Happiest Minds IPO hotter than DMart, IRCTC listings even during COVID-19

On Thursday, the shares of Happiest Minds Technologies made its debut in the stock market. It got listed at Rs 351 per piece on BSE which is 111 per cent higher than the issue price of Rs 166. According to ET, this listing has delivered more than IRCTC and DMart in recent years.

However, the share was listed at Rs 350 on NSE, up 110.84 per

The issue price of Avenue Supermarts (DMart) was Rs 266 per equity share, whereas, on BSE, it was listed for Rs 604.40 per equity share. Meanwhile, the shares of IRCTC got listed at Rs 644 on BSE, a 101.25 premium, while the issue price was Rs 320 per piece.

At the close of the session, the scrip ended at 127.69 per cent higher at Rs 728.60 on the exchange.

Happiest Minds Technologies was oversubscribed 151 times. In the last five years, IPOs that received high subscriptions are Capacit'e Infraprojects (183 times), CDSL (170.1 times), Ujjivan Small Finance Bank (165.60 times), and Amber Enterprises (165.3 times).

While the qualified institutional buyers’ (QIB) portion was subscribed 77 times subscription, the non-institutional investors (NII) or high net worth investors’ quotas were subscribed 351 times, the report pointed out.

Happiest Minds Technologies is founded by IT veteran Ashok Soota. Post-IPO, the promoter’s stake was down to 53 per cent. The price band of the issue was Rs 165-166 per equity share.

Bengaluru-based Happiest Minds Technologies has around 150 customers with a presence in countries like the US, the UK, Australia, Canada, and the Middle East.

The company reported a profit of Rs 501.8 million for the quarter ended June 30, 2020.

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Free Press Journal