Happiest Minds shares trade at about 84% premium in grey market; IPO allottees stare at listing gains

A premium of Rs 140 would take the opening value to Rs 306, translating to 84% gains.

After subscribing to Happiest Minds Technologies Initial Public Offering (IPO) 151 occasions, Dalal Street now eagerly awaits the first market debut of the Bangalore primarily based data Technology (IT) big. Grey market members say that the stock may record with huge gains, and even double the value band at which buyers have subscribed to the IPO. “Grey market premium for Happiest Minds is above Rs 140. This is an indicative rate, pointing towards what the listing price could be,” Narottam Dharawat, founder, Dharawat Securities informed Financial Express Online. The Rs 700 crore IPO of Happiest Minds was the most effective performing public challenge of this fiscal yr.

Happiest Minds IPO noticed buyers bid for 351 crore shares in opposition to the problem measurement of two.32 crore. The IPO noticed retail buyers oversubscribe their quota in lower than three hours of the problem opening for subscription. At the top of the three day bidding course of retail buyers subscribed their portion 70.94 occasions whereas Qualified Institutional buyers (QIB) subscribed their portion 77.42 occasions. The greatest rush for funding got here from Non-Institutional buyers, who bid for the problem 351 occasions. 

While Narottam Dharawat is seeing a premium of over Rs 140 on Happiest Minds shares, above the value band of Rs 165-166, he provides that grey market is simply the sentiment. On the opposite hand, Dinesh Gupta, Partner, UnlistedZone says the premium on Happiest Minds shares is of roughly Rs 150-152 per share. “This means that listing could be above Rs 300 per share,” Dinesh Gupta stated. A premium of Rs 140 would take the opening value to Rs 306, translating to 84% gains. Happiest Minds IPO got here at a time when analysts have been predicting a robust outlook for data know-how gamers in the post-coronavirus world as digitalisation picks up tempo. Happiest Minds Technologies derives 97% of its revenues from Digital IT companies by providing companies like cloud, SaaS, safety, analytics and IoT, in comparison with 30-50% for conventional Indian IT companies friends. 

Brokerage and analysis agency Motilal Oswal, earlier final week, whereas advising buyers to subscribe to the problem stated that it likes the corporate given its scalable enterprise mannequin with end-to-end capabilities and quick bettering monetary efficiency. “Hence, investors can Subscribe to the IPO. Further considering market conditions and bright prospects for IT companies post Covid-era, one may also get listing gains,” It has stated in a notice.

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