Route Mobile IPO subscribed 100% on first day, raised 180 crores from 15 anchor investors

September 09, 2020

 Route Mobile IPO subscribed 100% on the first day, raised 180 crores from 15 anchor investors

New Delhi. The IPO of Happiest Minds Technology, an IT service provider, has been subscribed 151 times till the last day. The company had targeted to raise Rs 702 crore through the issue. The company had fixed the price band of the stock at Rs 165-166. According to the stock market data, 2,37,01,590 applications for 2,32,59,550 shares were received in the first two hours. 97 percent of the company's revenue comes from digital business. The company's issue was open from 7 to 9 September.

Income from digital business is more than many IT companies



The revenue from the digital business of Happiest Minds Technology is much higher than that of IT giant Infosys, Cognizant, and Mindtree. Digital business accounts for only 40-50% of the revenue of these companies. Suta, the founder of Bengaluru-based Happiest Minds, said that the digital business is growing faster than the traditional. The company has more in business educational tech (EduTech) and high tech verticals.


Suta said that the company is fully prepared to deal with the challenges of Coronavirus, as 76% of its business has no effect on Covid-19. Currently, the company has 148 customers. The company services Retail, Edutech, Industrial (B), BFSI, Hi-Tech, and Engineering sectors.


The company offered for a fresh issue of Rs 110 crore

The company's sales were Rs 714 crore in FY 2020, which was Rs 601 crore in FY 2019. The company had a profit of Rs 71 crore in FY 2020, which was Rs 14.2 crore in FY 2019. The company had plans to raise Rs 702 crore from this IPO. The IPO proceeds will be used for working capital and general needs. The company had a fresh issue of Rs 110 crore and offers for sale of Rs 592 crore in the total IPO size of Rs 702 crore. Its market lot was kept at 90 shares.


Read More:


Post a Comment

0 Comments