India’s IPO market is one of the leading IPO markets in the world. In 2018, around 183 companies had launched IPO offers in the Indian stock market to raise $11.6 billion capital. The following year, 2019, also witnessed lots of activities in the segment, with several large players floating their initial public offers in the market. However, the current pandemic caused it to lose its steam, and a dry spell hit in March 2020. After a break of almost four months, the action is once again back in the IPO segment, with several companies announcing IPO launch. The last to join the list is Happiest Minds Technologies.
IT Service firm, Happiest Mind, has received a nod from SEBI to float initial share-sale. The company had filed its draft red herring prospectus with the market watchdog in June. Any company wanting to launch an IPO share sale needs to receive approval from the regulator. Happiest Minds received SEBI approval on August 21. Happiest Minds has appointed ICICI Securities and Nomura Financial Advisory as its book-running managers.
Happiest Minds IPO launch will contain fresh scrips as well as offer for sale shares of Rs 3.56 crores as per their exchange filing. Company promoter Ashok Soota and investor CMDB-II both will offer shares from their stash for the offer for sales route.
Happiest Minds: A Peek Into The Company’s Profile
Happiest Minds is a Bangalore based IT service provider, started by Ashok Soota in 2011. The company offers a plethora of IT services in the domains of Digital Business, Product Engineering, Infra and Securities, IoT, and Digital Process Automation to its clientele across India, USA, UK, Canada, Middle East, Australia and more.
About Happiest Minds Technologies IPO
Happiest Minds approached SEBI with its proposal of IPO share launch in June. The company is aiming to raise Rs 113.56 crores and will issue fresh scrips worth Rs 110 crores. The funds will help the company meet its long-term working capital requirements and corporate expenses. The company has confirmed that it will not receive any proceeding from the offer from sales scrips, and shareholders have enlisted to receive their respective portions.
The IPOs will list in both NSE and BSE exchanges. Market experts are anticipating Happiest Minds Technologies IPOs to receive a favourable response from investors.