The digital transformation IT consulting & services company, Happiest Minds Technologies receives the market regulator's approval to float an initial public offering.

In June, the company had filed a draft red herring prospectus with the Securities and Exchange Board of India, and it has received its observations on 21st August. It is mandatory to obtain SEBI's observations for any organization to launch public issues like initial public offerings, follow-on public offers, and rights issues.

According to the DRHP, Executive Chairman Ashok Soota, and investors CMDB, the IPO comprises fresh issuance of shares worth Rs. 110 crore and an offer for sale up to 3.56 crore equity shares, would provide shares through the offer-for-sale route.
Previously, Ashok has served as the Founding Chairman and Managing Director of Mindtree. During his tenure in Mindtree, the company was listed on the bourses. Prior to Mindtree, he was associated with Wipro and held the Vice-Chairman position.

According to the DRHP, the company has proposed to utilize the IPO proceeds to meet long-term working capital requirements and for general corporate purposes. Furthermore, the company would not receive any proceeds from the offer for sale. Whereas, the selling shareholders would be entitled to their respective portion of the proceeds.

At present, ICICI Securities and Nomura are the book-running managers for the Happiest Minds IPO. Also, the shares are proposed to be listed on the NSE and the BSE.