The allotment of Happiest Minds IPO has been finalised. KFin Technologies Private Limited is the registrar of the Happiest Minds IPO. Investors can check the share allotment status on the website of KFin Technologies. The registrar is responsible for IPO allotment and refund processing. Happiest Minds shares are likely to get listed on September 17, 2020, according to brokerages.
The IPO of IT services firm Happiest Minds Technologies, which closed last week, had garnered a massive response from investors. It was subscribed over 150 times. The ₹702-crore IPO received bids for over 351 crore shares against the issue size of 2.33 crore shares.
The retail individual investors segment was subscribed 70.94 times while qualified institutional buyers (QIBs) portion was subscribed 77.43 times and non-institutional investors 351.46 times. The price band for the offer was fixed at ₹165-166 per equity share.
The IPO consists of fresh issue of 66.2 lakh shares and offer of sale of 356.6 lakh offer of sale. Post IPO, the promoter’s stake will come down to 53% from 62%. CMDB-ll (JP Morgan Asset Management) will also offer 27,249,362 shares through the offer-for-sale route.
The company’s promoter Ashok Soota was the founding chairman and managing director of MindTree Limited. He was also the vice chairman of Wipro Limited. Happiest Minds Technologies was founded in 2011.
The IT company proposes to utilise the net proceeds from the fresh issue for meeting long-term working capital needs and general corporate purposes.
ICICI Securities and Nomura Financial Advisory and Securities (India) are the managers for the offer. (With Agency Inputs)
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