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Happiest Minds IPO subscribed 151 times, sees bids worth Rs 58,000 cr

Through the IPO, Happiest Minds was looking to raise Rs 110 crore in fresh capital

Topics
Happiest Minds | IPO | ipo filing

Sundar Sethuraman  |  Thiruvananthapuram 

IPO, initial public offering
The issue also comprises secondary share sale worth Rs 590 crore

The initial public offering (IPO) of Technologies has been subscribed nearly 151x, generating bids worth more than Rs 58,000 crore and making it one of the most-subscribed maiden share offerings in recent times. The three-day bidding process ended on Wednesday and shares are likely to get listed on September 17.

The retail investor portion of the issue garnered 71x subscription, with over 2 million applications. The wealthy investor portion saw over 351x demand, while the institutional portion saw 77x subscription.

Experts said the huge demand boosts prospects for the market, which had been in a moribund state with only two offerings hitting the market this year.

Through the IPO, was looking at raising Rs 110 crore in fresh capital. The issue also comprises a secondary share sale worth Rs 590 crore.

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At the top end, the company is valued at Rs 2,440 crore on a post-dilution basis. is promoted by Ashok Soota, the founding chairman of MindTree. The firm is into digital IT services, with offerings, such as Cloud, SaaS, security, and analytics.

Most brokerages had recommended their clients to subscribe to the “At the higher end of the price band, the issue is valued at 29 times FY20 P/E (fully diluted), which is comparable to larger mid-sized IT We like the company given its strong presence in digital services; scalable business model with end-to-end capabilities and fast-improving financial performance,” a note by Motilal Oswal had said.

The price band of the offering had been fixed at Rs 165 to Rs 166 per equity share.

First Published: Wed, September 09 2020. 18:36 IST
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