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Happiest Minds Technologies spurts on debut

Capital Market 

Shares of Happiest Minds Technologies were trading at Rs 373 at 10:28 IST on the BSE, a premium of 207 points or 124.70% over the initial public offer price of Rs 166.

The stock was listed at Rs 351, a premium of 111.44% to the initial public offer (IPO) price of Rs 166 a share.

So far the stock hit a high of 395 and low of 351. On the BSE, 54.47 lakh shares were traded on the counter so far.

The IPO of Happiest Minds Technologies received bids for 351.18 crore shares as against 2.32 shares on offer. The issue was subscribed 150.98 times. The issue opened for bidding on 7 September 2020 and closed on 9 September 2020. The issue price was set at the top end of the Rs 165-166 per share IPO price band.

The non-institutional investors category was subscribed 351.46 times. The qualified institutional buyers (QIBs) category was subscribed 77.43 times. The retail individual investors (RIIs) category was subscribed 70.94 times.

The net proceeds of the IPO will be utilized to meet the long-term working capital requirement and general corporate purposes.

On a consolidated basis, Happiest Minds Technologies posted revenue (from contracts with customers) of Rs 177.02 crore and net profit of Rs 50.18 crore in the quarter ended on 30 June 2020.

Bengaluru-based Happiest Mind Technologies is an IT services provider. It is founded by IT veteran, Ashok Soota. Prior to founding Happiest Mind, Ashok was the founding chairman and managing director of MindTree. He was the vice chairman of Wipro and senior vice president of Shriram Refrigeration Industries prior to co-founding MindTree.

Happiest Mind enables digital transformation for enterprises and technology providers. It leverages a spectrum of technologies such as: Big Data Analytics, AI & Cognitive Computing, Internet of Things, Cloud, Security, SDN-NFV, Blockchain, Automation including RPA, etc.

The company's capabilities spans across product engineering, digital business solutions, infrastructure management and security services. It delivers these services across industry sectors such as retail, edutech, industrial, BFSI, hi-tech, engineering R&D, manufacturing, travel, media and entertainment, and others.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, September 17 2020. 10:32 IST