Bengaluru-based IT services firm Happiest Minds Technologies said today that it will launch its IPO issue to raise an estimated Rs. 702 crore on September 7. The issue will close on September 9, 2020. For the issue, the company has fixed the price at Rs 165 to Rs 166 per equity share, said the company in a statement.
The public issue will include issuance of fresh equity of up to Rs. 110 crore and an OFS of 3.56 crore shares in which company's promoter Ashok Soota will offer 8,414,223 equity shares and PE fund CMDB-II will offer 27,249,362 shares.
Investors can place their bids for the IPO for a minimum of 90 shares and in multiples of 90 shares thereafter. Face value of the company's equity shares is Rs. 2 each. The company plans to put the proceeds for meeting long-term working capital needs and for other general corporate tasks.
ICICI Securities and Nomura Financial Advisory and Securities (India) are the manager for the offer.