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Cyril Amarchand Mangaldas Advises in Relation to Happiest Minds Technologies IPO

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Mumbai | Delhi, India (NewsVoir) Cyril Amarchand Mangaldas, India’s largest corporate law firm, advised Happiest Minds Technologies Private Limited (Happiest Minds) on its Initial Public Offering (IPO), and subsequent listing on the Indian Stock Exchanges. The firm acted as the domestic legal counsel to ICICI Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited, the book running lead managers (BRLMs) for the issue. It was one of the most successful listings in recent past, and registered the largest listing premium in 10 years and oversubscribed 151x. It was also the first IPO with complete digital filing to listing process post-COVID-19.

The Capital Markets team of Cyril Amarchand Mangaldas advised on the transaction played a pivotal role in deconstructing several complexities associated with this deal and in providing sound legal counsel to ensure a successful listing. The Transaction was led by was led by Vijay Parthasarathi, Partner, with support from Shivani Satyarthi, Principal Associate; Akshay Ralhi, Associate; and Sowmya Khandelwal, Associate.

Positioned as “Born Digital. Born Agile”, Happiest Minds focuses on delivering a seamless digital experience to its customers. Its offerings include, among others, digital transformation, product engineering, infrastructure management and security services, providing end to end solutions across advanced digital technologies. Happiest Minds adheres to the dual principles of innovation and customer centricity - principles that have enabled it to provide strategically viable, futuristic and transformative digital solutions.

As a part of the Transaction, Happiest Minds undertook an initial public offering of 42,290,091 equity shares of face value of INR 2 each for cash at a price of INR 166 per equity share aggregating to INR 702 crore (Offer).

The Offer comprised a fresh issue of 6,626,506 equity shares by Happiest Minds aggregating to INR 110 crore and an offer for sale of 35,663,585 equity shares by the Selling Shareholders (Ashok Soota, the Promoter and CMDB II) aggregating to INR 592 crore. This is Mr. Soota’s second successful listing.

Other Parties and Advisors to the Transaction included Herbert Smith Freehills LLP (International Legal Counsel to BRLMs) and S.R. Batliboi & Associates (Statutory auditors of Happiest Minds).

The Transaction agreement was signed on November 27, 2019; and the listing happened on September 17, 2020.

About Cyril Amarchand Mangaldas India’s Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has over 750 lawyers, including 137 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, startups and governmental and regulatory bodies.

The Firm received “Law Firm of the Year” award at the Asian Legal Business (ALB) India Law Awards 2020 and “Law Firm of the Year, India” at the Asialaw Regional Awards 2020. The firm was also named as the “Most Innovative National Law Firm of the Year – India for 2020” at the IFLR Asia Awards and voted as the “Employer of Choice for 2020” from India, by the Asian Legal Business. PWR PWR