At the top end, the company is valued at Rs 2,440 crore on a post-dilution basis. Happiest Minds
is promoted by Ashok Soota, the founding chairman of MindTree. The firm is into digital IT services, with offerings, such as Cloud, SaaS, security, and analytics.
Most brokerages had recommended their clients to subscribe to the IPO.
“At the higher end of the price band, the issue is valued at 29 times FY20 P/E (fully diluted), which is comparable to larger mid-sized IT companies.
We like the company given its strong presence in digital services; scalable business model with end-to-end capabilities and fast-improving financial performance,” a note by Motilal Oswal had said.
The price band of the offering had been fixed at Rs 165 to Rs 166 per equity share.