Happiest Minds Technologies today made a debut in Stock Exchange. The stock surge and made high of Rs 395/- as compared to its listing price of Rs 166/-. IT made all investor where happy who got subscription of this IPO as they received returns about 138% on day one.
Happiest Minds even beat the stocks like IRCTC and DMart, both of which had delivered just over 100 per cent return on their debuts.
The ₹702-crore initial public offering of Happiest Minds Technologies, promoted by Ashok Soota, received massive response from investors as it was subscribed a huge 151 times. The issue had closed for subscription last Wednesday.
Global sentiments where week today and even the Nifty closed at 11516 by falling by 88 points (0.76%) but as the launch of Happiest Minds Technologies attracted most of investor on day 1 towards IT sector.
This shows the investor reliability on Ashok Soota who is well known for his contribution in IT giant company like Wipro and Mindtree.
According to Ashok Soota, the biggest strength of Happiest Minds is its outsize focus on digital. While no other IT bigwig allocates more than 50% of its focus on digital, in Happiest Minds’ case it is 100%, he explains. He sees only three other companies in the world in the same league — Epam Systems, Endava and Globant.
Happiest Minds gets nearly all of its revenue from digital services. Soota, 77, founded the Bengaluru-based start-up in 2011.
As most of analyst are bullish on this stock on long term perspective and waiting for a good level to enter.
Today Nifty IT also was surging upward as investor where bullish on IT stock by getting as it have received a tremendous response from this IPO.