IT services firm Happiest Minds Technologies has raised Rs 316 crore from anchor investors, ahead of its initial public offering that opens on Monday.
Some of the main investors are the Government of Singapore, Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India and Pacific Horizon Investment.
A total of 25 anchor investors have been allocated 1,90,30,541 equity shares in the upper price band of Rs 166 per script. At this price, the company absorbed Rs 315.9 crore, Happiest Minds said in a statement issued on Saturday.
The IPO will open for subscription on September 7 and will close on September 9. The offering price band has been set at Rs 165 to Rs 166 per equity share.
The offering comprises a new issue of shares totaling up to Rs 110 million and an offer to sell equity shares of up to Rs 3.56 million.
The company’s promoter, Ashok Soota, will offer 8,414,223 equity shares and CMDB-ll (JP Morgan Asset Management) will offer 27,249,362 scripts through the offer-for-sale route.
Soota was also Founding President and Managing Director of MindTree Ltd. Prior to this, he was Vice President of Wipro Ltd.
At the upper end of the price band, the initial public offering will reach Rs 702 crore.
The IT company proposes to use the net proceeds from the new issuance to meet long-term working capital requirements and general corporate purposes.
It is proposed that the shares of the Bengaluru-based company be listed on the BSE and the NSE.
ICICI Securities and Nomura Financial Advisory and Securities (India) are the managers of the offering.
The company, which submitted preliminary documents to markets regulator Sebi in June, had obtained its approval to launch an IPO in August.
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