How to check the status of the allocation of shares

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According to the brokerage firms, the award for the IPO of Happiest Minds is likely to be finalized today. KFin Technologies Private Limited is the registrar of the IPO of Happiest Minds. Investors can check the status of the IPO on the website of KFin Technologies when it is declared. The registrar is responsible for awarding the IPO and processing refunds. Happiest Minds shares are expected to be listed on September 17, 2020, according to the brokerage firms.

The IPO of IT services firm Happiest Minds Technologies, which closed last week, drew a massive response from investors. He has been subscribed over 150 times. the The 702 crore IPO received offers for over 351 crore shares against the issue size of 2.33 crore shares.

The retail individual investor segment was subscribed 70.94 times while the Qualified Institutional Buyer (QIB) portion was subscribed 77.43 times and the Non-Institutional Investor 351.46 times. The price range of the offer was set at 165-166 per share.

The IPO consists of a new issue of 66.2 lakh shares and a sell offer of 356.6 lakh as a sell offer. After the IPO, the promoter’s stake will increase to 53% against 62%. CMDB-ll (JP Morgan Asset Management) will also offer 27,249,362 shares through the offer to sell.

The promoter of the company Ashok Soota was the founding chairman and managing director of MindTree Limited. He was also vice president of Wipro Limited. Happiest Minds Technologies was founded in 2011.

The IT company proposes to use the net proceeds of the new issue to meet long-term working capital requirements and for general corporate purposes.

It is proposed that the shares of the Bengaluru-based company be listed on the BSE and NSE.

ICICI Securities and Nomura Financial Advisory and Securities (India) are the managers of the offer. (With contributions from the agency)

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