Happiest Minds Technologies lists at Rs. 351 per share on the BSE as against its issue price of Rs. 166 and continues to run-up to Rs. 394.95 per share on the NSE.
The mid-tier company Happiest Minds Technologies saw record subscription amid high volatility in the stock market with overall subscription at around 150.98x times. The investors bids were for 351 crore shares against the issue size of 2.32 crore.
In the pre-opening it settled at Rs. 350, i.e. a premium of 110%.
The Rs. 702 crore IPO was opened on September 7, 2020 and closed on September 9, 2020. Price band for the issue was fixed at Rs. 165- Rs. 167 per share. Investors were to subscribe for a minimum lot size of 90 shares worth Rs. 14940.
It was indeed the best performing IPO of this fiscal year.
Experts saw the listing for the counter at a price higher than Rs. 300 per share. And with a premium of Rs. 140, the opening price for the listed stock shall be Rs. 306, taking the gains to a whopping 84%.
For the IT sector the revival from the pandemic and outlook is seen to be positive with rapid digitization across business verticals.