On NSE, the stock was listed at Rs 350, up 110.84 percent.
The IPO, which was sold from September 7 to September 9 in the price range of 165 to 166 rupees, was subscribed 151 times. There are only four issues in the past five years that have seen higher subscription levels than Happiest Minds: Capacit’e Infraprojects (183 times), CDSL (170.1 times), Ujjivan Small Finance Bank (165.60 times) and Amber Enterprises (165.3 times).
At the issue price, the security was valued at 26.76 times the earnings per share for fiscal year 20.
Data showed that the stock reigned at a premium of Rs 146 to Rs 406.65 in pre-opened trades. On the gray market, the stock enjoyed a healthy premium of 155 to 158 rupees.
The Bengaluru-based digital IT service provider saw the Qualified Institutional Buyers (QIB) portion get a subscription 77 times, while the Non-Institutional Investor (NII) or Wealthy Investor Quotas were subscribed 351 times.
The retail investor quota, which was fully subscribed in less than two hours on the first day of the bidding process, registered 71 times the subscription. Retail offers have been received for 3.51 billion shares, worth Rs 58,300 crore, compared to 23.2 million shares offered.
There have been at least 20 issues in the past, which have seen over 100 times investor subscription. These issues saw average gains of 70% when they debuted in the aftermarket, the data shows.
Salasar Techno Engineering, whose IPO of Rs 36 crore was underwritten 273.10 times in July 2017, recorded listing gains of 139.95%. The script opened at Rs 259.15 against the issue price of Rs 108. Apollo Micro Systems, whose number of Rs 156 crore got 248.5 times the subscription in January 2018, saw a pop listing. of 73.81% on the issue price of Rs 275. The script got listed at Rs 478.
Three issues of 2017 Astron Paper & Board Mill (issue size of Rs 70 crore), Capacit’e Infraprojects (issue size of Rs 400 crore) and Central Depository Services (issue size of Rs 524 crore) saw a list of 128 percent. , 59.6% and 67.78%, respectively. These numbers have been subscribed 170 to 242 times.
Ujjivan Small Finance Bank (2019), Amber Enterprises India (2018), Religare Enterprises (2007) and Quess Corp (2016) recorded listing gains of 56.76%, 37.36%, 75% and 57.41% , respectively. These numbers have been subscribed 144 to 166 times.
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