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*Happiest Mind Technologies - IPO View – Subscribe (good business model and strong financial growth)*

Issue Details
Price Band: Rs 165-166
Issue Date: 7-Sept-20 to 9-Sept-20
Issue Size: Rs700cr (Rs110 cr Fresh issue and Rs590 cr OFS)
Post-issue market cap @ Rs166: Rs2,440 crore

_*View: Good business model, strong financial growth, High RoE and comfortable valuations. Strong Promoter background – Subscribe, High Listing Gains possible*_
• Happiest Minds Technologies Ltd is a digital focused IT company with 97% of its revenues from digital services in FY20 - one of the highest among Indian IT companies.
• The co was started by Mr. Ashok Soota. He was earlier instrumental in driving the growth of Wipro in its initial years and then setting up MindTree.
• Over FY18-20, HMTL’s revenue CAGR was 23% to INR7bn. Its EBITDA margin improved from -4% in FY18 to 13.9% in FY20. Its Adj. PAT improved from loss of INR225mn in FY18 to INR830mn in FY20
• At the upper price band, the issue is valued at 29x FY20 P/E (fully diluted), which is comparable to larger mid-sized IT companies
• We like the company given its (1) strong presence in digital services, (2) scalable business model with end-to-end capabilities and (3) fast improving financial performance.
• Hence, investors can *Subscribe to the IPO*. Further considering market conditions and bright prospects for IT companies post Covid-era, *one may also get listing gains*.
You must subscribe Target 50%-70% Gain in Opening . My view

Thank you Mr Market for teaching us the ups & downs are part of life & patience can help us win every situation.