Leading global law firm Herbert Smith Freehills has advised India’s pioneering digital business transformation company on its oversubscribed IPO on India’s Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Happiest Minds Technologies Limited’s US$105 million offering was oversubscribed 150 times, making it one of India’s most successful IPOs in recent years.
Committed to being a “mindful technology company”, Happiest Minds enables digital transformation for a range of businesses, capitalising on the growing demand for digitisation of businesses across a wide range of industries and partners around the world.
"This IPO was very exciting for our team,” said partner Siddhartha Sivaramakrishnan. “It is another welcome signal of revived market activity, but it also speaks to Indian technology companies’ ability to continually move up the value chain and into cutting edge areas such as digital business transformation, which has considerable potential to reshape businesses in the coming decade."
"Investor interest in this IPO shows that tech companies in India have a real advantage in moving up the digital transformation curve quickly due to the country's accumulated skills and knowledge,” said Siddhartha.
“Companies everywhere are accelerating plans to deliver or access digital transformation following the pandemic, and India’s innovative tech companies are well placed to take advantage of this structural shift.”
The offering demanded advisers that understood equity fundraisings, public market regulation, the needs of international investors, and the complexity of a tech offering.
“There’s a huge amount of ‘dry powder’ in funds looking for the right Asian tech investment and advisers that know how to enable effective fundraising are a crucial part of the tech company growth story,” said Mark Robinson, the firm’s Asia Head of Technology, Media and Telecommunications Asia.
Head of India Corporate Roddy Martin said, “India remains a complex market that requires experienced advisers. It's great that we can bring our deep experience to bear in the new economy, as Indian tech companies, including Happiest Minds, unlock the global tech funding stream."