Happiest Minds lists at 111% premium over issue price, beats DMart, IRCTC


NEW DELHI: Shares of Happiest Minds Technologies witnessed a stellar debut on Thursday as the scrip got listed at Rs 351 on BSE, a 111 per cent premium over its issue price of Rs 166. With this, the stock beat the likes of IRCTC and DMart’s which delivered just over 100 per cent return on their debuts in recent years.

On NSE, the stock got listed at Rs 350, up 110.84 per cent.

The IPO, which was sold from September 7 to September 9 in the price band of Rs 165-166, was subscribed 151 times. There are only four issues in the last five years that have witnessed higher subscription levels than that of Happiest Minds: Capacit’e Infraprojects (183 times), CDSL (170.1 times), Ujjivan Small Finance Bank (165.60 times) and Amber Enterprises (165.3 times).

At the issue price, the stock was ruling at a valuation of 26.76 times FY20 earnings per share.

Data showed that the stock was ruling at a premium of Rs 146 at Rs 406.65 in pre-open trades. In the grey market, the stock was enjoying a healthy premium of Rs 155-158.

The Bengaluru-based digital IT services provider saw the qualified institutional buyers’ (QIB) portion getting 77 times subscription while the non-institutional investors (NII) or high net worth investors’ quotas were subscribed 351 times.

Retail investors’ quota, that was fully subscribed in less than two hours on the first day of bidding process, saw 71 times subscription. Retail bids were received for 3.51 billion shares, worth Rs 58,300 crore, against 23.2 million shares on offer.

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There were at least 20 issues in the past, which saw over 100 times investor subscription. Those issues logged an average 70 per cent listing gains at their secondary market debuts, data showed.

Salasar Techno Engineering, whose Rs 36 crore IPO was subscribed 273.10 times in July 2017, saw 139.95 per cent listing gains. The scrip opened at Rs 259.15 against the issue price of Rs 108. Apollo Micro Systems, whose Rs 156 crore issue got 248.5 times subscription in January 2018, saw a listing pop of 73.81 per cent over the issue price of Rs 275. The scrip got listed at Rs 478.

Three 2017 issues Astron Paper & Board Mill (issue size of Rs 70 crore), Capacit’e Infraprojects (issue size of Rs 400 crore), and Central Depository Services (issue size of Rs 524 crore) saw a listing pops of 128 per cent, 59.6 per cent and 67.78 per cent, respectively. These issues were subscribed 170-242 times.

Ujjivan Small Finance Bank (2019), Amber Enterprises India (2018), Religare Enterprises (2007) and Quess Corp (2016) saw listing gains of 56.76 per cent, 37.36 per cent, 75 per cent and 57.41 per cent, respectively. These issues were subscribed 144-166 times.

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