Stock market
Stock market

The initial public offer of IT services firm Happiest Minds Technologies was subscribed 2.87 times on the first day of bidding on Monday.

The IPO received bids for 6,67,09,800 shares against total issue size of 2,32,59,550 shares, according to data available with the NSE. Qualified institutional buyers (QIBs) category was subscribed 8 per cent, non-institutional investors 62 per cent and retail individual investors 14.61 times.

Happiest Minds Technologies has raised Rs 316 crore from anchor investors.

The IPO will close on Wednesday (September 9). The price band of the offer has been fixed at Rs 165 to Rs 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.

At the upper end of the price band, the IPO will fetch Rs 702 crore.

The company's promoter Ashok Soota will offer 8,414,223 equity shares and CMDB-ll (JP Morgan Asset Management) will offer 27,249,362 scrips through the offer-for-sale route.

Soota was also the founding chairman and managing director of MindTree Ltd. Prior to this, he was the vice-chairman of Wipro Ltd.

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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