Happiest Minds Tech makes a lot of money for its IPO investors — shares list at over double the issue price

Ashok Soota, Executive Chairman of Happiest Minds TechnologiesBCCL
The Ashok Soota backed Happiest Minds Technologies had a bumper listing today. The share price of the Bengaluru-based IT speciality company gained nearly 10% in minutes after listing debut and was trading at ₹387 a piece at 10:00am.

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%.

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BSE data till 10:20 am

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!
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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.

SEE ALSO: EXCLUSIVE: Muthoot Finance says this year's growth is likely to exceed guidance

Top stocks to watch— HCL, Infosys, Happiest Minds Tech, IndiGo, SpiceJet, Bharat Petroleum, Hindustan Petroleum, and more
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