Ashok Soota-led mid-sized IT services company Happiest Minds Technologies has filed a Draft Red Herring Prospectus (DRHP) for its initial public offer (IPO) with the Securities and Exchanges Board of India (SEBI).
The proposed IPO comprises a fresh issue of shares worth ₹110 crore and an offer for sale of around ₹3.56 crore by the company’s promoter Soota as well as private equity investor JP Morgan CMDB II, according to the prospectus filed with the SEBI.
The equity shares offered through the Red Herring Prospectus are proposed to be listed on both the leading stock exchanges. “Our company has received ‘in-principle’ approvals from BSE and NSE for listing of the equity shares," the DRHP stated.
ICICI Securities and Nomura Financial Advisory and Securities (India) Pvt. Ltd are merchant bankers arranging and managing the share sale.
Soota has been the executive chairman and promoter of Happiest Minds since August 2011. A serial entrepreneur, he had earlier co-founded Mindtree Ltd in 1999 prior to which he was the president of Wipro’s technology business from 1984-99.
Soota started Happiest Minds with the objective of starting a digital-native company leveraging modern-day technologies such as big data, analytics, robotic process automation (RPA), artificial intelligence (AI) and cognitive computing, internet of things (IoT), cloud computing, blockchain, and automation.