On the NSE platform, the shares were traded at Rs 350. The issue, which was sold between 7 and 9 September in the Rs 165-166 price band, was subscribed 151 times. This made it one of the most underwritten offers in more than a decade.
The portion of Qualified Institutional Buyers (QIBs) subscribed 77.43 times, non-institutional investors 351.46 times and individual retail investors 70.94 times, according to stock exchange data.
Happiest Minds’ IPO offer comprises a new issue of shares totaling up to Rs 110 million and an Equity Stock Sale Offer of up to Rs 3.56 million.
The company, promoted by Ashok Soota, had raised Rs 316 crore from anchor investors. Soota was also the founding president and managing director of MindTree. He had also served as vice president of Wipro.
About 13 years ago, he took his previous company, Mindtree, into an initial public offering, and that issue was oversubscribed 103 times.
In the year ending March 2020, Happiest Minds’ revenue rose 18 percent to nearly 700 crore, IPO documents showed, while reporting a profit of 71.7 crore, roughly five times more than the previous year.
India’s IT stocks have been among the few sectors to post gains in 2020, up 28 percent so far this year.
India’s stock market has seen only a handful of IPOs this year compared to more than a dozen in 2019, as the coronavirus crisis hit risk appetite. SBI Cards and Payment Services Ltd’s highly anticipated listing, the largest of the year, received a tepid response in mid-March.
(With contributions from the agency)
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