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Happiest Minds to list on BSE, NSE today

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IT services firm Happiest Minds Technologies, which concluded its initial public offering last week on a remarkable note, will make stock market debut on Thursday.

Happiest Minds to list on BSE, NSE today
IT services firm Happiest Minds Technologies, which concluded its initial public offering last week on a remarkable note, will make stock market debut on Thursday.
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.
Soota was also the founding chairman and managing director of MindTree Ltd. Prior to this, he was the vice-chairman of Wipro Ltd.
The Bengaluru-based company's shares will list on BSE and NSE. ICICI Securities and Nomura Financial Advisory and Securities (India) were the managers for the offer.
The company proposes to utilize the net proceeds from the fresh issue to meet long term working capital requirements and general corporate purposes.
The company already raised Rs 316 crore through anchor investors' book on September 4 including from Government of Singapore, Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India and Pacific Horizon Investment.
“At upper price band it is offered at 23.6x FY2020 EPS. Considering the very high exposure to digital services and strong promoter background we expect that the company will continue to grow at a faster pace as compared to similar sized companies and therefore should command a premium valuation to the peer group. We would therefore recommend investors to Subscribe to the IPO,” said Yash Gupta, Equity Research Associate, Angel Broking.
Happiest Minds Technologies' total income for the year ended March 2020 stood at Rs 714.2 crore and has over 2,600 employees.
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