Happiest Minds Technologies IPO: How to check allotment status

The allotment of shares for the applicants of Happiest Minds Technologies initial public offering (IPO) has been finalised. Investors can check status of their share allotment on the website of KFin Technologies. One needs to submit PAN number or IPO application number to check the allotment status. KFin Technologies Private Limited is the registrar of the Happiest Minds IPO. A registrar in an IPO is responsible for IPO allotment and refund processing. Meanwhile, website of KFin Technologies crashed today after investors rushed to check the allotment status.

Shares of Happiest Minds are likely to get listed on September 17, 2020. On the last day of bidding on September 9, IPO of the IT services firm was subscribed 150.98 times. The portion reserved for non-institutional investors was subscribed 351.46 times, while the qualified institutional buyers' quota got a subscription of 77.42 times. The quota for retail investors was subscribed 70.94 times.   

Happiest Minds 8th most successful IPO in a decade

The Happiest Minds IPO, has joined the coveted club of most successful initial public offers (IPOs) since 2008 which crossed a subscription ratio of 100 times, ranking itself as the eighth biggest IPO of the last decade. The IT firm that earns almost 97% of its revenue from digital services opened its share sale on September 7. Price band for the IPO was fixed at Rs 165-Rs 166 per equity share.

The firm issued fresh shares aggregating up to Rs 110 crore, and an offer for sale of up to 3.56 crore equity shares. The firm plans to raise Rs 702 crore at the upper end of the IPO price band. Promoter Ashok Soota will sell 8,414,223 equity shares and private equity fund CMDB-II will offer 27,249,362 shares through the offer-for-sale route.

Happiest Minds Technologies IPO: Share allotment today, here's how to check status

Applications in the IPO were made in a lot size of 90  equity shares and in multiples of 90 scrips thereafter. The Bengaluru-based company plans to use the net proceeds from the fresh issue to meet long-term working capital requirement and general corporate purposes.

The shares are proposed to be listed on BSE and NSE. ICICI Securities and Nomura Financial Advisory and Securities (India) are the manager for the offer. The company filed draft papers with the markets regulator Securities and Exchange Board of India (Sebi) in June approval for the IPO from SEBI on August 21.  

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