Shares of IT services firm Happiest Minds Technologies made a strong debut on exchanges. Happiest Minds shares surged as much as to ₹395 on BSE as compared to issue price of ₹166. The ₹702-crore initial public offering of Happiest Minds Technologies, promoted by Ashok Soota, garnered massive response from investors as it was subscribed a whopping 151 times. The issue had closed for subscription last Wednesday.
ICICI Securities and Nomura Financial Advisory and Securities (India) were the managers for the offer. The price band for the offer was fixed at ₹165-166 per equity share.
Happiest Minds IPO traded with the symbol of HAPPSTMNDS on exchanges.
IPO activity in India is likely to pick up in India after IPOs from Happiest Minds Technology Ltd. and Route Mobile Ltd. last week saw strong response from investors. Investors bid for Happiest Minds shares 151 times over, making it one of India’s most successful IPOs of this decade.
The sales are a bright spot in a market that’s seen little over $2 billion being raised from IPOs in 2020, the least for the period since 2016, despite the 50% jump in the main equity indexes from the March lows.
Ashok Soota, a pioneer of India’s information technology services industry, has headed three outsourcing companies including one of the nation’s largest, Wipro Ltd., and taken two of them public.
Happiest Minds gets almost all of its revenue from digital services. Soota, 77, founded the Bengaluru-based startup in 2011.
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