Happiest Mind Technologies Ltd has filed draft papers with markets regulator Sebi for its initial public offering (IPO).

The offer consists of a fresh issue of shares aggregating up to Rs 110 crore and offer for sale of up to 3.56 crore equity shares, according to the draft red herring prospectus (DRHP).

This is the first major IPO announced by a company since the imposition of lockdown in the country in March to tackle the COVID-19 pandemic.

The IT company, promoted by Ashok Soota, proposes to utilise the net proceeds from the fresh issue to meet long-term working capital requirement and general corporate purposes.

The company will not receive any proceeds from the offer for sale. The selling shareholders will be entitled to their respective portion of the proceeds of the offer for sale.

ICICI Securities and Nomura Financial Advisory and Securities (India) are the manager for the offer.

The Bengaluru-based company's shares are proposed to be listed on the BSE and NSE. PTI SUM

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