Happiest Minds sets pace for Mumbai IPOs

While many financial analysts’ have spent the last few days questioning the wisdom of the investment community’s unbridled enthusiasm for cloud software company Snowflake following its spectacularly successful IPO debut earlier this week, Mumbai’s ‘D-street’ stock exchange has been bracing itself for a boom of its own after shares in services company Happiest Minds Technologies closed at a 111% premium over the issue price on Thursday. Its performance augurs well for three other companies set to make their debuts on the exchange next week – Computer Age Management Services (CAMS), Chemcon Specialty Chemicals (CSC) and Angel Broking.
Over-subscribed more than 150 times, confidence in Happiest Minds was always going to be strong thanks to the reputation of its founder Ashok Soota, IT veteran and one of the architects behind the multi-million-dollar, multinational information technology and outsourcing company Mindtree. Launched in 2011, Happiest Minds is now reaping the fruits of Soota’s decision to focus on digital transformation, four years before Prime Minister Modi’s government launched its  Digital India  initiative.
Both CAMS and the technology-led Angel Broking are similarly expected to benefit from India’s commitment to digitalisation, and the medium-term future also looks relatively bright for the Baroda-based CSC, the world’s eighth-largest manufacturer of Hexamethyldisilazane (HMDS) and the second-largest manufacturer of Chloromethyl isopropyl carbonate (CMIC). Demand for chloromethanes is growing at a significant rate on account of its application as a raw material in the production of the industrial solvents used in the production of everything from adhesives, lubricants, sealants, cooking utensils, medicine, and thermal and electrical insulation.