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Happiest Minds listing | Company should be able to sustain its strong growth in years to come, says Ashok Soota

Ashok Soota says Happiest Minds will not see a hostile takeover and that its succession plan will include an element of ownership

September 17, 2020 / 09:38 PM IST

As Happiest Minds Technologies debuted on D-Street with a bumper listing on September 17, Executive Chairman Ashok Soota said the company should be able to sustain its strong growth in the years to come.

Soota was earlier the founding chairman and managing director of Mindtree and was also the vice-chairman of Wipro.

The 77-year-old promoter of the IT firm, in an interview with CNBC-TV18, said the digital market has been growing at a faster pace than the traditional IT services, adding that digital infrastructure accounts 97 percent of his company's revenue. Looking at this, he believes that the company is likely to sustain its growth, which has been almost completely organic till now, in future.

He added that following the initial public offer (IPO) launch today, the company is likely to have about Rs 430 crore cash on its books. Additionally, Soota remarked that the company will not see a hostile takeover and that its succession plan will include an element of ownership.

Also Read | Happiest Minds: An IPO that flew under the radar in startup land

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The IT solution services provider's stock listed at a premium of 111.4 percent over its issue price. The stock opened at Rs 351 on the BSE, against issue price of Rs 166 per share, while on the National Stock Exchange, it listed at Rs 350, up 110.8 percent.

The company earned 97 percent of its revenues from digital offerings in FY20 and around 88 percent of the projects through agile delivery methodology. It has 148 active clients, out of which, 36 are Fortune 200 companies. Its revenues come from three business units - digital business services, product engineering services and infrastructure management and security services, which contributed 26 percent, 53 percent, and 21 percent, respectively, to the revenue reported in the June quarter this year.
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