A reality check on Happiest Minds’s dizzying debut

There are reasons aplenty on why investors need to be cautious about a stock that has defied all logic.

One of India’s smallest IT services companies now has the most expensive valuation. But look under the hood, and there isn't much to justify Happiest Minds Technologies’s gravity-defying stock market debut last week. The company does not even have a CEO, with four senior executives jointly performing that role. 

Yet, on 17 September, the stock listed at Rs 351 and kept rising to close the day at Rs 371 on the BSE, a whopping premium of over 123% on its initial public offer price of Rs 166.

Earlier this month, investors accorded a rousing reception to its Rs 702-crore …


Varun Sood

Varun is a Bengaluru-based journalist and former writer at The Morning Context. In his thirteen-year stint as a print journalist, he had worked with a number of publications, including Business Standard, the Financial Times, The Economic Times and Mint.