Shares of Happiest Minds Technologies, led by technolgy industry veteran Ashok Soota, made a stellar debut in the stock market on Thursday as its shares listed on the bourses at a premium of more than 123% over the issue price of ₹166 per share.
The initial public offering (IPO) of the Bengaluru-headquartered IT services firm was oversubscribed by 151 times earlier. With the current listing, the stock beat companies like IRCTC and DMart in giving more than 100% percent return to the investors on the listing date.
This is the second instance when Mr. Soota has successfully listed an IT firm on the bourses in his long entrepreneurial journey despite initial skepticism among analysts about the timing and size of the issue.
The stock opened at ₹351 on BSE, hit a day's high of ₹395 and closed at ₹371.
Mr. Soota had played the lead role in taking Mindtree, which he co-founded with nine others in 1999, public in 2007. He co-founded Happiest Minds Technologies in 2011 at the age of 68 when most experts thought that another IT services firm may find it difficult to survive in an intensely-competitive environment.
The company drew 97% of its revenue from digital services in FY20.
