InvestorQ : How was the listing of the IPO of Happiest Minds on 17 September?
diksha shah made post

How was the listing of the IPO of Happiest Minds on 17 September?

Arti Chavan answered.
3 years ago

Based on the initial response to the IPO with over 151 times oversubscription, it was quite clear that the stock would get a bumper listing. Already, the grey markets were hinting at a premium of 60-80% to the issue price much before the listing.

In a way, the IPO listing did not disappoint, but ended up better than expected. Happiest Minds Technologies made a roaring listing debut on both the stock exchanges on 17 September with the price more than doubling at close compared to its issue price.

The stock closed at a price of Rs.371 on Thursday, representing a 123% premium to its IPO price of Rs.166. On the listing day, the stock price touched a peak level of Rs.395, before closing slightly lower. The first listing tick of Rs.351 itself was at a 111% premium to issue.

Happiest Minds IPO had received a phenomenal 151 times oversubscription and generated bids worth Rs.58,000 crore. In terms of number of shares, bids came in for 351 crore shares against the total issue size of 2.3 crore shares. There was interest across categories.

The IPO and its post listing performance are significant because this was the first major IPO after Rossari Biotech post the pandemic. It also sets the tone for a slew of IPOs that are coming shortly.