Indian IT Firm Happiest Minds More Than Doubles In Market Debut
BENGALURU: Shares of India’s Happiest Minds Technologies Ltd greater than doubled of their inventory market debut on Thursday, underscoring robust investor curiosity in IT companies companies in the course of the COVID-19 pandemic.
The inventory opened at 350 rupees, nicely above its preliminary public providing (IPO) worth of 166 rupees that valued the corporate at about 24.four billion rupees ($331 million). At its excessive of 394.95 rupees, the corporate was valued at 58 billion rupees.
Exchange knowledge confirmed buyers had bid for practically 151 occasions the variety of shares on supply from the corporate led by Ashok Soota, a veteran of India’s practically $200 billion IT trade who additionally co-founded bigger agency Mindtree Ltd. Soota can be Happiest Minds’ prime particular person shareholder.
The Bengaluru-based firm derives 97% of its income from fast-growing digital IT companies – reminiscent of analytics and synthetic intelligence- and cloud-enabled companies – in contrast with 30%-50% for conventional Indian IT companies friends, analysts at Motilal Oswal estimated this month.
“Investors are realising the resilience of the sector as well as strong demand for IT, post the COVID-19 crisis,” Sneha Poddar, an analyst at Motilal Oswal stated on Thursday.
“The fact that Happiest Minds comes from a strong management background also acts as a key positive … as people have seen how Mindtree has performed.”