InvestorQ : What is the latest update on the Happiest Minds IPO as of end of Day-2?
Ria Jain made post

What is the latest update on the Happiest Minds IPO as of end of Day-2?

Answer
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Dia Deshpande answered.
3 weeks ago


There are reasons to be happy with the Rs.702 crore IPO of Happiest Mind Technologies Ltd. It looks like people are enthusiastic about the issue considering that the overall subscription as of the end of Day 2 was more than 8 times.

Retail investor portion, which accounts for 35% of the size of the IPO, was already subscribed nearly 38 times by end of Day 2 and experts are projecting it to cross 75 times by end of Day-3 as lot of investors are likely to feel left out and join the fray on Wednesday.

Even the HNI portion saw 4X demand but the real funding bids will only come in on the last day of the IPO. QIP portion is just subscribed 0.4 times but as is the normal practice, the QIP bids typically come on the last day only. So overall oversubscription could be huge!

The issue has been priced reasonably at Rs.165-166 band and it entails Rs.112 crore of fresh fund raising via new issue and Rs.590 crore of OFS for the promoter and the investor groups. Post the issue, the company would be approximately valued at Rs.2440 crore.