The IPO size involves a fresh issue of 0.67cr equity shares and offer for sale (OFS) where promoter Soota and investor JP Morgan will pare their holding by offloading 0.84cr and 2.72cr equity shares in the public issue.
The price band for this IPO is fixed at the lower band of Rs165 per piece and upper band of Rs166 per piece respectively.
This would be the second listing of Soota who also launched Mindtree in 2007 through the same route on stock exchanges. Happiest Mind is a decade old company and was founded by Soota in 2011.
The bid lot stands as 90 equity shares and in multiples thereof. Maximum bid lot for the qualified institutional buyer (QIB) is over 2.3cr equity shares in multiple of 90 equity shares. As for non-institutional investors (NII), the maximum lot is over 1.05cr equity shares in multiples of 90 equity shares.
A retail investor can make maximum subscription of Rs2 lakh.
Book running lead manager (BLRM) for the IPO are ICICI Securities and Nomura Financial Advisory and Securities (India). While ICICI Bank is the sponsor bank.
Anchor investors have already subscribed to approximately 1.90cr equity shares of Happiest Mind at the upper price band for amounting to Rs316cr. Among major investors were Singapore government, Nomura Funds and Aditya Birla Sun Life Mutual Fund.
The IPO will be listed on both BSE and NSE. Also, Happiest Mind will be the third IPO after the Covid-19 nationwide lockdown was announced, following Rossari Biotech and Mindspace Business Parks REIT.