Happiest Minds Stock Price – Happier Minds lists with 111% premium over issue price, beats DMart, IRCTC

NEW DELHI: Shares of Happiest Minds Technologies witnessed a stellar debut on Thursday when the scrip traded at Rs 351 on the BSE, a 111 percent premium over its issue price of Rs 166. With this, the shares outperformed the shares. IRCTC and DMart. who earned a return of just over 100 percent on their debuts in recent years.

On the NSE, the shares were trading at Rs 350, an increase of 110.84 percent.

The IPO, which was sold from September 7-9 in the Rs 165-166 price band, was subscribed 151 times. There are only four editions in the last five years that have witnessed higher subscription levels than Happiest Minds: Capacit’e Infraprojects (183 times), CDSL (170.1 times), Ujjivan Small Finance Bank (165.60 times) and Amber Enterprises (165.3 times) times).

At issue price, the stock was current at a valuation of 26.76 times fiscal year 20 earnings per share.

The data showed that the stock was ruling with a premium of Rs 146 to Rs 406.65 in pre-open trading. In the gray market, stocks enjoyed a healthy premium of Rs 155-158.

Bengaluru-based digital IT service provider saw share of Qualified Institutional Buyers (QIB) get 77x underwriting, while Non-Institutional Investor (NII) or High Equity Investor share subscribed 351x .

The retail investor share, which was fully subscribed in less than two hours on the first day of the bidding process, registered 71 times the subscription. Retail offers were received for 3,510 million shares, worth Rs 58,300 crore, compared to 23.2 million shares on offer.

There have been at least 20 issues in the past, which saw over 100 times investor underwriting. Those issues posted an average listing gain of 70 percent on their secondary market debuts, the data showed.

Salasar Techno Engineering, whose IPO of Rs 36 million was subscribed 273.10 times in July 2017, saw a price increase of 139.95%. The bond opened at Rs 259.15 against the issue price of Rs 108. Apollo Micro Systems, whose issuance of Rs 156 crore earned 248.5 times underwriting in January 2018, saw a listing price increase of 73.81 percent over the issue price of Rs 275. listed at Rs 478.

Three editions of the 2017 Astron Paper & Board Mill (Rs 70 crore issue size), Capacit’e Infraprojects (Rs 400 crore issue size) and Central Depository Services (Rs 524 crore issue size) saw a quotation of 128 percent, 59.6 percent and 67.78 percent, respectively. These numbers were subscribed 170-242 times.

Ujjivan Small Finance Bank (2019), Amber Enterprises India (2018), Religare Enterprises (2007), and Quess Corp (2016) obtained listing gains of 56.76%, 37.36%, 75%, and 57.41%, respectively . These numbers were subscribed 144-166 times.