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Happiest Minds Lists at a Whopping 111% Premium

CIO Insider Team | Thursday, 17 September, 2020
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CIO Insider Team

Ever since the company issued its IPO, Bangalore-based IT services company Happiest Minds has manifested a stellar debut in the stock market. Though the prices were fixed at Rs.165-166 per equity share, implicating an upper end offering values of Rs.702 crore, the company has achieved a staggering premium of 110.84% from its initial share price, listing at Rs.350 per share. The ₹702 crore IPO was subscribed 150.98 times during its three-day sale on BSE, making it one of the most successful IPOs of the decade. The company

traded with the symbol HAPPSTMNDS.

According to the reports, the company plans to meet the long term working capital and general corporate requirements using the proceeds of the IPO. The analysts opine that the surge in valuation and business prospects by the investors is accounted to the business world’s general shift towards digital products amidst the pandemic.

A Happiest Minds employee divulged on Twitter that the company’s executive Chairman Ashok Soota dedicate the stellar IPO to the entire team. One of the pioneers and thought leaders of the Indian Information Technology industry, Ashok incepted Happiest Minds at the age of 68. He is aged 77 today, proving yet again, age is just a number, and this is not even his first IPO. Previously, he had co-founded Mindtree and taken the company public in the year 2007. Ashok has almost 49 percent shares in the company, which becomes 62 percent when considering the family as a whole.

Founded in 2011, Happiest Minds offers IT solutions powered by technologies like big data analytics, internet of things, mobility, cloud, and unified communications. The company had recorded a revenue of ₹714.2 crore in FY20. Cupola Technology Pvt. Ltd, an IoT Engineering company that develops solutions for domains such as Industrial, Telecom, Smart Homes, Wearables, and Logistics, is a subsidiary.

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