Ashok Soota's Happiest Minds files DRHP, ready for IPO T

Source :Sify
Author :Sify
Last Updated: Fri, Jul 3rd, 2020, 01:36:23hrs

Ashok Soota promoted Happiest Minds has filed a Draft Red Herring Prospectus with the SEBI about plans of an IPO (Initial Public Offering).

The IT consulting company plans to raise Rs 110 crores from selling shares. The funds would be used to meet long-term work capital requirements of the company.

Ashok Soota holds 48.83 percent while JP Morgan holds 19.43 percent in Happiest Minds. While JP Morgan Asset Management CMDB II is expected to sell 2.7 crores, Ashok Soota could sell up to Rs 84.14 lakh shares.

The IPO book running lead managers are ICICI Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited.

The DRHP dated June 10 is available on SEBI website.

The prospectus lists the company's profits at Rs 71.7 crores out of total income of Rs 714.2 crores. Happiest Minds, a 2,500 people strong company adds that there is a "substantial opportunity to grow customer base". Currently, 24 of 157 active clients are in the $1-5 million bucket and only one in the $10 million bucket.

77 year old Ashok Soota is a technology industry veteran having found Mindtree prior to Happiest Minds. He exited Mindtree in 2012 after selling his stakes. He had also been associated with Wipro Infotech as its President. In a prior interaction, Soota revealed an IPO was a tall-task in 2018 given tough economic situations. He added that an IPO for Happiest Minds was possible only by 2020.