Happiest Minds IPO subscribed 8.4 times on Day 21 min read . Updated: 08 Sep 2020, 06:31 PM IST
The public issue has received bids for 19.53 crore equity shares as against IPO size of 2.3 crore equity shares
Mumbai: The Bengaluru-based mid-sized digital IT company Happiest Minds Technologies' initial public offering witnessed a subscription of 8.4 times on the second day of bidding.
The public issue has received bids for 19.53 crore equity shares as against IPO size of 2.3 crore equity shares. Also, excluding the anchor book, the retail portion was subscribed 38.85 times. The portion reserved for non-institutional investors got subscribed 3.96 times, while that for qualified institutional was subscribed 47%, according to the data available on the exchanges.
The ₹702-crore initial public offering will close on Wednesday and consists of a fresh issue of ₹110 crore and an offer for sale of 3.56 crore equity shares. The issue price band has been fixed at ₹165-166 per share.
At the end of Day 1, the IPO was subscribed 2.87 times. The public offer closes on Wednesday.
The company raised ₹316 crore from anchor investors ahead of the IPO, including the Government of Singapore, Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India and Pacific Horizon Investment.
Happiest Minds is a digital transformation company deriving nearly 97% of its revenues from digital IT services like cloud, Saa, security analytics, IoT.
During FY18-20, the company's revenues grew at a CAGR of over 20%. The company reported a loss in FY18, however, the adjusted profits have improved to ₹83 crore in FY20 and ₹50 crore in April-June quarter itself.