Happiest Minds record listing is sign of India's digital drive

the asian age  | RAVI RANJAN PRASAD

Business, Companies

The share listed at a record premium of 110 per cent on the NSE and BSE

Ashok Soota, promoter of Happiest Minds.

Mumbai: Happiest Minds Technologies gained more than 100 per cent on it stock market debut, doubling shareholders' investments in just a week’s time from the close of the initial public offering on September 9.

The Bengaluru-based IT solutions firm’s shares listed at Rs 351 on BSE and Rs 350 on NSE, at a premium of 111.44 per cent, against the public issue price of Rs 166 per share.

Happiest Minds’ shares touched a high of Rs 395 on BSE and Rs 394.95 on NSE. The stock finally closed at Rs 371 on BSE gaining 123.49 per cent on the first day of listing with a market capitalization of Rs 5,448 crore.

Earlier, Rs 702 crore public offer by the company got subscribed 151 times on the closing day of September 9, 2020.

The combined turnover on NSE and BSE was a massive Rs 2353 crore.

Suyog Kulkarni, senior analyst, Reliance Securities said, "Happiest Minds recorded listing suggests investor confidence on company execution and broad-based technology demand resilience. Digital capabilities will be in high demand in the post-pandemic world driven by a shift in demand to cloud, AI (artificial intelligence), cyber offerings.”

He added, “Additionally, in the medium term, mid-size IT companies need to consistently upgrade their offerings through enhanced ecosystem participation and inorganic capability additions which we believe will decide future growth trajectory."

The IPO season is here now with CAMS IPO worth Rs 2242 crore opening on September 21 and others final stages of launch, said analysts.

“More IPOs like CAMS, UTI AMC, Angel Broking, Chemcon Speciality Chemicals, etc. are likely to open in September. Besides them, Kalyan Jewellers, NCDEX, Barbeque Nation, Burger King, Bajaj Energy, Lodha Developers are some of the names likely to hit the market in CY20. Of this CAMS and UTI AMC will be big ticket size IPOs. LIC could also join the bandwagon later this year and could be one of the largest IPO in the country ever – going by the company’s size,” said Hemang Jani, head – Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services.