It was probably the most anticipated listing after that of Avenue Supermarkets. And the listing of Happiest Minds did not disappoint.

The stock opened at a huge premium on the BSE – at Rs.351 v/s IPO price of Rs.166. It also rose up to Rs.395 and currently traded at Rs.384 levels.

Its IPO had received an overwhelming response, subscribing 151 times with strong response across all three – institutional was subscribed over 77 times, HNIs over 351 times and Retail by 71 times.

In out IPO Analysis, we had said, “Company is a small cap IT services company, with 27% RoE with fluctuating margins in the recent past. All positives such as accelerated adoption of digital technologies, expanding margins due to depreciating rupee, cost controls, lower attrition, have been priced in. Effective tax rate will increase from FY22 onwards, which must be borne in mind.”