IT solution services provider Happiest Minds Technologies made the debut at the stock exchange at a bumper premium of 111.4 percent over its IPO price on September 17.
The happiest Minds got listed at Rs 351 per share, showed a gain of 111.44 percent from the issue price on the BSE, increased to a high of Rs 395, a bounce of 137.95 percent during the day. It finally closed at Rs 371 with a gain of 123.49 percent.
It closed at Rs 371, on the National Stock Exchange (NSE), up 123.49 percent after opening at Rs 350 per share, accelerating 110.84 per cent against the issue price.
From September 7-9, the IT solution service provider raised Rs 702 crore via its a public issue.
The market was positive on the listing and the huge premium was expected because the company is backed by the strong management, fundamentals, focus on digital business and stellar subscription for it’s 702-crore IPO.
Angel Broking has a bullish view on the long term growth
“Happiest Minds saw significant oversubscription of 151 times and has become one of the most successful IPO for the year 2020. Therefore, market participants are expecting a strong list for the stock,” Yash Gupta – Equity Research Associate at Angel Broking told Moneycontrol.
“Considering the very high exposure to digital services and strong promoter background and recent positive commentary by HCL Technologies, we expect that the company will continue to grow at a faster pace as compared to similar-sized companies. Therefore, investors with a long-term perspective can remain invested in the stock,” Yash Gupta explained.
About the Happiest Minds company
Incorporated in 2011, Positioned as “Born Digital. Born Agile” Happiest Minds Ltd is a Bangalore based IT service provider company. The business of the company is divided into three categories; Digital Business Service (DBS), Product Engineering Service (PES) and Infrastructure and Management Security Service ( IMSS).
The DBS unit offers digital application development & modernization, assistance in designing & testing of operations, management of the platform, consulting and domain led offerings.
PES unit helps by transforming the potential of digital by making the product secure and smart. Wherein, IMSS provides an end to end monitoring and management capability for applications and infrastructure of the clients.
As of June 30, 2020, Happiest Minds had 148 active customers and has a global presence in countries like the US, UK, Australia, Canada and the Middle East. The business units of the company is assisted by the 3 Centres of Excellence which are Internet of Things, Analytics / Artificial Intelligence, and Digital Process Automation. In Fiscal 2020, 96.9% of the company’s revenues came from digital services which is one of the highest among Indian IT companies.
Happiest Minds delivers services across industry sectors such as Retail, Edutech, Industrial, BFSI, Hi-Tech, Engineering R&D, Manufacturing, Travel, Media and Entertainment.
Focused on software product development
Strong Brand in offering Digital IT services
End to End digital lifecycle
Agile Engineering and Delivery