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Happiest Minds Technologies trades at over 60% premium in grey market

Company is going to use proceeds from fresh issue towards long term working capital requirement and general corporate purposes.

September 07, 2020 / 02:39 PM IST

Bengaluru-based digital IT services provider Happiest Minds Technologies is trading at more than 60 percent premium over issue price in the grey market ahead of its initial public offering.

Veteran Ashok Soota-owned firm will open its Rs 702-crore IPO for three-day bidding on September 7.

The grey market premium is currently at around Rs 105-110 per share, i.e. 63-66 percent higher compared to issue price of Rs 165-166 per share, experts told Moneycontrol.

The public issue comprises a fresh issue of Rs 110 crore and an offer for sale of 3,56,63,585 equity shares by promoter and founder Ashok Soota and investment firm JP Morgan-backed private equity fund CMDB II.