Happiest Minds Founder Ashok Soota
The IPO of Happiest Minds has received a great response from retail investors. This Rs 700 crore IPO was subscribed 151 times. The founder of this company is Ashok Suta of 77 years. Ashok Suta has not done this amazing for the first time. He did the same thing 13 years ago when Mindtree came out with an IPO. In 2007, the IPO of his company Mindtree received 103 times more bids. He later formed his new company Happiest Mind. After all, who is Ashok Suta, in whose name investors are so confident?
Who is Ashok Suta
Ashok Suta is a well-known name in the information technology services industry of India. Suta has done engineering from IIT-Roorkee. He has played the role of head of three big outsourcing companies. One of them is the giant Wipro Limited and the remaining two are public companies. Now their startup company Happiest Minds has received such a good response that this IPO has been included in India’s most successful IPO. Now bid for 351 crore shares in the 700 million rupees IPO of Happiest Minds. While only 2.33 crore shares were offered.
Mindtree’s IPO was also a super hit
Mindtree was founded in 1999 along with 10 others. Ashok Suta came to the market 13 years ago i.e. in 2007 with Mindtree’s IPO. In 2007, the IPO of his company Mindtree received 103 times more bids. But after differences arose among the founders of the company, Suta separated herself from Mindtree. In 2011, Suta founded Happiest Minds. Happiest Minds was launched in April 2011 by Ashok Suta. Happiest Minds is headquartered in Bengaluru.
Focus on digital business
According to Happiest Mind, 97 percent of its revenue comes from digital businesses, which is much higher than many companies like Infosys, Mindtree and Cognizant. The average digital revenue by these companies is 40-50 percent. It offers Digital Business Services, Product Engineering Services and Infrastructure Management and Security Services. Covid-19 and lockdown have had no impact on 76% of their revenue as more than half of this revenue comes from education technology and high-tech sectors.
How is Happiest Minds business
Happiest Minds has grown at an annual rate of 21 per cent in the last three years, while the average growth of the IT industry is around per cent. The company’s sales were Rs 714 crore in FY 2020, which was Rs 601 crore in FY 2019. The company had a profit of Rs 71 crore in FY 2020, which was Rs 14.2 crore in FY 2019.
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