About Happiest Minds

Happiest Minds Technologies Ltd is a mid-tier IT services company founded in 2011 by Ashok Soota (one of the co-founders of Mindtree Limited). Happiest Minds is headquartered in Bangalore, India with operations in the United States, United Kingdom, Canada, Australia, and the Middle East.

The company offers three major services: Digital Business Services, Product Engineering Services, and Infrastructure Management & Security Services.

Happiest Minds Technologies Private Limited

IPO Details

Happiest Minds initial public offer (IPO) will open for subscription on September 7 and closes on September 9, 2020. The price band of the offer has been fixed at ₹165 to ₹166 per equity share. At the upper end of the price band (₹166), the IPO will fetch ₹702 crores. Ahead of the IPO, the firm raised ₹316 crores from anchor investors, including the Government of Singapore, Goldman Sachs, and Kuwait Investment Authority (KIA).

The ₹ 702 crore IPO consists of a fresh issue of 0.67 crore shares and offer-for-sale of 3.56 crore shares by the promoters (Promoter Ashok Soota and investor JPMorgan’s private equity entity CMDB II selling 0.84 crores and 2.72 crore shares, respectively). An investor can bid for a minimum of 90 shares and in multiples of 90 shares thereafter. The shares will have a face value of ₹ 2 per share, and be listed on the BSE and the NSE.

Management Organization Chart

Digital IT and legacy IT

In 2019, the global enterprise digital spend stood at USD 691 billion and represented about 16.3% of the total technology spend within the IT sector. By 2025, the enterprise digital spend is projected to be around 34% of the total technology spend with the digital spending growing at a healthy CAGR of 20.19%.

Global Technology Spend Across Regions

India Technology Market Spend

Happiest Minds Technologies Strengths

1. Strong brand in Digital IT services

According to the Frost & Sullivan Report, the global enterprise digital spend is expected to be approximately USD 691 billion in 2019 and is expected to grow to USD 2,083 billion by 2025 at a CAGR of 20.19%. Broadly, their target market includes business services, IT services, infrastructure-as-a-service, applications, application development and deployment.

Happiest Minds brand positioning “Born Digital. Born Agile” is a reflection of digitalization being built into the essence of their business. In Fiscals 2019 and 2020, 97.2% and 96.9% of their revenue from operations was from providing digital IT services as below:

2. End to End capabilities spanning the digital life-cycle from road-map to deployment and maintenance

Comapany’s core competency is full lifecycle software development services including design and prototyping, product development and testing, component design and integration, product deployment, performance tuning, porting, cross-platform migration and ongoing support.

BU-wise revenue from contracts with customers and growth for the last three Fiscals are set out below

3. Strong R&D capability with depth in disruptive technologies creating value through newly engineered solutions.


1. Happiest Minds revenues from operations are highly dependent on customers located in the United States. Worsening economic conditions or factors that negatively affect the economic conditions of the United States could materially adversely affect their business.

In Fiscals 2018, 2019 and 2020, their external customers located in the United States contributed 73.5%, 75.5% and 77.5% of our revenue from operations, respectively.

2. They generate a significant portion of their revenues from a small number of customers, and any loss or reduction of business from these customers could reduce their revenues and materially adversely affect their business, financial condition, and results of operations.

3. They do not have long-term commitments with their customers, and their customers may terminate contracts before completion, negotiate adverse terms of the contract or choose not to renew contracts, which could materially adversely affect their business, financial condition and results of operations.

4. Happiest Minds face strong competition from onshore and offshore IT services companies, and increased competition, their inability to compete successfully against competitors, pricing pressures, or loss of market share could materially adversely affect our business, financial condition, and results of operations.