The initial public offer of IT services firm Happiest Minds Technologies was subscribed 8.40 times on the second day of bidding on Tuesday. The Rs 702-crore IPO, received bids for 19,53,36,630 shares against a total issue size of 2,32,59,550 shares, according to data available with the NSE.
The category meant for Qualified Institutional Buyers (QIBs) was subscribed 47 per cent, while non-institutional investors portion received 3.96 times subscription and retail individual investors 38.85 times. The price band for the offer, that will close on Wednesday, has been fixed at Rs 165 to Rs 166 per equity share.
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. On the upper end of the price band, the IPO will fetch Rs 702 crore.
The company, promoted by Ashok Soota, has raised Rs 316 crore from anchor investors. Soota was also the founding chairman and managing director of MindTree. He had also served as vice-chairman of Wipro.
The IT company proposes to utilise the net proceeds from the fresh issue for meeting long-term working capital needs 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 (India) are the managers for the offer.
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