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Retail investors have caught frenzy to yet another tech company initial public offer (IPO). The share offer of Bengaluru-headquartered digital company, Happiest Minds Technologies (HMT), witnessed 150 times over subscription till around 6 pm on Wednesday and still one day is left for the issue to close.
The company, which was seeking to raise ₹702 crore through in its IPO, has received bids for ₹105-lakh crore. Anchor investors had put in around ₹316 crore last week.
HMT is among the top 10 most subscribed IPOs in around three years. Earlier, Dmart (104 times), CDSL (170 times), Salasar Techno (277 times), Captiate Infra (183 times) and Aston Paper (243 times) were the most subscribed IPOs of 2017. In 2018, the highest subscribed IPOs included Apollo Micro Systems (248 times) and Amber Enterprises (165 times). IRCTC (112 times) and Ujjivan Small Finance (165 times) were the most subscribed IPOs in 2019.
PTI:
The price band for the offer, which opened for subscription on Monday, has been fixed at ₹165 to ₹166 per equity share.
The offer comprises fresh issuance of shares aggregating up to ₹110 crore and an offer for sale of up to 3.56 crore equity shares.
On the upper end of the price band, the initial public offering (IPO) will fetch ₹702 crore.
The company, promoted by Ashok Soota, has raised ₹316 crore from anchor investors.
Soota was also the founding chairman and managing director of MindTree. He had also served as vice-chairman of Wipro.
The IT company proposes to utilise the net proceeds from the new issue for meeting long-term working capital needs and general corporate purposes.
The Bengaluru-based company’s shares are proposed to be listed on the BSE and the NSE.
ICICI Securities and Nomura Financial Advisory and Securities (India) are the managers for the offer.
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