Happiest Minds & Route Mobile: investors bet Rs 90,000 cr on two tiny IPOs

Hopes of bumper listing, success of last offering seen driving subscriptions of Happiest Minds & Route Mobile

Nearly Rs  90,000 crore is riding on the two tiny initial public offerings (IPOs) — that of Happiest Minds Technologies and Route Mobile — that concluded this week. The combined issue size for the offerings, excluding the anchor book, was just Rs  806 crore — translating into 111 times demand for the shares on offer.

Forecasts of bumper debut and success of previous listing spurred these bets, said experts. The previous IPO to hit the market, specialty chemicals firm Rossari Biotech, saw its stock nearly double on listing, which helped several high networth individuals (HNIs) pocket quick gains.

Both Happiest Minds and