The Rs 700-crore initial public offering (IPO) of Happiest Mind Technologies was subscribed more than 8 times on Tuesday, a day before its close. Retail investor portion of the issue was subscribed nearly 38 times, while wealthy investor portion saw close to four times demand. The institutional investor quota was covered less than 40 per cent on Tuesday.
Happiest Minds is looking to raise Rs 110 crore in fresh capital through the IPO. The issue also comprises a secondary share sale worth Rs 590 crore. The price band for the IPO is Rs 165 to Rs 166 per share.
At the top end, the company is valued at Rs 2,440 crore on post-dilution basis.