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Happiest Minds garners Rs 316 crore from 25 anchor investors ahead of IPO

Company issued shares to anchor investors at Rs 166 per share, the higher end of price band.

September 07, 2020 / 02:38 PM IST

Smallcap IT company Happiest Minds Technologies on September 4 has raised Rs 315.90 crore from 25 anchor investors, ahead of its IPO scheduled to open next week.

"The fund raising committee and selling shareholders in consultation with book running lead managers have finalised allocation of 1,90,30,541 equity shares to anchor investors," company said in its BSE circular.

Company issued shares to anchor investors at Rs 166 per share, the higher end of price band.

Anchor investors included Government of Singapore, Pacific Horizon Investment Trust, Integrated Core Strategies Asia Pte, Aditya Birla Sun Life MF, Axis MF, Goldman Sachs India Fund, HDFC Life Insurance, Franklin Templeton MF, ICICI Prudential MF, Kuwait Investment Fund, Fidelity Asian Values Plc, SBI MF, among others.

The Rs 702-crore initial public offering of Happiest Minds will open for bidding on September 7 and the same will close on September 9.

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Also readHappiest Minds Technologies IPO: 10 key things that you should know

The IPO consists a fresh issue of Rs 110 crore and an offer for sale up to 3,56,63,585 equity shares by promoter Ashok Soota (84,14,223 equity shares) and investor CMDB II, a private equity fund managed by JP Morgan Investment Management Inc (2,72,49,362 equity shares).

The company has fixed issue price band at Rs 165-166 per share, while bids can be made for minimum 90 equity shares and in multiples of 90 shares thereafter.

Happiest Minds will utilise its net proceeds from the fresh issue for long term working capital requirement and general corporate purposes.
Moneycontrol News
first published: Sep 5, 2020 02:28 pm
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