Happiest Minds files IPO papers with Sebi; JP Morgan fund to exit

Bengaluru-headquartered IT services company has filed draft red herring prospectus (DRHP) with market regulator for its initial public offering (IPO).

The proposed IPO comprises a fresh issue of shares worth Rs 110 crore and an offer for sale of 35.2 million shares by the company’s promoter Ashok Soota as well as private equity investor JP Morgan CMDB II, the prospectus showed. JP Morgan will exit its over five-year investment in the IT services firm if the IPO goes through.

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ICICI Securities and Nomura are the book running lead managers to this proposed issue, while KFin Technologies is the registrar to the offer.

Happiest Minds, which becomes the first player to file a share sale document since March, will list its shares in both NSE and BSE post the offer.

The company posted a net profit of Rs 71.70 crore for the year ended March 31 against Rs 17.36 crore last year.

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Soota, who was one of the co-founders of Mindtree, left the IT firm in 2011 to establish He was also president of Wipro’s Technology business from 1984 till 1989.