<p>The initial public offer of IT services firm Happiest Minds Technologies was subscribed 2.87 times on the first day of bidding on Monday.</p>.<p>The IPO received bids for 6,67,09,800 shares against total issue size of 2,32,59,550 shares, according to data available with the NSE. </p>.<p>Qualified institutional buyers (QIBs) category was subscribed 8 per cent, non-institutional investors 62 per cent and retail individual investors 14.61 times.</p>.<p>Happiest Minds Technologies has raised Rs 316 crore from anchor investors.</p>.<p>The IPO will close on Wednesday (September 9). The price band of the offer has been fixed at Rs 165 to Rs 166 per equity share.</p>.<p>The offer comprises a fresh issuance of shares aggregating up to Rs 110 crore and an offer for sale of up to 3.56 crore equity shares.</p>.<p>At the upper end of the price band, the IPO will fetch Rs 702 crore.</p>.<p>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 scrips through the offer-for-sale route.</p>.<p>Soota was also the founding chairman and managing director of MindTree Ltd. Prior to this, he was the vice-chairman of Wipro Ltd.</p>.<p>The IT company proposes to utilise the net proceeds from the fresh issue for meeting long-term working capital needs and general corporate purposes.</p>.<p>The Bengaluru-based company's shares are proposed to be listed on the BSE and the NSE.</p>.<p>ICICI Securities and Nomura Financial Advisory and Securities (India) are the managers for the offer. </p>
<p>The initial public offer of IT services firm Happiest Minds Technologies was subscribed 2.87 times on the first day of bidding on Monday.</p>.<p>The IPO received bids for 6,67,09,800 shares against total issue size of 2,32,59,550 shares, according to data available with the NSE. </p>.<p>Qualified institutional buyers (QIBs) category was subscribed 8 per cent, non-institutional investors 62 per cent and retail individual investors 14.61 times.</p>.<p>Happiest Minds Technologies has raised Rs 316 crore from anchor investors.</p>.<p>The IPO will close on Wednesday (September 9). The price band of the offer has been fixed at Rs 165 to Rs 166 per equity share.</p>.<p>The offer comprises a fresh issuance of shares aggregating up to Rs 110 crore and an offer for sale of up to 3.56 crore equity shares.</p>.<p>At the upper end of the price band, the IPO will fetch Rs 702 crore.</p>.<p>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 scrips through the offer-for-sale route.</p>.<p>Soota was also the founding chairman and managing director of MindTree Ltd. Prior to this, he was the vice-chairman of Wipro Ltd.</p>.<p>The IT company proposes to utilise the net proceeds from the fresh issue for meeting long-term working capital needs and general corporate purposes.</p>.<p>The Bengaluru-based company's shares are proposed to be listed on the BSE and the NSE.</p>.<p>ICICI Securities and Nomura Financial Advisory and Securities (India) are the managers for the offer. </p>