Bombay: The initial public offering from Bengaluru-based mid-sized digital IT company Happiest Minds Technologies saw a subscription of 8.4 times on the second day of the tender.
The public offering received bids for 19.53 crore capital shares against an IPO size of 2.3 crore capital shares. In addition, excluding the anchor book, the commercial part was subscribed 38.85 times. The portion reserved for non-institutional investors was subscribed 3.96 times, while that reserved for qualified institutional investors was subscribed at 47%, according to data available on the stock exchanges.
the ₹The initial public offering of 702 crore will close on Wednesday and consists of a new issue of ₹110 crore and an offer to sell 3.56 crore shares. The issue price range has been set at ₹165-166 per share.
At the end of day 1, the IPO had subscribed 2.87 times. The public offering closes on Wednesday.
The company raised ₹316 crore from key investors before the IPO, including the Government of Singapore, Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India and Pacific Horizon Investment.
Happiest Minds is a digital transformation company that derives nearly 97% of its revenue from digital IT services such as cloud, Saa, security analytics, and IoT.
During FY18-20, the company’s revenue grew at a CAGR of over 20%. The company reported a loss in fiscal 2018, however, adjusted earnings improved to ₹83 crore in FY20 and ₹50 crore in the April-June quarter itself.