Amid Lockdown Happiest Minds Technology which is a Digital Solutions provider has filed his DRHP with SEBI for IPO, the first company to do so during COVID times.
Last IPO we have seen was of SBI Cards and Payments IPO in March 2020, since then there is no IPO in market.
About the Company
- The company provides the solution and methodologies for digital transformation to enterprises to increase their business efficiency.
- Mission Statement: “Happiest People. Happiest Customers”
- They offer various services including: Big Data and advanced Analytics, Artificial Intelligence & Business Process Management, Internet of Things, Cloud, Security, SDN-NFV (Software Defined Networking/Network Function Virtualization), Blockchain, Automation including RPA (Robotic Process Automation) etc.
- They offer these services to industries such as retail, consumer packaged goods, E-commerce, banking, Insurance, Hi-tech, Engineering R&D, Travel/Transportation.
- The company is Great Place to Work – Certified.
- Happiest Minds is headquartered in Bangalore, India with operations in the U.S., UK, The Netherlands, Australia and Middle East.
- As on Mar’20 the company carries 157 active customers with it.
About the Issue
- The issue comprises of fresh issue of Rs. 110 Cr and offer for sale upto 3.56 Crore Equity Shares.
- Founder Mr. Ashok Soota will be selling 84.14 Lakh Shares while private equity investor JP Morgan Investment Management CMDB II will offload 2.72 Cr. Shares(19.43% Holding).
- CMDB II will be exiting from the company through this IPO.
- The company is expected to raise around Rs. 700 Cr through this issue.
Promoter and Executive Chairman of Happiest Mind Technology
Mr. Ashok Soota was previously associated with Wipro Ltd as Vice Chairman and Mindtree Ltd as its Chairman and CEO. He has been conferred with a Dataquest IT Man of the year 2017.
In Fiscal Year 2019 and 2020, 97.2% and 96.9% of their revenue was generated from digital services.
ICICI Securities and Nomura Financial Advisory and Securities India are the managers for the proposed IPO.
Financial Summary : Happiest Minds Technologies
|Profit After Tax (PAT)||71.71||14.21||(22.47)|
Happiest Minds Technologies IPO is an initial public offering of equity shares of value Rs. 2 per share.
The company provides the solution and methodologies for digital transformation to enterprises to increase their business efficiency.
Happiest Minds Technologies IPO Dates are not announced yet.
Happiest Minds Technologies IPOs allotment date is not announced yet.
The listing Date of Happiest Minds Technologies IPO is not announced yet.