The Rs 702-crore initial public offering of Happiest Minds Technologies received a good response on Day 1. The IT services company’s public issue was subscribed 2.87 times, receiving bids for 6.48 crore equity shares as against the IPO size of over 2.32 crore shares (excluding anchor book), data available on the exchanges revealed.
The reserved portion for retail investors was subscribed 14.6 times, non-institutional investors’ category attracted interest of 62 per cent and the qualified institutional investors segment saw subscription of 8 per cent.
The public issue will remain open for three days, until September 9, and between 10:00 am and 5:00 pm each day. The company has fixed the price band at Rs 165-166 per share and at the upper end of the price band, the IPO will garner Rs 702 crore.
The Rs 702 crore initial public offer included a fresh issue of 0.67 crore shares and offer-for-sale of 3.56 crore shares. A retail investor can bid for a minimum one lot of 90 shares and in subsequent multiples of 90 shares, with the upper subscription limit being capped at 13 lots. The shares will have a face value of Rs 2 per share and be listed on both BSE and the NSE.
Ahead of the ongoing IPO, Happiest Minds Technologies raised Rs 316 crore from anchor investors such as Government of Singapore, Kuwait Investment Authority and Goldman Sachs.
Happiest Minds Technologies is headquartered at Bangalore and offers digital business services to clients situated in the US, UK, Australia, Canada and Middle East.
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.