Magazine : 
Happiest Minds to Go IPO on 7th September
The Bangalore based IT-firm, Happiest Minds Technologies has announced its initial public offer (IPO) launch. The offer would commence on 7th September and conclude by 9th September and the company has fixed the price band at 
165 -166 per equity share.
165 -166 per equity share.
The IPO of the IT service company would include a fresh issue of 110 crore and an offer for sale of up to 3.56 crore equity shares by promoters. This includes 84 lakh equity shares held by the Promoters and Executive Chairman, Ashok Soota as well as 2.72 crore equity shares held by private equity fund CMDB II.
110 crore and an offer for sale of up to 3.56 crore equity shares by promoters. This includes 84 lakh equity shares held by the Promoters and Executive Chairman, Ashok Soota as well as 2.72 crore equity shares held by private equity fund CMDB II.
Furthermore, the bid for the IPO could be made for a minimum of 90 equity shares and in multiples of 90 equity shares thereafter. The value of each share is 2. The company's current position as a digital service company is also demanding assistance. Presently, the company has a profit of 72 crore on revenue of 714 crore. The EBITDA CAGR was 285 percent in the last three years.
2. The company's current position as a digital service company is also demanding assistance. Presently, the company has a profit of 72 crore on revenue of 714 crore. The EBITDA CAGR was 285 percent in the last three years.
Ashok Soota says, “Digital is growing much more than traditional IT services which is what enables us to grow at 20.8 percent (last three years’ CAGR), whereas the industry has slowed down to 8-10 percent. We knew this was going to be a difficult year but I knew I could make up for any loss of revenue through our profitability.”
Alongside, a JP Morgan fund that was invested in Happiest Minds five years ago is contributing all its share for sale in the IPO. Ashok, holds about 49 percent of the company's shares, is offering a part of his share for sale. Thus, altogether these would amount to 592 crore at the upper end of the price band
592 crore at the upper end of the price band
