On Thursday Happiest Minds Technologies Ltd’s shares had made a strong stock market debut, the issue was listed at Rs 350 at a whopping premium of 110.84 per cent from its issue price of Rs 166 per share. The Initial Public Offering (IPO) of Rs 702 crore was subscribed 150.98 times.

During the third day sale between the 7-9 September issue period, it has a price band of Rs 165-166 a piece. The fund raised through the IPO will be used by the company for meeting long term working capital needs and for general corporate purposes.

The issue was lapped up among investors due to the company’s valuation and business prospects, especially after the Post-Covid period when there was a general shiftment toward digital products. The company’s strong presence in digital services, scalable business model with end-to-end capabilities and fast improving financial performance are some of the factors that investors and analysts like about.

Happiest Minds derives 97 per cent of company’s revenue from digital IT services, as compared to the other traditional Indian IT services between 30-50 percent. Its digital IT services offerings include Cloud, SaaS, Security, Analytics and IoT. Its multiple business verticals contributes 21 per cent from Edutech, 21 per cent from Hitech, 18 per cent from BFSI and 17 per cent from TME (travel, media and entertainment) in the FY20.