Happiest Minds Tech makes a lot of money for its IPO investors — shares list at over double the issue price
- The share price of Happiest Minds Technologies gained nearly 10% in minutes after listing debut.
- The company issued the IPO at a price band of ₹166, but it listed at ₹351, with an upside of 130%.
- The issue was oversubscribed nearly 151 times, making it the 8th most successful IPO in the past decade.
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However, the weakness in the market weighed on the shares and it was trading 4% higher at ₹364 a piece at 10:20 am.
Investors who subscribed to the IPO are being rewarded with hefty gains. The company issued the IPO at a price band of ₹166, but it listed at ₹351, with an upside of 130%.
The company's total market cap rose to ₹5,595.50 crore at 10:05am. A total traded quantity of 25.17 lakh shares changed hands on BSE amounting to a turnover of ₹95.13 crore.
The company will trade with the symbol of ‘HAPPSTMNDS’ on the Indian stock exchanges.
The bumper listing was already on the cards!
The IPO garnered a massive response from investors and was oversubscribed nearly 151 times— making it the 8th most successful IPO in the past decade. And, there are a lot of reasons driving the company's bumper listing. The company is backed by the promoter Ashok Soota, who has vast experience in the IT field— which is deemed to grow in the tech-driven society.
According to the Axis Capital report, the company made 96.9% of its revenue from digital services in the fiscal year 2020, which is one of the highest among Indian IT companies— and makes it a tough competitor against its listed peers. And, the strong balance sheet with robust revenue growth makes it attractive to investors.
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