A Bengaluru based midcap Information Technology company “Happiest Mindspace” is getting a happier rate of subscription for its upcoming initial public offering by Retail Investor and Qualified Institutional Buyers in the panic falling Indian markets.
On the 2nd day the 702 Crore IPO have received boom response from all investors as it has subscribed by 150.98 times so far on September 9, the last day of Bidding.
Ashok Soota is well known as a leader and contributor in the development of IT giants like Mindtree which is now trading around in its 52-week high price zone of Rs 1200/- per share price.
Faith in Mr. Ashok Soota is seen as per response to IPO issue of Rs 110 crore & an offer for sale of 3,56,63,585 equity shares have got striving response.
The price band of the offer has stayed fixed at ₹165 to ₹166 per equity share.
The public issue got bids for over 351 crore equity shares against offer size of over 2.3 crore equity shares, the data presented on exchanges showed.
The reserved portion of non-institutional investors seen 351.4 times subscription and that of qualified institutional buyers 77.42 times.
The price band of the issue has been fixed at Rs 165-166 per share and the maximum bids have been received, so far, at higher end of price band. Even anchor investors have invested at Rs 166 per share.
Currently the Indian IT Stocks such as TCS, Wipro, Infosys, Mindtree, Persistence, Larsen and Turbo Info Tech are trading at their 52-week zone.
Happiest Mindspace Company Business model –It focuses on delivering a seamless digital experience to its customers. HMTL’s offerings contain, among others, digital business, product engineering, infrastructure management and security services. Its abilities provide an end-to-end solution in the digital space. The company believes that it has developed a customer-centric focus that aims to fulfil their immediate business necessities and to provide them strategically feasible, futuristic and transformative digital solutions.
HMTL derives 97% of its overall revenues from Digital IT services by providing services like cloud, SaaS, security, analytics and IoT, compared to 30-50% for traditional Indian IT services peers. It caters to multiple business verticals of which most contribution comes from Edutech (21% in FY20), Hitech (21%), BFSI (18%) and TME (Travel, Media & Ent; 17%). High revenue generating client accounts for HMTL has increased 1.6x to 25 (148 total clients) over FY18-20, with a high proportion of repeat revenues and revenues from established markets.
On 17 September Listing of IPO will take place which will be a much-awaited day as most of investors who gets the IPO will be happiest by knowing the price of share on listing date. In recent scenario Rossari Biotech and Mindspace Business Park had a good listing. Happiest Mindspace is will be able to good returns to its investors and make them happier.