(Bloomberg) — Happiest Minds Technologies Ltd. more than doubled on the first day of trading after the technology company last week closed one of India’s most successful initial share sales of this decade.
Demand exceeded shares on offer by 151 times as retail investors piled into a company that gets almost all its revenue from digital services. The founder and Chief Executive Officer Ashok Soota’s storied career in the technology industry, including the IPO of Mindtree Ltd., also helped drum up interest for nine-year-old Happiest Minds.
The Bengaluru-based company’s stock began trading at 351 rupees versus an offer price of 166 rupees, and climbed as high as 395 rupees in early trade. The debut is the best since October, when state-owned Indian Railway Catering & Tourism Corp. surged 127% on listing.
Happiest Minds gets 97% of its sales from digital services including cloud computing, infrastructure, networking, data analytics,