The basis of allotment for Happiest Minds IPO has been finalised.
IT services company Happiest Minds Technologies is expected to debut on bourses on September 17 after receiving an overwhelming response from investors for its initial public offering.
The Rs 702-crore public issue was subscribed 150.98 times, making it the eighth biggest IPO of the last decade.
The IPO of the Mumbai-headquartered digital IT services provider was subscribed 351.5 times by non-institutional investors and 77.4 times by Qualified Institutional Buyers (QIB) during September 7-9. Retail demand for the issue was strong as well, garnering 70.94 times subscription.
Now investors, who participated in the public issue, can check, whether the company have allotted shares or not, i.e. allotment status, through two available options:
Option 1Click on this link provided by the BSE, where you can check the status of your IPO application.
>> And click on the "Search" button.
Click here to get your allotment status on the website of Registrar appointed for IPO
>> Select IPO "Happiest Minds Technologies" from the dropdown.Via "Application Number" option,
>> And click on the "Submit" button.Via "DPID/Client Number" option,
>> And click on the "Submit" buttonVia PAN Number option, then
>> Click on the "Submit" button.
(Note: Captcha is Completely Automated Public Turing Test To Tell Computers and Humans Apart)
Happiest Minds, incorporated in 2011 by its promoter Ashok Soota who was one of the co-founders of Mindtree, provides digital business, product engineering and infra management solutions to clients across industry sectors such as retail, edutech, industrial, BFSI, hi-tech, engineering R&D, manufacturing, travel, media and entertainment.
Most of the analysts are bullish on Happiest Minds given the strong fundamentals, growth ahead in digital business and strong management.
"In FY20, 96.9 percent of the company's revenues came from digital services which is one of the highest among Indian IT companies. We believe the company's niche presence in value-added segments and its focus on emerging areas such as big data analytics, social media, and cloud delivery makes them better placed to capitalize on digital opportunities. At the upper price band of Rs 166, stock is valued at 12x of FY21E Earnings (based annualize latest earnings and on diluted basis)," said Asit C Mehta which feels Happiest is a long term story.
The public issue consisted a fresh issue of Rs 110 crore and an offer for sale of around Rs 592-crore by promoter Ashok Soota and investor CMBD II, which is a private equity fund advised by JP Morgan Investment Management.Happiest Minds is going to use fresh issue proceeds for its long-term working capital requirements and general corporate purposes.