Representational image/IPO
Representational image/IPO

The initial public offering of IT services firm Happiest Minds Technologies garnered massive response from investors as it was subscribed a whopping 151 times on the last day of bidding on Wednesday.

According to data available with the NSE, the Rs 702-crore IPO received bids for over 351 crore shares against the issue size of 2.33 crore shares.

The qualified institutional buyers (QIBs) portion was subscribed 77.43 times, non-institutional investors 351.46 times and retail individual investors 70.94 times, as per the data.

The price band for the offer, which opened for subscription on Monday, was fixed at Rs 165-166 per equity share.

The offer comprises a fresh issuance of shares aggregating up to Rs 110 crore and an offer for sale of up to 3.56 crore equity shares.

The company, promoted by Ashok Soota, raised Rs 316 crore from anchor investors last week.

Soota was also the founding chairman and managing director of MindTree. He had also served as vice-chairman of Wipro.

The IT company proposes to utilise the net proceeds from the fresh issue for meeting long-term working capital needs and general corporate purposes.

The Bengaluru-based company's shares are proposed to be listed on the BSE and the NSE.

ICICI Securities and Nomura Financial Advisory and Securities (India) are the managers for the offer.

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