Happiest Minds IPO subscribed more than 8 times on day before close

Happiest Minds is looking to raise Rs 110 crore in fresh capital through the IPO

The Rs 700-crore initial public offering (IPO) of Happiest Mind Technologies was subscribed more than 8x on Tuesday, a day before its close. 

The retail investor portion of the issue was subscribed nearly 38x, while wealthy investor portion saw close to 4x demand. 

The institutional investor quota was covered less than 40 per cent on Tuesday. Through the IPO, Happiest Minds is looking to raise Rs 110 crore in fresh capital. 

The issue also comprises secondary share sale worth Rs 590 crore. The price band for the IPO is Rs 165 to Rs 166 per share. 

At the top end, the company is valued at Rs 2,440 crore on a post-dilution basis.