Happiest Minds Technologies Makes Bumper Market Debut; Shares Zoom Over 123%
Happiest Mind is a small-sized IT services company promoted by Ashok Soota.
Shares of Happiest Minds Technologies Ltd had a steller debut at the bourses on Thursday and closed over 123 per cent higher against its issue price of Rs 166 per share. The stock of the IT services firm, which got listed at Rs 351 apiece, reflected a gain of 111.44 per cent from the issue price on the BSE, rose to a high of Rs 395, a jump of 137.95 per cent during the day. It finally closed with a gain of 123.49 per cent at Rs 371.
On the National Stock Exchange (NSE), it closed at Rs 371, up 123.49 per cent after opening at Rs 350 apiece, zooming 110.84 per cent against the issue price. "Happiest Minds Tech made a stellar listing and ended the first day of trade with a gain of 124 per cent," said Sumeet Bagadia, executive director of Choice Broking.
With the stellar listing, the company has joined the likes of Avenue Supermarts and IRCTC, which have also in the past debuted with over 100 per cent gains. The IT services company's market valuation stood at Rs 5,448.64 crore on the BSE.
In traded volume terms, the company's 109.73 lakh shares were traded on the BSE and over 5 crore shares on the NSE during the day. The Rs 702-crore initial public offering of Happiest Minds Technologies, promoted by Ashok Soota, garnered massive response from investors as it was subscribed a whopping 151 times.
The price band for the offer, which closed for subscription on last Wednesday, was fixed at Rs 165-166 per equity share. The remarkable listing by Happiest Minds Technologies was in contrast with the broader market trend, where the BSE Sensex tumbled 323 points on Thursday.
ICICI Securities and Nomura Financial Advisory and Securities (India) were the managers for the offer.