Ashok Soota promoted Happiest Minds Technologies Limited IPO was oversubscribed 151 times on NSE as per the data available on the NSE website. Technical Analyst Nilesh Jain of Anand Rathi Securities said that the company got a good response and he expected listing gains of 40-50 per cent for the investors who had bought the shares during the Initial Public Offering (IPO) which was open between 7 September and 9 September.

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He said his estimates were on the conservative side. He said that this company’s share was a good buy with medium to long term views and advised investors to buy this stock on dips, once it gets listed.  

The company allotted around 23 million shares for subscription and it received bids for over 3.51 billion shares, the NSE data says. Out of this over 12.68 million were allotted for institutional investors. The shares were subscribed over 77 times. For non-institutional investors, 6.3 million shares were allotted and were subscribed over 351 times. As for Retail Individual Investors (RIIs), 4.2 million shares were allotted and which were oversubscribed almost 71 times. 

Nilesh Jain said that considering the response this IPO got, it was likely that a lot of investors will not be allotted the shares at the time of listing. He advised that those investors should buy the stock around Rs 200-Rs 230 and hold it with a medium to long term view. He expected the listing price of the stock to be at least Rs 250. 

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Happiest Minds offered these shares in the price range of Rs 165-Rs 166. The face value of these shares was Rs 2. The minimum order quantity was 90 shares which was the size of 1 bid lot. The maximum subscription amount for retail investors was Rs 200,000.