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Geojit's IPO report on Happiest Minds Technologies

Happiest Minds Technologies Ltd (HMTL) incorporated in 2011, is a Bangalore based IT service provider, which provides end-to-end solutions in the digital space. As of June 30, 2020, HMTL had 148 active customers and presence in countries like US, UK, Australia, Canada and the Middle East. The experienced Ashok Soota, who is the Promoter, Executive Chairman and Director of HMTL, was also instrumental in the growth of Mindtree Ltd, in his previous stint as its CEO.

Valuation and Outlook

However, post annualizing Q1FY21 numbers we arrive at a P/E of 12xFY21 which seems attractive. With strong management pedigree and growth potential in a post Covid-19 scenario, we recommend 'SUBSCRIBE' rating for this IPO with a long-term perspective.

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