Happiest Minds IPO subscribed nearly 3 times on first day of issue

Digital IT services company, promoted by former MindTree chairman, works in cloud services, SaaS, analytics.

The Rs 700-crore initial public offering (IPO) of Happiest Minds Technologies was subscribed nearly 3x on Monday, the first day of the issue.

Bulk of the bids came from individual investors, with the retail investor portion seeing a 14.6x subscription. The qualified investor and wealthy investor portions were subscribed 8 per cent and 62 per cent, respectively.

Most of the bids for an IPO typically come on the last day. Yet, this was the highest first-day subscription for an IPO this year. The previous IPO, that of Rossari Biotech, was subscribed 60 per cent on the first day. It went on to