Ashok Soota’s Happiest Minds makes a stellar debut, rises by whopping 134% against IPO issue price

Ashok Soota-led Happiest Minds Technologies has hit Dalal Street on Thursday, and the stock performance has been breathtaking.

On the debut day, Happiest Minds have skyrocketed to whopping 134% against the IPO issue’s upper price band of Rs166 per piece. The stock has touched a fresh all-time of Rs395 per piece on Sensex.

The stock was listed at a premium of Rs351 per piece on the index.

At around 10.44 AM, Happiest Minds stock trades at Rs379.35 per piece surging by Rs213.35 or 128.52% against the upper price band.

However, the stock soared by 8.08% against the listing price. At the current market price, the company’s market capitalisation stands at Rs128.52cr on Sensex.

Happiest Minds is admitted to dealings on the Sensex in the list of ‘B’ Group Securities.

The IPO which opened on September 07, recorded oversubscription of 151 times on the final day September 09, 2020. The performance was aided by the huge response from non-institutional investors (NII) who subscribed by 351.46 times cumulatively. Retail individual investors (RII) and qualified institutional buyers (QIB) also witnessed oversubscription by 70.94 times and 77.42 times respectively.

The company planned to raise about Rs702cr through the issue.

This would be the second listing of Soota who also launched Mindtree in 2007 through the same route on stock exchanges. Happiest Mind is a decade old company and was founded by Soota in 2011. India Infoline