Happiest Minds IPO subscribed 151 times on final day1 min read . Updated: 10 Sep 2020, 07:40 AM IST
- The IPO received bids for over 3.51 billion shares against the offer size of over 23 million equity share
- The portion of share sale reserved for retail investors was subscribed 70.94 times
The ₹702-crore initial public offering (IPO) of Happiest Minds Technologies Pvt. Ltd closed on Wednesday with overwhelming investor response. The public offer of the Ashok Soota-led company was subscribed 150.98 times.
The IPO received bids for over 3.51 billion shares against the offer size of over 23 million equity shares, data available on the exchanges showed. The portion of share sale reserved for retail investors was subscribed 70.94 times, while those reserved for non-institutional investors and qualified institutional buyers were subscribed 351.46 and 77.43 times, respectively.
Before launching Happiest Minds, Soota was the founding chairman and managing director of Mindtree Ltd. Earlier, he was the vice-chairman of Wipro Ltd.
Investment banks Nomura and ICICI Securities advised the company on its share sale.
The ₹600-crore initial share sale of Route Mobile Ltd, a cloud communication platform as a service provider, too started off on a strong note and was fully subscribed with retail investors leading the subscription on day one. The retail portion was subscribed 1.8 times on Wednesday. The Route Mobile IPO closes on Friday.
According to data available with the exchange, the IPO received bids for 12.2 million shares against the offer size of over 12.1 million equity shares. The price band for the IPO was fixed at ₹345-350 per share.
Route Mobile’s product offerings include application-to-peer, peer-to-application, two-way messaging, over-the-top (OTT) business messaging, voice, email, and omni-channel communication. It also offers SMS analytics, firewall, filtering and monetization, besides SMS hubbing and instant virtual number solutions to mobile network operators in India.
ICICI Securities, Axis Capital and Edelweiss Financial Services Ltd are managing the Route Mobile IPO.