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Home Business Happiest Minds Technologies IPO subscribed 2.87 occasions on first day of bidding

Happiest Minds Technologies IPO subscribed 2.87 occasions on first day of bidding

New Delhi: The preliminary public provide of IT companies agency Happiest Minds Technologies was subscribed 2.87 occasions on the primary day of bidding on Monday.

The IPO acquired bids for six,67,09,800 shares in opposition to whole difficulty dimension of two,32,59,550 shares, in accordance with information out there with the NSE.

Qualified institutional patrons (QIBs) class was subscribed 8 per cent, non-institutional traders 62 per cent and retail particular person traders 14.61 occasions.

Happiest Minds Technologies has raised Rs 316 crore from anchor traders.

The IPO will shut on Wednesday (September 9). The value band of the provide has been fastened at Rs 165 to Rs 166 per fairness share.

The provide includes a contemporary issuance of shares aggregating as much as Rs 110 crore and a suggestion on the market of as much as 3.56 crore fairness shares.

At the higher finish of the worth band, the IPO will fetch Rs 702 crore.

The firm’s promoter Ashok Soota will provide 8,414,223 fairness shares and CMDB-ll (JP Morgan Asset Management) will provide 27,249,362 scrips via the offer-for-sale route.

Soota was additionally the founding chairman and managing director of MindTree Ltd. Prior to this, he was the vice-chairman of Wipro Ltd.

The IT firm proposes to utilise the web proceeds from the contemporary difficulty for assembly long-term working capital wants and common company functions.

The Bengaluru-based firm’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 provide. 

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