Shares of Happiest Minds Technologies started the blockbuster, which is listed at Rs 351 at a premium of 111.4 per cent against the issue price of Rs 166 on BSE. On the NSE, the Bangalore-based digital IT service provider shares opened at 350. 110.8 percent increase in issue price
At 10:10 am, Happy Minds shares were trading at Rs 360.90, up 117.41 percent on the BSE, and 117.47 percent up on the NSE at Rs 366.45.
In the process, Happiest Minds outstripped IRCTC and DMart, which returned just over 100 per cent after its debut.
Happiest Minds Technologies’ Rs 702 crore IPO was subscribed over 150.98 times, making it one of the most subscribed share offerings in recent history. The share of qualified institutional buyers (QIB) was subscribed 77.43 times, non-institutional investors 351.46 times and retail individual investors 70.94 times.
The public issue was open for the bid price between 7–16 September to 9 September, priced at Rs 165–166 per share. The initial public offering includes a fresh issue of 0.67 crore shares and an offer of 3.56 crore shares. The IPO proceeds will be used for long-term working capital requirements and general corporate purposes.
Ashok Suta is the originator of Happiest Minds Technology. Mr. Suta was previously the founding Chairman and Managing Director of Mindtree and Vice President of Wipro.
The Happiest Mind IPO is the third public listing in this calendar year, following the offering of SBI Cards and Payment Services in March and Rosari Biotech’s listing in July.