Happiest Minds: Third best performer in 4 years after stellar listing gains of 111%

Happiest Minds Technologies' listing on BSE and NSE today has emerged as the third-best market debut in four years . After making it to the list of top 10 successful initial public (IPO) offers in a decade, Happiest Minds managed to gain the third spot with a stellar market debut today.

The Ashok Soota-promoted IT services firm's share listed at a premium of 111 per cent to its issue price on BSE. The share opened at Rs 351 delivering returns of Rs 185 compared to the IPO price of Rs 166 per equity share.

With its stellar debut, the stock beat earlier performers Avenue Supermarts and Indian Railway Catering & Tourism Corp. that delivered over 100 per cent returns on their D-day. However, the spectacular listing lagged behind two other firms in the IPO market.

Salasar Techno Engineering which was listed on July 25 delivered a  139.95 per cent premium to its issue price of Rs 108 per share. The stock got listed at Rs 259.15 on BSE,. The IPO of Salasar Techno Engineering was subscribed a staggering 273 times.

Next, the Astron Paper & Board Mill took the second spot with a bumper listing -- the scrip made its market debut at Rs 114 on BSE, up 128 per cent against the issue price of Rs 50.  

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So far, in the current financial year, Rossari Biotech (excluding Mindspace Business Parks ReIT) was the only other issue to get listed on the bourses at almost 58 per cent premium. SBI Cards & Payment Services which got listed on March 16  was badly hit by negative market sentiment due to coronavirus crisis.

Its shares fell 12.8 per cent compared to its issue price of Rs 755. Happiest Minds remains the best performer in the past 33 months. It would be interesting to see Route Mobile which is expected to debut on bourses on September 21 will taste victory too?