Happiest Minds offer is the first public issue by an IT company in the last four years.
Happiest Minds initial public offer (IPO) will open for subscription on September 7, 2020. The issue will be open for three trading days, from September 7 to September 9, and trading will be available from 10:00 am to 5:00 pm. The price band of the issue has been fixed at Rs 165-166 per share. At the upper end of the price band, the IPO will fetch Rs 702 crore.
The Rs 702 crore initial public offer consists of fresh issue of 0.67 crore shares and offer-for-sale of 3.56 crore shares by the promoters. An investor can bid for a minimum of 90 shares and in multiples of 90 shares thereafter. The shares will have a face value of Rs 2 per share, and be listed on the BSE and the NSE.
Happiest Minds was set up by Ashok Soota in April 2011. Mr Soota was one of the co-founders of Mindtree before he left to start this venture. Happiest Minds, headquartered in Bangalore, offers digital business services, product engineering services and infrastructure management and security services.
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.
The Happiest Minds IPO is the third public listing this year, after SBI Cards and Payment Services’ offering in March and that of Rossari Biotech in July. The IPO comes at a time when India continues to battle with the Covid19 pandemic, with daily cases touching 90,000 cases.
