The initial public offering (IPO) of the digital firm ‘Happiest Minds’ has opened on Monday (September 07) and will close it on Wednesday (September 09). The IPO has continuously gained the strong interest of investors, particularly by the retail segment investors on 2nd day of its subscription.
Happiest Minds Profile
The company ‘Happiest Minds’ incorporated in March 2011 with its headquarter in Bengaluru. Happiest Minds run its business through three business units: Production Engineering services, Digital business services, and security services.
The company generates approximately 97% of its revenues from services like cloud, security, and analytics. As of June 2020, the company has 148 active customers.
The IPO will be allocated in the range of Rs.165- 166 per equity share. On Monday 7th September (Day 1 of issue), the Rs 702 crore IPO was 2.90 times subscribed. Whereas, on Tuesday 8th September (Day 2 of issue), the offer was subscribed 8.40 times at the end of the day.
The IPO offer received a total of 19.5 crore bids against 2.33 crore shares on offer.
Happiest Mind has raised Rs.316 crore from 25 anchor investors before going for IPO. The anchor investors include Kuwait Investment Authority, Government of Singapore, Goldman Sachs, Jupiter India among others.
The bulk demand of Happiest Mind is made by the retail investors which subscribed 38.85 times. High- Networth individuals subscribed 3.96 times against the earmarked shares. On the other hand, institutional investors excluding anchor investors subscribed 0.47 times only.
Happiest Minds IPO Details
IPO Date: Sep-7 to Sep-9, 2020
Issue size: 42,290,091 equity shares @Rs.2 each ( upto Rs.702.02 cr)
Fresh issue: 6,626,506 equity shares (up to 110.00 cr)
Offer for sale: 35,663,585 equity share shares (up to 592.02 cr)
Face value: Rs.2 per equity share
Lot size: 90 shares
Listing at: NSE, BSE
The net proceeds from the issue of Happiest Mind IPO will be used for:
- Long-term working capital purposes and
- General corporate expenses
Should you invest?
Happiest Minds earns a big portion or we can say almost all its revenue (97% of revenue) from the digital segment which is a big plus point in comparison to its peer companies.
By seeing the demand of mid-cap and small-cap stocks these days and to get listing gains, investors with a little risk-appetite can invest in Happiest Minds IPO with the long-term perspective.
Recommended for you
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
