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1. Happiest Minds is a decade old digital services company based out of Bengaluru and is a strong brand in the digital IT services space. It is an IT servicing company which applies agile methodologies and focuses on delivering seamless customer experience, business efficiency and actionable insights. Its business is divided into three categories namely Digital Business Service (DBS), Product Engineering Service (PES) and Infrastructure and Management Security Service (IMSS). These services are delivered across industry sectors such as retail, edutech, industrial, BFSI, hi-tech, engineering R&D, manufacturing, travel, media and entertainment, and others.
2. In Fiscal 2020, 96.9% of the company’s revenues came from digital services which are one of the highest among Indian IT companies. As of June 30, 2020, Happiest Minds had 148 active customers and has a global presence in countries like US, UK, Australia, Canada and the Middle East.
3. Promoter and founder Ashok Soota is the Executive Chairman and Director of the company. Prior to founding Happiest Minds, Ashok was the founding Chairman and Managing Director of MindTree which was acquired by L&T Group. He was the vice chairman of Wipro and senior vice president of Shriram Refrigeration Industries prior to co-founding MindTree.
4. On valuations parse at upper price band Rs 166, the issue is asking for market cap Rs 2,438 crore with PE (FY20) 26 times, which seems to be fairly and reasonably prices which can show good listing gains.
5. We are bullish on the prospects of the company given the 97% business comes from digital services segment which played a key role in COVID-19 crisis, strong growth in financials, attractive valuations compared to domestic and global IT players, and strong management led by veteran Ashok Soota who was co-founder of Mindtree.
Our View:
We recommend a subscribe to the issue, with the potential for healthy listing gains of more than 70% as well as long term stock price appreciation.
Happiest Minds Technology Ltd. IPO
| Issue Open | Sept 7, 2020 – Sept 9, 2020 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Approx Rs 702 Cr |
| Face Value | Rs 2 Per Equity Share |
| Issue Price | Rs. 165 to 166 Per Equity Share |
| Market Lot | 90 Shares |
| Min Order Quantity | 90 Shares |
| Listing Date | BSE, NSE |
Happiest Minds Technology Ltd. Timetable:
| Bid/Offer Opens On | Sept 7, 2020 |
| Bid/Offer Closes On | Sept 9, 2020 |
| Finalization of Basis of Allotment | Sept 14, 2020 |
| Initiation of Refunds | Sept 15, 2020 |
| Credit of Shares to Demat A/C | Sept 15, 2020 |
| IPO Shares Listing Date | Sept 17, 2020 |
