Happiest Minds Technologies Ltd will launch its initial public offer (IPO) on 7 September. IPO offer will close on 9 September and the company has fixed the price band at ₹165 – ₹167 per equity share.
Happiest Minds was founded In April 2011 by Ashok Soota. The company received $45 million Series-A funding In November 2011. The investors were JP Morgan Asset Management, Intel Capital and Ashok Soota.
Bangluru-based IT & digital company Happiest Minds Technologies Ltd is the Mindful IT Company, applies agile methodologies to enable digital transformation for enterprises and technology providers by delivering seamless customer experience, business efficiency and actionable insights.
Ashok Soota is the promoter of the company and said, 97% of company’s revenue comes from digital, which is much higher than its peers companies Infosys Ltd and Mindtree Ltd, Digital is growing much faster than traditional business.
IPO Objective
The Net Proceeds are proposed to be utilised towards the following objects:
- To meet long term working capital requirement.
- General corporate purpose.
- Capital Requirement is ₹ 1010 million.
Happiest Minds IPO Important Dates
| IPO Opens on | 07/09/2020 |
| IPO Close on | 09/09/2020 |
| Final Allotment date | 14/09/2020 |
| Refund Initiate | 15/09/2020 |
| Shares transfer to demat account | 15/09/2020 |
| IPO Listing on | 17/09/2020 |
Happiest Mind IPO Details
ICICI Securities Limited and Nomura Financial Advisory and Securities (India) Private Ltd are the book running lead managers to the offer while KFin Technologies is the registrar to the public issue.
Download Happiest Minds IPO DRHP
| IPO Date | Sep 07, 2020 to Sep 09, 2020 |
| Promoters | Mr. Ashok Soota |
| Offers of equity shares | Upto 42,290,091 Eq Shares, face value of ₹2 aggregating up to ₹ 702.02 Cr. |
| Fresh Issue | Up to 6,626,506 Equity Shares, aggregating up to ₹ 110 Cr. |
| Offer for Sale | Up to 35,663,585 Equity Shares, aggregating up to ₹ 592.02 Cr. |
| Face value | ₹2 |
| IPO Price | ₹165 to ₹166 per eq. share |
| Book Running Lead Manager | ICICI Securities Limited & Nomura Financial Advisory and Securities (India) Private Limited |
| Registrar to the offer | KFin Technologies Private Limited |
| Industry | Information Technology |
IPO Lot size / Bid quantity (Retail)
| Lot size | 90 | Amount (Cut-off) |
| Minimum Lot | 1 | ₹14,490 |
| Maximum Lot | 13 | ₹194,220 |
Happiest Minds Technologies Ltd Financials
₹ in Million
| Particular | fiscal 2020 | fiscal 2019 | fiscal 2018 |
| Total Income | 7,142.3 | 6,018.1 | 4,891.2 |
| Profit after Tax | 717.1 | 142.1 | 224.7 |
| Total borrowings | 784.3 | 759.1 | 902.3 |
Grey Market Premium (GMP)
Grey market premium of the issue has risen by ₹120 per equity share over the IPO price bands or ₹165-166 per equity share.
Investors can then bid for a minimum of 90 shares and in multiples of 90 equity shares. The face value of equity shares is equity 2 per share. Investors investing in IPO can get a upto 75% GMP.
Risk factors
The outbreakof Novel Coronavirus, or outbreakof any other severe communicable disease could have a potential impacton business, financial condition and results of operations.
Financial instability in other countries may cause increased volatility in Indian financial markets.
Investors may not be able to enforce a judgment of a foreign court against our Company outside India.
A downgrade in ratings of India, may affect the trading price of the Equity Shares.
Happiest Minds IPO FAQs
Happiest Minds Technologies will come out with its IPO on September 7 for 42,290,091 equity shares of the face value of ₹2 aggregating up to ₹702.02 Crores.
₹165 to ₹166.
September 7 to September 9.
Happiest Minds IPO lot size is 90 Shares.
One lot of 90 shares, cut-off price ₹14,490.
13 lots and cut-off price ₹194,220.
You can apply for Happiest Minds IPO through your trading or demat account in IPO section.
Select the IPO you want to apply for from the list of open issues.
Make your UPI ID ready and enter your UPI ID.
Place your Bid. (or you can place multiple.)
Accept mandate request on your BHIM UPI App.