The Happiest Minds Technologies IPO, which has garnered strong investor response, was subscribed 4.60 times at 12:30 pm on Day 2. The Happiest Minds IPO opened on Monday and will close on Wednesday (September 9) . At the end of day 1, the ₹The Rs 700 crore IPO was signed 2.9 times. Happiest Minds Technologies has raised ₹316 crore of anchor investors before IPO.
The offer price band has been set at ₹165 to ₹166 per share of capital. The offer includes a new issue of shares totaling up to ₹110 million rupees and an offer to sell equity shares of up to 3.56 million rupees.
KFin Technologies Private Limited is the registrar for the Happiest Minds IPO. ICICI Securities and Nomura Financial Advisory and Securities (India) are the managers of the offering.
Probable trading date and lot size
Happiest Minds shares are likely to be listed on September 17, 2020, according to brokerages. The minimum lot size is 90, which means investors must apply for a minimum of 90 shares and in multiples thereafter.
Happiest Minds Technologies shares are proposed to be listed on the BSE and the NSE.
Happiest Minds, incorporated in 2011, is a Bangalore-based IT service provider, which derives most of its revenue from the digital space. As of June 30, 2020, Happiest Minds had 148 active clients and a presence in countries such as the US, UK, Australia, Canada, and the Middle East.
In fiscal year 20, the company had reported revenue of ₹Rs 714 crore – growing at a CAGR of 20.8% between fiscal year 2018 and fiscal year 2020. It has more than 2,600 employees. In FY20, it had reported earnings of ₹72 crore.
Many analysts have recommended subscribing to the IPO.
National brokerage Geojit Financial Services has recommended subscribing to Happiest Mind IPO.
“In the upper price band of Rs.166, Happiest Minds is available at a P / E of 34x FY20, which is a premium compared to its large and medium peers. However, after the annualization of the Q1FY21 numbers We reached a P / E of 12xFY21, which looks attractive. With a strong management track record and growth potential in a post-Covid-19 scenario, we recommend a ‘SUBSCRIBE’ rating for this IPO with a long-term outlook. ” said the runner.
Another runner, Motilal Oswal, also likes the theme. “We like the company given its (1) strong presence in digital services, (2) scalable business model with end-to-end capabilities, and (3) rapidly improving financial performance. Therefore, investors can subscribe to the IPO. Additional consideration of the market conditions and bright prospects for IT companies after the Covid era, trading gains can also be made, “he said.
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