Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Happiest Minds Technologies Ltd made a rocking debut in the domestic bourses, listing at with a premium of over 111 per cent at Rs 351 a piece on the BSE against an issue price of Rs 166 per share.
Later, stocks of the IT services firm rose to a high of Rs 395, a jump of 137.95 per cent. On the NSE, they opened at Rs 350 apiece, zooming 110.84 per cent against the issue price.
It is worth mentioning that the IT firm’s stock has left big players like DMart and IRCTC behind, as both delivered a little over 100 per cent premium on their respective debuts. DMart debuted in 2017 with 103 per cent premium while IRCTC entered in the field in 2019 and witnessed 10a per cent premium.
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The Rs 702-crore initial public offering of Happiest Minds Technologies, promoted by Ashok Soota, garnered massive response from investors as it was subscribed a whopping 151 times. The price band for the offer, which closed for subscription on last Wednesday, was fixed at Rs 165-166 per equity share.
ICICI Securities and Nomura Financial Advisory and Securities (India) were the managers for the offer.
The IT company is headquartered in Bengaluru and has operations in the US, UK, Canada, Australia and Middle East.
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