After a stellar debut, Happiest Minds stock declines over 3%

Information technology (IT) services firm Happiest Minds Technologies’ stock declined 3.61% in Friday’s trade after a blockbuster listing day on Thursday.

While the stock opened the day at Rs 375 against the previous close of Rs 371, it ended at Rs 357.55 on the NSE today.

Although dipping 3% from yesterday’s trade, the stock is still trading at a premium of Rs 191.55, which is 115% on its issue price of Rs 166 per share.

On Thursday, Ashok Soota-led firm made a bumper debut on the stock exchanges with a price of Rs 370, a 125% high against the issue price of Rs 166 per share.

The company has outperformed IRCTC and DMart initial public offering (IPOs) which had delivered returns of just a bit over 100% on their debut.

Last week, the firm’s IPO, which was set to raise about Rs 700 crore, was subscribed about 151 times on its final day offer.

The 2011-founded IT firm received the SEBI nod for a public listing last month. The Ashok Soota-led firm opened its IPO for retail investors from September 7 to 9.