Happiest Mind IPO: The IPO of information technology company Happiest Minds Technology has received a great response from investors. The IPO has been subscribed nearly 58 times so far. The IPO received bids for 134.4 crore equity shares, while the offered size was 2.3 crore equity shares. Retail investors were subscribed 55.63 times, while for non-institutional investors, the reserved share was 152.1 times and that of qualified institutional buyers was subscribed 11.34 times. Now the last minutes are left to invest in it. Know about IPO… ..
Price band 165 to 166 rupees
In this IPO, the price band has been fixed at 165 to 166 rupees per equity share. The company aims to raise Rs 702 crore from the primary market through a price issue. The issue was open from September 7 to September 9. Experts say that the business model of this company is good, due to which competition is low for the company. Such companies uphold pricing power.
At the price band of Rs 165-166, the valuation of the company is being estimated at 26.76 times on the basis of earnings per share of FY 2019-20. Analysts say the valuation of the company’s shares is high. But considering the demand for midcap and smallcap ID shares, investors can subscribe to it.
110 crore fresh shares will be released
The company is raising Rs 110 crore through fresh shares. The promoters’ proceeds from the stake will go to the promoters only, while the proceeds from the fresh share issue will be used for the company’s long-term working capital and corporate needs. In this issue of Happiest Minds, the promoters will sell 3,56,63,585 shares from their stake. Company promoter Ashok Suta will sell 84,14,223 shares in this issue. In addition, MCDB II, a unit of JP Morgan Asset Management Company, will sell 2,72,49,362 shares.
A lot of 90 shares
A lot will be 90 shares in this IPO. This means that at least 90 shares have to be bid. After this, lots can be purchased in 90 times. ICICI Securities and Nomura Financial Advisory and Services are responsible for managing the issue.
Focus on digital business
According to the company, 97 percent of its revenue comes from digital business, which is much higher than many companies like Infosys, Mindtree and Cognizant. The average digital revenue by these companies is 40-50 percent.
The company is headquartered in Bengaluru
Happiest Minds was launched in April 2011 by Ashok Suta. Suta was one of the co-founders of Mindtree before starting this company. Happiest Minds is headquartered in Bengaluru. It offers Digital Business Services, Product Engineering Services and Infrastructure Management and Security Services.
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