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Shares of the IT services provider have lost 10.27% in two trading days from its previous closing high of Rs 371 on 17 September 2020.
The stock was listed at Rs 351 on Thursday (17 September), a premium of 111.45% over the initial public offer (IPO) price of Rs 166. On listing day, it closed at Rs 371 on BSE, a premium of 123.49% over IPO price of Rs 166.
The IPO of Happiest Minds Technologies received bids for 351.18 crore shares as against 2.32 crore shares on offer. The issue was subscribed 150.98 times. The issue was open between 7th and 9th September 2020. The price band for the IPO was set at Rs 165-166 per share.
On a consolidated basis, Happiest Minds Technologies posted revenue (from contracts with customers) of Rs 177.02 crore and net profit of Rs 50.18 crore in the quarter ended on 30 June 2020.
Bengaluru-based Happiest Mind Technologies is an IT services provider. It is founded by IT veteran, Ashok Soota. Prior to founding Happiest Mind, Ashok was the founding chairman and managing director of MindTree. He was the vice chairman of Wipro and senior vice president of Shriram Refrigeration Industries prior to co-founding MindTree.
Happiest Mind enables digital transformation for enterprises and technology providers. It leverages a spectrum of technologies such as: Big Data Analytics, AI & Cognitive Computing, Internet of Things, Cloud, Security, SDN-NFV, Blockchain, Automation including RPA, etc.
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