Happiest Minds to launch Rs 702 cr initial public offering on Sept 7

The management said the fundraising will be used to meet immediate working capital requirements while the cash balance in the balance sheet will be kept aside for strategic initiatives

Happiest Minds’ Rs 702-crore initial public offering (IPO) will be open for subscription on September 7. The Bengaluru-headquartered company has fixed the price band at Rs 165-166 per share with 90 shares offered per bid lot. The offer will remain open till September 9 for the general public, while for anchor investors, the offer will open on September 4.

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 Executive Chairman Ashok Soota as well as private equity investor JPMorgan CMDB II. JPMorgan will exit completely,