Happiest Minds Technologies IPO: Digital exposure buoys company

The stock surge since listing (up 225 per cent) has taken valuations to nearly 40 times its FY23 earnings estimates. Investors can look at the stock on dips

The initial public offering (IPO) of Happiest Minds Technologies could not have come at a better time. With the shift to digital solutions picking up pace across the world amidst the pandemic, investors were keen to get in on the action. This was reflected on listing day, when the stock touched a premium of 111 per cent over its issue price.
 

The key sales pitch was the exposure to digital services, as it accounted for 97 per cent of revenues, and an experienced management, including Ashok Soota, who co-founded Mindtree. Given the higher growth trajectory of this segment, it was