Happiest Minds Technologies IPO subscribed 2.86 times on Day 1

As per the stock exchange data, the retail individual investors (RIIs) category was subscribed 14.61 times.

Sep 08, 2020 08:09 IST India Infoline News Service

Initial Public Offer, IPO
The initial public offer (IPO) of Happiest Minds Technologies received bids for 6.67 crore shares on the day 1 of bidding as against 2.32 shares on offer, as per the NSE data. The issue was subscribed 2.87 times, according to data available on exchanges.

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

The issue will close on Wednesday, September 9, 2020. The price band for the IPO is set at Rs165-166 per share.

The IPO comprises of a fresh issue to raise Rs101cr and offers sale of 3.56 crore equity shares including sales by the promoter of 2.72 crore shares.

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.

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