Happiest Minds IPO: Oversubscription pushes up break-even cost for HNIs

High networth individuals (HNIs) will be a happy lot only if shares of Happiest Minds Technologies soar more than 50 per cent during their stock market debut on Thursday.  Huge subscription has pushed up the break-even cost for wealthy investors, who placed leveraged bets on the initial public offering (IPOs). The HNI portion of the Happiest Minds IPO was subscribed 351 times with bids worth over Rs 37,000 crore. Someone who bid for shares worth Rs 105 crore — the maximum allowed for this IPO — will be allotted shares worth Rs 28 lakh. After factoring in the borrow.....

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