New Delhi: Happiest Minds is likely to make its Dalal Street debut on Thursday. The issue, which was subscribed overwhelmingly at over 151 times between September 7 and September 9, had the price band of Rs 165-166.
Investors, who are fortunate enough to have received share allotment, are wondering if the company would join the likes of IRCTC and Dmart in terms of listing gains. These two issues were among the recent and high profile issues, which saw over 100 per cent pop on debut.
Last year’s IRCTC listing delivered investors 101 per cent listing gain. The issue had been subscribed 111.9 times. Avenue Supermarts in 2017 delivered 102 per cent listing gain after seeing 104.5 times subscription.
Just like Radhakishan Damani, who is the promoter of DMart’s operator Avenue Supermarts, Ashok Soota is an established tycoon from the IT sector. The industry veteran is remembered for the success of Mindtree and his long stint in tech blue chip Wipro.
IRCTC is a railway PSU, which is a monopoly in its domain. It is the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.
According to the sources from the grey market, the platform for trading in unlisted shares, investors may have a good taste as the premium for Happiest Minds is around Rs 150 a share. This translates into a 91 per cent listing premium at around Rs 316.
Sunil Chandak of Gennext Investrade said, “Retail investors will definitely enjoy a handsome listing premium. However, we expect the listing to be between Rs 300 and Rs 325. That would be a very good upside for the share allottees.”
Abhay Doshi, an independent dealer from unlisted space, said the premium is stable since the conclusion of the issue. “Listing gains will be decent, but we doubt if it can double money on debut,” he said
Besides DMart and IRCTC, issues like Salasar Techno Engineering, Apollo Micro Systems and Astron Paper & Board Mill also doubled investor’s wealth at their market debut.