Happiest Minds IPO To Open On Sept. 7; Fixes Price Band Of Rs 165-166 Per Share
An initial public offering (IPO) sign stands on display near a digital screen hanging inside the Euronext NV Paris stock exchange. (Photographer: Cyril Marcilhacy/Bloomberg)

Happiest Minds IPO To Open On Sept. 7; Fixes Price Band Of Rs 165-166 Per Share


IT services firm Happiest Minds Technologies on Wednesday said it will launch its initial share-sale on Sept. 7, to raise an estimated Rs 702 crore.

The company has fixed a price band of Rs 165 to Rs 166 per equity share for the IPO, which will be open for public subscription during Sept. 7-9, Happiest Minds said in a statement.

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 company's promoter Ashok Soota will offer 8,414,223 equity shares and private equity fund CMDB-II will offer 27,249,362 scrips through the offer-for-sale route.

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

Also read: Ashok Soota’s Happiest Minds Gets SEBI Nod To Launch IPO

At the upper end of the price band, the IPO will fetch Rs 702 crore.

Bids can be made for a minimum of 90 equity shares and in multiples of 90 equity shares thereafter. The face value of the equity shares is Rs 2 each.

The IT company proposes to utilise the net proceeds from the fresh issue to meet long-term working capital requirement 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 are the manager for the offer.

The company, which filed draft papers with the markets watchdog Securities and Exchange Board of India in June, had obtained its approval to float IPO in August.

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