Happiest Minds bets on digital business, IPO to open on 7 September

CIOReviewIndia Team | Wednesday, 02 September 2020, 13:00 IST

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Happiest Minds bets on digital business, IPO to open on 7 September

Happiest Minds which is a Bangalore-based IT services company is said to launch an initial public offer which will close on 9 September. It will start on 7th of September and has fixed the price band of ₹165-166 per equity share.

With offers  for sale aggregating up to 3.56 crore equity shares  a fresh issue of  ₹110 crore. This will also include 84 lakh equity shares which was held by promoter and executive chairman (Ashok Soota). Also, private equity fund CMDB  II has about 2.72 crore equity shares.  

For a minimum of 90 equity shares, bids for the IPO can be made and thereafter, multiples of 90 equity shares where the face value of the equity shares would be two rupees each.  “Digital is growing much faster than traditional business," Soota said in a virtual media briefing. 

Soota has also stated that the Bangalore-based company is robustly positioned to handle every challenge that is being generated due to COVID-19.  Almost 76 percent business is said to hit due to the pandemic as Happiest Minds has presence in verticals such as travel and hospitality as well. 

“However, the company is still standing strong and looking forward as they have a high exposure to edutech and high tech verticals which have grown significantly during the pandemic,” he added.



 

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