Mumbai: Shares of Happiest Minds Technologies slumped as much as 8% on Monday amid profit booking after a blockbuster listing last week. The shares lost 10.3% in two trading days from its closing high of ₹371 on debut.
At 10:10 am, Happiest Minds Technologies was trading at ₹336.40, down 6.15% from its previous close, while the benchmark index, Sensex fell 0.15% to 38787.95.
The stock was listed at ₹351, a premium of 111.45% over the initial public offer (IPO) price of ₹166. On listing day, it closed at ₹371 on BSE, a premium of 123.49% over IPO price of ₹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 ₹165-166 per share.
Bengaluru-based Happiest Minds Technologies is an IT services provider. It is founded by IT veteran, Ashok Soota, who was the founding chairman and managing director of MindTree.
Happiest Minds 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.