Happiest Minds IPO: Huge hit! Massive response - Big win for Ashok Soota-promoted IT services firm - Top points for investors

The initial public offering (IPO) of IT services firm Happiest Minds Technologies has garnered a massive response from investors as it was subscribed a whopping 151 times. According to data available with the NSE, the Rs 702-crore IPO received bids for over 351 crore shares against the issue size of 2.33 crore shares. The qualified institutional buyers (QIBs) portion was subscribed 77.43 times, non-institutional investors 351.46 times and retail individual investors 70.94 times, as per the data.

The overwhelming response from investors is yet another win for the Ashok Soota-promoted  IT services firm. Soota was also the founding chairman and managing director of MindTree. He had also served as vice-chairman of Wipro. Noteworthy, the company, promoted by Ashok Soota, has already raised Rs 316 crore from anchor investors last week.

The price band for the offer was fixed at Rs 165-166 per equity share. The offer comprises a fresh issuance of shares aggregating up to Rs 110 crore and an offer for sale of up to 3.56 crore equity shares.

The IT company proposes to utilise the net proceeds from the fresh issue for meeting long-term working capital needs and general corporate purposes.

The Bengaluru-based company's shares are proposed to be listed on the BSE and the NSE.

ICICI Securities and Nomura Financial Advisory and Securities (India) are the managers for the offer.

Top things for investors to know about Happiest Minds Technologies IPO:-

Happiest Minds Technologies IPO Offer start

2020-09-07

Happiest Minds Technologies IPO Offer end

2020-09-09

Happiest Minds Technologies IPO Allotment finalisation

2020-09-14

Happiest Minds Technologies IPO Refund initiation

2020-09-15

Happiest Minds Technologies IPO Demat transfer

2020-09-15

Happiest Minds Technologies IPO Listing

2020-09-17

Happiest Minds Technologies IPO Mandate end

2020-09-27

Earlier, Information Technology (IT) major Happiest Minds Technologies had received markets regulator Sebi's approval to float initial share-sale. The offer comprised a fresh issuance of shares aggregating up to Rs 110 crore and an offer for sale of up to 3.56 crore equity shares, according to the draft red herring prospectus (DRHP). The company, which filed draft papers with the markets watchdog in June, obtained its observations on August 21, latest update with the Securities and Exchange Board of India (Sebi) showed.

Sebi's observations are necessary for any company to launch public issues like initial public offering, follow-on public offer and rights issue.