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Happiest Minds Technologies Ltd IPO (Happiest Minds IPO) Detail

September 7, 2020 - September 9, 2020

Happiest Minds IPO is a book built issue of Rs 702.02 crores. The issue is a combination of fresh issue of 0.66 crore shares aggregating to Rs 110.00 crores and offer for sale of 3.57 crore shares aggregating to Rs 592.02 crores.

Happiest Minds IPO bidding started from September 7, 2020 and ended on September 9, 2020. The allotment for Happiest Minds IPO was finalized on Monday, September 14, 2020. The shares got listed on BSE, NSE on September 17, 2020.

Happiest Minds IPO price band is set at ₹165 to ₹166 per share. The minimum lot size for an application is 90 Shares. The minimum amount of investment required by retail investors is ₹14,940.

ICICI Securities Limited and Nomura Financial Advisory And Securities (India) Pvt Ltd are the book running lead managers of the Happiest Minds IPO, while Kfin Technologies Limited is the registrar for the issue.

Refer to Happiest Minds IPO RHP for detailed information.

Happiest Minds IPO Details

IPO Date September 7, 2020 to September 9, 2020
Listing Date September 17, 2020
Face Value ₹2 per share
Price Band ₹165 to ₹166 per share
Lot Size 90 Shares
Total Issue Size42,290,091 shares
(aggregating up to ₹702.02 Cr)
Fresh Issue6,626,506 shares
(aggregating up to ₹110.00 Cr)
Offer for Sale35,663,585 shares of ₹2
(aggregating up to ₹592.02 Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE

Happiest Minds IPO Reservation

Happiest Minds IPO offers 23,259,550 shares. 12,687,028 (54.55%) to QIB, 6,343,513 (27.27%) to NII, 4,229,009 (18.18%) to RII. 46,988 RIIs will receive minimum 90 shares and (sNII) and (bNII) will receive minimum 1,260 shares. (in case of oversubscription)

Investor Category Shares OfferedMaximum Allottees
Anchor Investor Shares Offered-NA
QIB Shares Offered12,687,028 (54.55%)NA
NII (HNI) Shares Offered6,343,513 (27.27%)
Retail Shares Offered4,229,009 (18.18%)46,988
Total Shares Offered23,259,550 (100%)

Happiest Minds IPO Timeline (Tentative Schedule)

Happiest Minds IPO opens on September 7, 2020, and closes on September 9, 2020.

IPO Open Date Monday, September 7, 2020
IPO Close Date Wednesday, September 9, 2020
Basis of Allotment Monday, September 14, 2020
Initiation of Refunds Tuesday, September 15, 2020
Credit of Shares to Demat Tuesday, September 15, 2020
Listing Date Thursday, September 17, 2020
Cut-off time for UPI mandate confirmation 5 PM on September 9, 2020

Happiest Minds IPO Lot Size

Investors can bid for a minimum of 90 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (Min) 1 90 ₹14,940
Retail (Max) 13 1170 ₹194,220
Lot Size Calculator

Happiest Minds IPO Promoter Holding

Mr. Ashok Soota is the promoter of the company.

Share Holding Pre Issue 61.77%
Share Holding Post Issue 53.25%

About Happiest Minds Technologies Ltd

Incorporated in 2011, Positioned as "Born Digital. Born Agile" Happiest Minds Ltd is a Bangalore based IT service provider company. The business of the company is divided into three categories; Digital Business Service (DBS), Product Engineering Service (PES) and Infrastructure and Management Security Service ( IMSS).

The DBS unit offers digital application development & modernisation, assistance in designing & testing of operations, management of the platform, consulting and domain led offerings.

PES unit helps by transforming the potential of digital by making the product secure and smart. Wherein, IMSS provides an end to end monitoring and management capability for applications and infrastructure of the clients.

As of June 30, 2020, Happiest Minds had 148 active customers and has a global presence in countries like US, UK, Australia, Canada and the Middle East. The business units of the company is assisted by the 3 Centres of Excellence which are Internet of Things, Analytics / Artificial Intelligence, and Digital Process Automation. In Fiscal 2020, 96.9% of the company's revenues came from digital services which is one of the highest among Indian IT companies.

Happiest Minds delivers services across industry sectors such as Retail, Edutech, Industrial, BFSI, Hi-Tech, Engineering R&D, Manufacturing, Travel, Media and Entertainment.

Competitive Strengths

1. Focused on software product development
2. Strong Brand in offering Digital IT services
3. End to End digital lifecycle
4. Agile Engineering and Delivery

Company Financials

Summary of financial Information (Restated)
Particulars For the year/period ended (Rs in Million)
30-Jun-20 31-Mar-20 31-Mar-19 31-Mar-18
Total Assets 5,730.8 5,081.5 4,135.2 3,869.9
Total Revenue 1,869.9 7,142.3 6,018.1 4,891.2
Profit After Tax 501.8 717.1 142.1 (224.7)

Objects of the Issue (Happiest Minds IPO Objectives)

The company proposes to utilise the Net Proceeds from the fresh issue towards funding the following objects:

1. To meet long term working capital requirement; and
2. General corporate purposes

Happiest Minds IPO Review (Apply)

[Dilip Davda]  Based on financial parameters, issue appears fairly priced with something on the table. The company has adopted a mindful IT strategy for its future growth. Investors may consider subscribing this IPO for medium to long term rewards. Read detail review...

Happiest Minds IPO Subscription Status (Bidding Detail)

The Happiest Minds IPO is subscribed 150.98 times on September 9, 2020 5:00:07 PM. The public issue subscribed 70.94 times in the retail category, 77.43 times in the QIB category, and 351.46 times in the NII category. Check Day by Day Subscription Details (Live Status)

Application Wise IPO Subscription (Retail): 2201505 times

CategorySubscription (times)

Happiest Minds IPO Offer Size by Investor Category

The Percentage of Offer Size available for Allotment/allocation:

  • QIBs: 75%
  • Non-Institutional Investors: 15%
  • Retail Individual Investors: 10%

Risks to Investors in Happiest Minds IPO

  • The two book running lead managers associated with the Offer have handled 11 public issues in the past three years out of which 5 closed below the issue price on the listing date.
  • The average cost of acquisition for the Promoter Selling Shareholder is Rs 34.68 and the Investor Selling Shareholder is Rs 24.91, and the offer price at the upper end of the price band is 166.
  • The PE ratio based on diluted EPS for Fiscal 2020 for the Issuer at the upper end of the Price Band is as high as 31.0 as compared to the average industry peer group PE ratio of 26.9.

Happiest Minds IPO Prospectus

Happiest Minds IPO Rating

Rating:Rated 4.1 stars
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Happiest Minds IPO Listing Details

Listing Date September 17, 2020
BSE Script Code 543227
ISIN INE419U01012
Final Issue Price ₹166 per share

Pre-Open Session - NSE Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Last Trade

Check IPO Performance…

Happiest Minds Technologies Ltd Contact Details

Happiest Minds Technologies Ltd
53/1-4, Hosur Main Road,
Madivala (Next to Madivala Police Station),
Bengaluru - 560 068
Phone: +91 80 6196 0300

Happiest Minds IPO Registrar

Kfin Technologies Limited

Phone: 04067162222, 04079611000

Happiest Minds IPO - Buy or Not

Happiest Minds IPO Recommendation Summary

Review By Subscribe Neutral Avoid
Brokers 8 0 0
Members 0 0 0

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Happiest Minds IPO FAQs

Happiest Minds IPO is a main-board IPO of 42,290,091 equity shares of the face value of ₹2 aggregating up to ₹702.02 Crores. The issue is priced at ₹165 to ₹166 per share. The minimum order quantity is 90 Shares.

The IPO opens on September 7, 2020, and closes on September 9, 2020.

Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Zerodha customers can apply online in Happiest Minds IPO using UPI as a payment gateway. Zerodha customers can apply in Happiest Minds IPO by login into Zerodha Console (back office) and submitting an IPO application form.

Steps to apply in Happiest Minds IPO through Zerodha

  1. Visit the Zerodha website and login to Console.
  2. Go to Portfolio and click the IPOs link.
  3. Go to the 'Happiest Minds IPO' row and click the 'Bid' button.
  4. Enter your UPI ID, Quantity, and Price.
  5. ‘Submit’ IPO application form.
  6. Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Zerodha IPO Application Process Review for more detail.

The Happiest Minds IPO opens on September 7, 2020 and closes on September 9, 2020.

Happiest Minds IPO lot size is 90 Shares, and the minimum amount required is ₹14,940.

You can apply in Happiest Minds IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for Happiest Minds IPO will be done on Monday, September 14, 2020, and the allotted shares will be credited to your demat account by Tuesday, September 15, 2020. Check the Happiest Minds IPO allotment status.

The Happiest Minds IPO listing date is on September 17, 2020.
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Happiest Minds IPO Message Board

Ranked Members of Forum  Ranked Members | Members with Most Likes



766. Re.analist |   Link |  Bookmark |October 8, 2020 8:46:16 PM
Success full manage 2 company in past .
765. Saravanan |   Link |  Bookmark |October 8, 2020 11:44:27 AM
how to check allotment status
764. rsk |   Link |  Bookmark |October 2, 2020 8:23:00 AM
IPO Mentor IPO Mentor (600+ Posts, 300+ Likes)
Have changed QIB quota to 51000 only and added rest to NII.
763. alekh |   Link |  Bookmark |October 2, 2020 2:12:12 AM
Anyone who still haven't received back payments of Happiest mind ipo - its 1 october expiry was on 26th any idea how to get back please reply would be really helpful
762. IPO Daddy |   Link |  Bookmark |October 1, 2020 10:11:59 AM
hehe bakwass listing . this is what happens when all get allotment?
761. VINOD JAIN NICKY |   Link |  Bookmark |September 25, 2020 6:54:25 PM
Amount is still blocked . It was blocked through UPI BHIM APP. NO ALLOTMENT IS THERE.
761.1. Cheers Chiranjit |   Link |  Bookmark |September 27, 2020 12:22:55 AM
Send an email to Else it will be auto-unblocked on mandate-end date which I think was 27/28th. Faced similar issue. Got it unblocked 4days back by emailing them.
760. VINOD JAIN NICKY |   Link |  Bookmark |September 25, 2020 6:54:15 PM
Amount is still blocked . It was blocked through UPI BHIM APP. NO ALLOTMENT IS THERE.
759. EnGee |   Link |  Bookmark |September 25, 2020 6:28:51 PM
How can one raise the concerns / issues with the registrar of an IPO to SEBI, about the unfair practices / mal-practices followed in allotment of shares in the lottery?
I just received the allotment basis data for Happiest Minds IPO. For the applications of 1 lot (ie applications demanding 90 shares) the allotment ratio was 52:4061, and for applications of rest of the lots ie applications of 2 lots to 13 lots ie applications demanding 180 shares to 1170 shares, the allotment ratio was common 11:436.
In this case, what is the point of applying for highest lot?
Will this strategy not encourage people to subscribe in the IPO with application of smaller lots from DEMAT accounts of other people, which is not right actually?

I think Karvy (K F Infotech) must be interrogated for the reason behind this kind of allotment strategy.

In future, I will think well before applying for an IPO for which Karvy is appointed as registrar.
758. Chem cho |   Link |  Bookmark |September 24, 2020 1:23:17 PM
IPO Guru IPO Guru (2500+ Posts, 2700+ Likes)
Should be Bumber Listing
Price is very cheap @ Rs 554
Nifty at 10950 sensex 37037 1.20 PM DATE 24/09/2020
Should apply even if NIFTY Tests Lower Than 10900 -10800
758.1. RJ Rocks |   Link |  Bookmark |September 24, 2020 1:33:08 PM
Top Contributor Top Contributor (400+ Posts, 200+ Likes)
Chen cho sir apne UTI AMC ka review happiest mind me dal diya.
758.2. Chem cho |   Link |  Bookmark |September 24, 2020 1:33:59 PM
IPO Guru IPO Guru (2500+ Posts, 2700+ Likes)
sorry wrongly post in happiest MINDS

757. Nitin Verma |   Link |  Bookmark |September 17, 2020 7:46:25 PM
Is anyone else who have not got the refund till yet? My amount is still blocked with Union bank. What to do?
757.2. Himanshu chodavadiya |   Link |  Bookmark |September 21, 2020 4:58:41 PM
Same problem
757.3. Nitin Verma |   Link |  Bookmark |September 21, 2020 5:09:24 PM
Yes I got the amount. Please wait for 1 more day or connect with your bankm
756. Himanshu chodavadiya |   Link |  Bookmark |September 21, 2020 7:42:19 AM
I haven't received blocked amount .I used bhim UPI .plz anybody can help
755. Aniketiaf |   Link |  Bookmark |September 15, 2020 3:48:16 PM
IPO Guru IPO Guru (1800+ Posts, 10200+ Likes)
I think, my PAN no. is reserved for Route mob.
Congratulations to all allottee.
755.20. harit |   Link |  Bookmark |September 19, 2020 11:01:09 AM
@Aniket ji and others who bid multiple applications in the name of family members.

Anyone found any pattern in last couple of years allotments?

I put 7 application most of the times but allotments comes in 2-3 names only

My parents never got allotment when ipo over subscribed

My grand parents got maximum number of allotments (all crucial like Dixon,amber irctc happiest,fine org. ,And many more)

Other 3 members got 1-2 allotments

÷history of last 3 years÷

Dose other board members finding this kind of experience or my family is unique?

(I don't believe that Karvy or Link intime are doing anything improperly or wrongly)
755.21. Owls eye |   Link |  Bookmark |September 20, 2020 7:15:56 AM (500+ Posts, 1900+ Likes)

Yes similar situation with me!

My parents got allotment in one in every two ipos. Like Dixon, Smart, IRCTC, Ujjivan, etc.
754. kiran mahadev anpat |   Link |  Bookmark |September 19, 2020 10:48:19 PM
Can anybody applied maximum allotments and received any single allotment? Please let me know.
753. IPO Mitr |   Link |  Bookmark |September 19, 2020 12:33:29 PM
In the short term, HMT will go below 350 (listing price) and will give opportunity to enter for investors who believe in this stock for long term.

Short term investors may look to exit.

Suno sabki par karo sirf apne man ki

752. Ayush Jindal |   Link |  Bookmark |September 17, 2020 8:52:34 PM
Total Free Float Shares = 2,32,59,550 shares
Today’s EOD Delivery (NSE+BSE) = 2,20,27,093 (94.70%)
So that means 94.70% of Shareholders have Booked profit on listing day itself only.

Kindly think twice to make position in happiest mind at CMP of 370 after analyzing the above data.

Ayush Jindal
752.4. Prashant Pednekar |   Link |  Bookmark |September 18, 2020 2:18:42 PM
@AhireR, Yes but if you see the forward earning 2021/22 its just 19. Plus coming from a service sector I wonder its rated so well on Glassdoor and into all the latest of technologies. Also a pizza seller demands a 105 PE and its not expensive so I feel if the growth remains for a year more than 500 will look peanuts to buy this stock. That's my medium term outlook.
752.5. AhireR |   Link |  Bookmark |September 18, 2020 2:45:51 PM
IPO Mentor IPO Mentor (800+ Posts, 1000+ Likes)
It has already corrected 10% from yesterday's high..That's what I say, price is everything..
751. Neelesh Chouhan |   Link |  Bookmark |September 18, 2020 8:57:10 AM
Alloted 3 lot out of 12
Hold karu ya sale kar du.
Kindly guides.
751.1. Msharma |   Link |  Bookmark |September 18, 2020 9:41:40 AM
Your risk your decision.
750. RAHUL RAM |   Link |  Bookmark |September 17, 2020 8:18:38 PM
749. Eagleye |   Link |  Bookmark |September 17, 2020 10:25:36 AM
IPO Guru IPO Guru (6600+ Posts, 21900+ Likes)
Total Free Float = 23,259,550 shares

Pre-opening Delivery (NSE+BSE) = 6,058,614 (26.05%)

Today’s EOD Delivery (NSE+BSE) = 20,000,000 (86.0%)
749.3. BubbleBoy |   Link |  Bookmark |September 17, 2020 2:17:47 PM
Top Contributor Top Contributor (400+ Posts, 100+ Likes)

Only Anchor portion has 30 days lock in period, rest Ipo participants are free to sell. :)
749.4. papon |   Link |  Bookmark |September 17, 2020 6:52:08 PM
IPO Mentor IPO Mentor (500+ Posts, 500+ Likes)
Eagle mam 2 crores 20 lakhs taken as delivery (NSE + BSE). Very few free float shares left
748. Marwari |   Link |  Bookmark |September 17, 2020 6:15:38 PM
ON this price level
1. what about PE? on 166 pe was 30+ and today's closing price 370 PE is 65+. Is that justify the share price?
2. Promotor age is 77. How long he will run the company.
3. Why promotor offload his stake.
747. SathishRAVI |   Link |  Bookmark |September 16, 2020 7:49:37 PM
I got allotment and I got email and messages from NSDL. But still I couldn't see the shares in holding. I'm using zerodha..
747.2. Deepak Peswani |   Link |  Bookmark |September 16, 2020 9:33:59 PM
Same for me, cannot see the share in the holdings
747.3. Deepak Peswani |   Link |  Bookmark |September 17, 2020 5:51:27 PM
Did you got the share credited? I still don't.