Happiest Minds to launch IPO on September 7, price band set at Rs 165-166/share

IT services provider Happiest Minds Technologies is set to launch its initial public offering for subscription on September 7.

The public issue consists of a fresh issue of Rs 110 crore and an offer for sale of up to 3,56,63,585 equity shares by selling shareholders.

The offer for sale includes 84,14,223 equity shares by promoter Ashok Soota and 2,72,49,362 equity shares by investor CMDB II, a private equity fund managed by JP Morgan Investment Management Inc.

Happiest Minds has fixed the price band at Rs 165-166 per share for its public issue which will remain opened till September 9.

The company aims to raise Rs 702 crore via public issue, at higher end of the price band.

The issue will open for anchor investors for a day on September 4.

Bids can be made for a minimum of 90 equity shares and in multiples of 90 equity shares thereafter.

Equity shares offered via public offer are proposed to be listed at BSE as well as the National Stock Exchange.

ICICI Securities and Nomura Financial Advisory and Securities (India) are book running lead managers to the offer, while KFin Technologies is the registrar to the public issue.