Happiest Minds Technologies share ended 123% higher to its issue price post its market debut today. Share of Happiest Minds closed Rs 205 higher at Rs 371 against its issue price of Rs 166 on BSE.
Compared to the opening price of Rs 351, the stock closed 5.70% or Rs 20 higher today.
Total 109.73 lakh shares changed hands amounting to turnover of Rs 411.78 crore on BSE. Market cap of the firm ended at Rs 5,448 crore. Earlier, the share listed at a premium of 111% to its issue price on BSE. .
The share opened at Rs 351 delivering investors return of Rs 185 or 111% compared to IPO price band of Rs 165-Rs 166 per equity share. The technology firm stock further rose 12.53% to intra day high of Rs 395 on BSE. Happiest Minds: Third best performer in 4 years after stellar listing gains of 111%
On NSE, the share opened at Rs 350, a premium of 110.84% to the issue price of Rs 166. The share further rose to Rs 394.95, a gain of 137% over IPO issue price.
On the last day of bidding on September 9, IPO of the IT services firm was subscribed 150.98 times. The portion reserved for non-institutional investors was subscribed 351.46 times, while the qualified institutional buyers' quota got a subscription of 77.42 times.
The quota for retail investors was subscribed 70.94 times The firm issued fresh shares aggregating up to Rs 110 crore, and an offer for sale of up to 3.56 crore equity shares.
The firm raised Rs 702 crore at the upper end of the IPO price band. Promoter Ashok Soota sold 8,414,223 equity shares and private equity fund CMDB-II offered 27,249,362 shares through the offer-for-sale route.
Applications in the IPO were made in a lot size of 90 equity shares and in multiples of 90 scrips thereafter. The Bengaluru-based company plans to use the net proceeds from the fresh issue to meet long-term working capital requirement and general corporate purposes. The shares have been listed on BSE and NSE.