Happiest Minds files IPO papers with Sebi; JP Morgan fund to exit

Happiest Minds, which becomes the first player to file a share sale document since March, will list its shares in both NSE and BSE post the offer

Bengaluru-headquartered IT services company Happiest Minds has filed draft red herring prospectus (DRHP) with market regulator Sebi for its initial public offering (IPO).

The proposed IPO comprises a fresh issue of shares worth Rs 110 crore and an offer for sale of 35.2 million shares by the company’s promoter Ashok Soota as well as private equity investor JP Morgan CMDB II, the prospectus showed. JP Morgan will exit its over five-year investment in the IT services firm if the IPO goes through.

ICICI Securities and Nomura