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Happiest Minds Technologies successfully concluded its qualified institutions placement (QIP) of equity shares. The QIP, which commenced on 11 July 2023, concluded on 14 July 2023, with a total of 54,11,255 equity shares being allotted. The shares were priced at Rs 924 per share, resulting in an issue size of Rs 500 crore.
The issue price of Rs 924 is at a discount of Rs 48.16, or 4.95%, to the floor price of Rs 972.16 per equity share set for the QIP issue.
The QIP witnessed participation from various institutional investors, with the top five allottees receiving more than 5% of the total issue size. Troo Capital emerged as the largest allottee, securing a substantial 30% allocation. Following closely behind, Societe Generale secured a notable 16% allocation, while BNP Paribas Arbitrage - ODI and BoFA Securities Europe SA - ODI received allocations of 14.13% and 12% respectively. Morgan Stanley Asia (Singapore) secured a 6.31% allocation, rounding off the top five allottees.
The fundraising committee convened on 14 July 2023, to review the QIP process and approved the closure of the issue. Additionally, the committee confirmed the allocation of shares and the allocation note, solidifying the successful completion of the QIP.
Happiest Minds Technologies is a next-generation digital transformation, infrastructure, security and product engineering services company.
The IT solutions provider's consolidated net profit rose marginally to Rs 57.66 crore in Q4 FY23 from Rs 57.58 crore recorded in Q3 FY23. Revenue from operations grew by 3.03% to Rs 377.98 crore in Q4 FY23 over Q3 FY23.
Shares of Happiest Minds Technologies declined 1.22% to Rs 973.45 on 14 July 2023.
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