As of 10:10 am, Happiest Minds shares were up 117.41 percent at Rs 360.90 on the BSE.
Happiest Minds Technologies shares made a highly successful debut, trading at a 111.4 percent premium to Rs 351 on the BSE against the issue price of Rs 166. On the NSE, the Bengaluru-based digital IT service provider’s shares opened at 350 rupees, up 110.8 percent each from the issue price.
At 10:10 am, Happiest Minds shares were trading 117.41 percent at Rs 360.90 on the BSE and 117.47 percent at Rs 366.45 on the NSE.
In the process, Happiest Minds outperformed IRCTC and DMart, which returned returns of just over 100% on their debut.
Happiest Minds Technologies’ 702 crore IPO was oversubscribed by 150.98 times, making it one of the most underwritten share offerings in recent history. The portion of Qualified Institutional Buyers (QIB) subscribed 77.43 times, non-institutional investors 351.46 times and individual retail investors 70.94 times.
The public issue was open for bidding from September 7 to 9, in the price band of Rs 165-166 per share. The initial public offering included a new 0.67 crore share issue and a 3.56 crore share offer to sell. The proceeds of the IPO will be used for long-term working capital requirements and general corporate purposes.
Ashok Soota is the promoter of Happiest Minds Technologies. Mr. Soota was previously the founding president and CEO of Mindtree, and vice president of Wipro.
The Happiest Minds IPO is the third public listing this calendar year, following the SBI Cards and Payment Services offering in March and the Rossari Biotech listing in July.
.
