The initial public offering (IPO) of Happiest Minds sailed through in just over two hours of the start of the bidding process on Monday. The Rs 720 crore issue, with a price band of Rs 165-166 per share, received bids for 2,37,01,590 shares, which was 1.01 times the issue size of 2,32,59,550 shares, as per data compiled from the stock exchanges.
Its retail quota saw active participation and subscribed over 5 times. The NII (non-institutional investors) quota was subscribed 20 percent while the QIBs (qualified institutional buyers) was subscribed 8 percent.
The digital company has already raised Rs 316 crore ahead of the IPO from 25 anchor investors including Government of Singapore, Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India and Pacific Horizon Investment. At the upper price band, the issue is seeking a valuation of 26.76 times FY20 earnings per share.
The company intends to use the proceeds from the issue to meet long term working capital requirements and for general corporate purposes.