The initial public offer (IPO) of Happiest Minds Technologies received bids for 6.67 crore shares today, 7 September 2020, as against 2.32 shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:00 IST. The issue was subscribed 2.87 times.

As per the combined stock exchange data, the retail individual investors (RIIs) category was subscribed 14.61 times. The non-institutional investors category was subscribed 0.61 times (61%). The qualified institutional buyers (QIBs) category was subscribed 0.08 times (8%).

The issue opened for bidding today, 7 September 2020 and it will close on Wednesday, 9 September 2020. The price band for the IPO is set at Rs 165-166 per share.

The IPO comprises of fresh issue to raise Rs 110 crore and offer for sale of 3.56 crore equity shares, including sales by promoter of 2.72 crore shares.

The company on 4 September 2020 raised Rs 315.91 crore from anchor investors, ahead of its initial share sale. The company allotted 1.90 crore shares at a price of Rs 166 per share to a total of 25 anchor investors.

Anchor investors included Government of Singapore, Pacific Horizon Investment Trust, Integrated Core Strategies Asia Pte, Aditya Birla Sun Life MF, Axis MF, Goldman Sachs India Fund, HDFC Life Insurance, Franklin Templeton MF, ICICI Prudential MF, Kuwait Investment Fund, Fidelity Asian Values Plc, SBI MF, among others.

The net proceeds of the IPO will be utilized to meet the long-term working capital requirement and general corporate purposes.

On a consolidated basis, Happiest Minds Technologies posted revenue (from contracts with customers) of Rs 177.02 crore and net profit of Rs 50.18 crore in the quarter ended on 30 June 2020.

Bengaluru-based Happiest Mind Technologies is an IT services provider. It is founded by IT veteran, Ashok Soota. Prior to founding Happiest Mind, Ashok was the founding chairman and managing director of MindTree. He was the vice chairman of Wipro and senior vice president of Shriram Refrigeration Industries prior to co-founding MindTree.

Happiest Mind enables digital transformation for enterprises and technology providers. It leverages a spectrum of technologies such as: Big Data Analytics, AI & Cognitive Computing, Internet of Things, Cloud, Security, SDN-NFV, Blockchain, Automation including RPA, etc.

The company's capabilities spans across product engineering, digital business solutions, infrastructure management and security services. It delivers these services across industry sectors such as retail, edutech, industrial, BFSI, hi-tech, engineering R&D, manufacturing, travel, media and entertainment, and others.