Happiest Minds Technologies Files IPO Draft Papers With SEBI:
To begin with, the Happiest Minds Technologies likes to enter into the public through its initial public offering. It also submitted its IPO draft papers with the Securities and Exchange Board of India.
Moreover, the company wants to raise nearly Rs. 700 cr through this IPO. The Happiest Minds Technologies has incorporated in 2011. The Bangalore based company is a digital transformation, infrastructure, security, and product engineering services company. It is the first largest company to enter into the public since the COVID-19 pandemic.
According to the draft prospectus, it offered a fresh issue of Rs 110 cr worth shares. Also, with an offer for sale of around 35.20 million shares. The company offered shares by its promoters Ashok Soota along with a PE investor JP Morgan CMDB II.
If JP Morgan goes through this IPO, it will exit from its 5 years investment in IT services companies. Additionally, the JP Morgan company purchasing a 3.50 cr of share in this IPO.
Furthermore, the company plans to utilize the raised amount for its long term working capital and general corporate purposes. The ICICI Securities and are acting as lead managers for this issue. KFin Technologies was is the registrar company for this IPO.
The company plants list on both the National Stock Exchange and Bombay Stock Exchange. On 31st March 2020, the company announced its net profit at Rs. 71.70 cr. Comparatively, in the last year’s net profit of Rs. 17.36 cr.