- The company will use the proceeds from the sale of a fresh issue for the long term
- The company made a net profit of Rs 71.70 crore for the year ended 31 March.
IT service provider Happiest Mind Technology raised Rs 702 crore through an initial public offering (IPO). The IPO will open on September 7th. The priced band is Rs 165–166 per share. It will also include a recent issue of Rs 110 crore. The promoters have offered to sell 3.5 million shares.
Shares will block
The company said that Ashok Suta and CMDB II (JP Morgan Asset Management) would block over 84 lakh shares in the IPO. ‘Block’ refers to a large number of orders from institutional or other large investors to buy or sell the company’s stock. No official size has been set to create a block of stock, but it typically has a limit of over 10,000 shares of equity.
This issue will be closed on September 9
Sales partners will benefit from the sale offer. However, the funds raised from the sale of the recent issue will be utilized by the company over a longer period of time and meet common corporate goals. Investors can bid on at least 90 shares in an IPO. The issue will be closed on Wednesday 9 September. The company had a net profit of Rs 71.70 crore as of March 31, compared to Rs 17.36 crore in the previous year.