Happiest Minds’ preliminary public provide (IPO) has opened for subscription on Monday i.e. September 7, 2020. The IT companies agency’s challenge will stay open for 3 buying and selling days, till September 9, and buying and selling will happen between 10:00 am and 5:00 pm every day. The firm has fastened the worth band at Rs 165-166 per share. The IPO will fetch Rs 702 crore, on the higher finish of the worth band.
The Rs 702 crore preliminary public provide includes recent challenge of 0.67 crore shares and offer-for-sale of three.56 crore shares. A retail investor can bid for a minimal one lot of 90 shares and in multiples of 90 shares thereafter. The higher utility restrict for a retail investor has been capped at 13 tons. The shares can have a face worth of Rs 2 per share and be listed on each BSE and the NSE.
Ahead of its IPO, Happiest Minds Technologies raised Rs 316 crore from anchor buyers resembling 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 earlier than organising Happiest Minds in April 2011.
Happiest Minds is headquartered at Bangalore and provides digital enterprise companies within the US, UK, Australia, Canada and the Middle East.
Happiest Minds IPO is the primary public challenge by an info expertise (IT) firm previously 4 years. L&T Infotech was the final info expertise firm to be listed on the bourses.
The Happiest Minds IPO is the third public itemizing this 12 months, after SBI Cards and Payment Services’ providing in March and that of Rossari Biotech in July. The IPO comes at a time when Covid19 continues its march throughout the nation, with every day circumstances rely mounting to 90,000.
The lead managers for the general public providing are ICICI Securities and Nomura Financial Advisory And Securities (India).