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Happiest Minds IPO day 2: Issue subscribed 8.4 times, retail portion at 39 times

Ajcon Global believes the issue is priced at a premium owing to its robust business model and major presence in Digital IT space.

September 08, 2020 / 06:54 PM IST

The Rs 702-crore initial public offering of Bengaluru-based mid-sized digital IT company Happiest Minds Technologies continues to see strong subscription on the second day of bidding, September 8.

The public issue has received bids for 19.53 crore equity shares against IPO size (excluding anchor book) of 2.3 crore equity shares and as a result, the offer witnessed 8.4 times subscription, the data available on the exchanges showed.

Retail investors maintained their tempo by investing a huge sum of money in the issue as their portion set aside has been subscribed over 38.85 times. The reserved portion of non-institutional investors saw 3.96 times subscription and that of qualified institutional investors 46.7 percent.

The public issue, which will close on September 9, consists a fresh issue of Rs 110 crore and an offer for sale of 3,56,63,585 equity shares by promoter Ashok Soota and JP Morgan-backed private equity fund CMDB II.