Happiest Minds IPO Closed

Happiest Mind Technologies is launching a Rs 700 crore public issue.

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Date 07 Sep 2020 – 09 Sep 2020
Price range 165 – 166
Minimum order quantity 90
(D)RHP View

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Happiest Minds Technologies Limited is an IT services company founded in 2011 by Ashok Soota (one of the co-founders of Mindtree Limited).

Here is a revenue breakup of the company given in the prospectus:

 
Service Offerings Fiscal 2019 Fiscal 2020 Three Months Ended June 30, 2020
Digital infrastructure/Cloud 40.9% 31.2% 43.7%
SaaS 28.6% 29.4% 23.6%
Security solutions 10.2% 14.9% 7.6%
Analytics/AI 9.1% 11.6% 12.1%
IoT 8.4% 9.8% 9.3%
Total 97.2% 96.9% 96.3%

The issue size is approximately Rs 700 crores and accounts for about 28.8% of the post-offer shares of the company. In other words, the expected size (or, market capitalization) of the company is about Rs 2400 crores at the issue price. Out of the Rs 700 crores, about 15% will be in form of new shares of the company and the rest of the issue is an offer for sale from the promoters (about 20%) and investors (about 65%).

You can check the revenue and profit of the company for the last three fiscal years below (from the prospectus):

Parameter Rs. million Fiscal 2018 Fiscal 2019 Fiscal 2020 Three Months Ended June 30, 2020
Revenue from operations 4,891.2 6,018.1 7,142.3 1,869.9
EBITDA 76.2 662.8 1,131.2 478.2
Restated before tax profit/ (loss) for the quarter / year (230.8) 129.8 736.1 408.4
Restated profit/ (loss) for the quarter / year (224.7) 142.1 717.1 501.8
 

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