Happiest Minds, an IT services company based out of Bangalore, divulges that it will launch its initial public offer (IPO) on September, the 7th, and will be closed two days after, on 9th.

The prices are fixed at Rs.165-166 per equity share, implicating an upper end offering values of Rs.702 crore.

In a virtual media briefing, Ashok Soota, Promoter & Executive Chairman, Happiest Minds, said, “Digital is growing much faster than traditional business.” He defended the apprehensions of going public, divulging that around 97 percent of the company’s income is generated out of its digital solutions. The peer companies like Cognizant, Infosys and Mindtree get 40-50 percent income out of their digital solutions. He pointed out this difference is a significant reason to go public amidst the ongoing pandemic.

Soota has almost 49 percent shares in the company, which becomes 62 percent when considering the family as a whole. He is offering a part of this equity for sale. JP Morgan Fund had invested in the company in 2015, which enabled the company to offer all of those shares for sale in the IPO, taking the amount to around Rs.592 crore at the upper end. In addition, there will be a fresh issue of shares, which will comprise around Rs.110 crore.

Founded by Soota in 2011, Happiest Minds offers IT solutions powered by technologies like big data analytics, internet of things, mobility, cloud, and unified communications. Cupola Technology Pvt. Ltd is a subsidiary. The company had recorded a revenue of ₹714.2 crore in FY20.