ICICI Securities successfully closes ~INR 7,020 mm IPO of Happiest Minds Technologies Limited

ICICI Securities Limited (“I-Sec”) has announced the successful closure of the Initial Public Offering (IPO) of Happiest Minds Technologies Limited (“Happiest Minds”). Happiest Minds (positioned as a “Born Digital, Born Agile” company) is a leading next-generation digital transformation company.

I-Sec ranks #1 in Tech IPOs in the last 6 years with Happiest Minds IPO being the 5th Tech IPO as a Left Lead since 2016 and being part of 8 out of 10 Tech IPOs (led by dedicated technology coverage team which is one of few across banks). I-Sec delivered its full service strength as a Left Lead Banker and the best all-round marketing performance. The IPO received an unprecedented response from investors despite volatile market conditions, with the issue being oversubscribed more than 151.0 times with the QIB category getting subscribed more than 77.5 times.

Highlights of the IPO :

Digital IT Services: This marks the maiden IPO of a digital IT services player from Indian markets, given that Happiest Minds has ~97% of its revenue from digital offerings and ~88% of projects delivered through agile model.

Offer Size: The offer size was ~7,020 mm (amounting to ~28.8% of the post issue paid capital of the company) consisting of primary issuance of ~1,100 million and an offer for sale of ~35.7 million equity shares. The issue was fixed at a price band of INR 165-166 per equity share.

Outstanding Investor Response: The offer has received outstanding demand from all categories of investors despite Covid-19 pandemic and got subscribed over 77.5 times by QIBs, over 351.5 times by Non Institutional Investors and over 70.9 times by Retail Investors.

Marquee Investor Participation: Prominent investors participated in the Anchor including GIC, Baillie Gifford, Goldman Sachs, Franklin Templeton, Fidelity, Birla MF, Eastspring Investments, ICICI Prudential MF, SBI Life, HDFC Life, and Nippon MF.

Exceptional Execution: The transaction was executed successfully in the midst of the on-going Covid-19 pandemic with the complete process including marketing roadshows and press briefings conducted virtually / digitally.

Shares of ICICI Securities Ltd was last trading in BSE at Rs.483.35 as compared to the previous close of Rs. 475.9. The total number of shares traded during the day was 25738 in over 1648 trades.

The stock hit an intraday high of Rs. 491.15 and intraday low of 471.75. The net turnover during the day was Rs. 12510233.

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