Happiest Minds IPO Opens Today. Key Things to Know Before You Invest

Business Standard Happiest Minds IPO opens today. Key things to know before you invest

The net proceeds of the offer will be utilised to meet the long term working capital requirement of the company.

The initial public offer (IPO) of Happiest Minds Technologies, the Bengaluruheadquartered information technology (IT) services firm, opens today. The company aims to raise up to Rs 702 crore via fresh issue of equity shares aggregating up to Rs 110 crore and an offer for sale (OFS) of up to 35.663,585 shares. On Friday, the company raised Rs 315.90 crore from anchor investors.

Here's a look at the key things you need to know before you invest.

About the Company Happiest Minds Technologies is an information technology (IT) services firm founded by Ashok Soota, a veteran in the Indian IT industry. The company focuses on delivering a seamless digital experience to its customers. It offers solutions across the spectrum of various digital technologies such as Robotic Process Automation (RPA), Software-Defined Networking/ Network Function Virtualisation (SDN/NFV), Big Data and advanced analytics, Internet of Things (IoT), Cloud, Business Process Management (BPM) and security. The company's business is divided into three business units (BUs) - Digital Business Services (DBS), Product Engineering Services (PES), and Infrastructure Management & Security Services (IMSS).

About the Offer Around 42.29 million shares will be put on the block, wherein the fresh issue comprises 6.62 - 6.66 million shares and OFS consists of 35.66 million shares. The price band of the offer has been set between Rs 165-166. At the upper price band, the company will garner Rs 702 crore. The bid lot has been fixed at 90 shares and in multiples thereof. The offer closes on September 9.

Objects of the issue The net proceeds of the offer will be utilised to meet the long term working capital requirement of the company and general corporate purposes.