Happiest Mind's IPO Closes 702 crore; Subscribed 151 Times

By siliconindia  |  Friday, 11 September 2020, 11:10:18 AM IST

Happiest Mind's IPO Closes Rs.702 crore; Subscribed 151 Times
Ashok Soota's Happiest Minds Technologies has closed the 702 crore initial public offering (IPO). It received an overwhelming response from the investor, and the public offer of the company was subscribed 150.98 times. ICICI Securities, Edelweiss Financial Services, and Axis Capital would be managing the Route Mobile IPO.
The IPO received bids for over 3.51 billion shares against the offered size of more than 23 million equity shares and the data available on the exchanges were notable. The retail investor's portion of share that was reserved for sale was subscribed 70.94 times. On the other hand, the ones reserved for non-institutional investors and qualified institutional buyers were subscribed 351.46 and 77.43 times, respectively. 
Investment banks Nomura and ICICI Securities has suggested Happiest Minds on its share sale.  The 600-crore initial share sale of Route Mobile, a cloud communication platform as a service provider, has also initiated on a strong note and was fully subscribed. They have also led the retail investors on day one. The retail portion has been subscribed about 1.8  times on Wednesday, while the Route Mobile IPO would close today. 
According to sources, the IPO has received bids for 12.2 million shares against the offered size of more than 12.1 million equity shares. However, the price band for each IPO was fixed in the range of 345-350 per share.
Route Mobile's product offerings support peer-to-application,application-to-peer, two-way messaging, over-the-top (OTT) business messaging, voice, omnichannel communication, and email. Furthermore, it also provides a firewall, filtering, and monetization, SMS analytics, besides SMS hubbing and instant virtual number solutions to various mobile network operators across the country. 
Ashok Soota was the founding chairman and managing director of Mindtree, before establishing Happiest Minds. Prior to that, he served as the vice-chairman of Wipro. 

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