subscription today; know about it in detail
Initial Public Offer
Happiest Minds initial public offer (IPO) will open for subscription today, i.e. on September 7, 2020.
Happiest Minds initial public offer (IPO) will open for subscription today, i.e. on September 7, 2020. The issue will be open for trading days between September 7 and September 9. The price band of the issue has been fixed at Rs 165-166 per share.
The company seeks to raise around Rs 702 crore from the issue, which consists of a fresh issue of 0.67 crore shares and the offer-for-sale (OFS) of 3.56 crore shares by the promoters.
A retail investor can bid for a minimum one lot, amounting to 90 shares and in multiples of 90 shares thereafter to a maximum 13 lots. The shares will have a face value of Rs 2 per share, and be listed on the BSE and the NSE.
ICICI Securities, and Nomura Financial Advisory And Securities (India) are the lead managers for the public offering.
About Happiest Minds
Headquartered in Bangalore, Happiest Minds Technologies Limited is an IT services company. It was founded in 2011 by Ashok Soota, one of the co-founders of Mindtree Limited before he left to start this venture. Positioned as "Born Digital. Born Agile", it provides an end-to-end solution in the digital space and its business is divided into three categories, namely:
1) Digital Business Service (DBS)
2) Product Engineering Service (PES)
3) Infrastructure and Management Security Service (IMSS).
Ashok Soota, the promoter of the company is likely to offload 8,414,223 shares while CMDB II (JP Morgan Asset Management) 27,249,362 shares in the offer for sale (OFS). This would amount to Rs 592 crore. This would be JP Morgan Management's entire 19.3 per cent stake. Besides, the company has plans to raise Rs 110 crore by offering fresh shares. This amount will be utilized to meet the long-term working capital requirement and general corporate purposes.
As of June 30, 2020, the company had 148 active customers with a global presence in countries like US, UK, Australia, Canada and the Middle East. In the three months ended June 30, 2020, its total income was Rs 1,869.9 million, its EBITDA was Rs 478.2 million and its restated profit for the quarter was Rs 501.8 million.
Happiest Minds IPO is the first public issue by an information technology (IT) company in four years. L&T Infotech was the last IT company to be listed on the bourses.
Besides, the Happiest Minds IPO is the third public listing this year. The two others are SBI Cards and Payment Services' offering in March and that of Rossari Biotech in July.
