Mumbai: The <a href="/topic/initial-share-sale" target="_blank">initial share sale</a> of <a href="/topic/Happiest-Minds" target="_blank">Happiest Minds</a> Technologies, a Bengaluru-based digital IT services provider, received a strong response on the final day of its <a href="/topic/offer" target="_blank">offer</a> on Wednesday, with the issue getting subscribed more than 150 times. Similarly, the <a href="/topic/initial-public-offering" target="_blank">initial public offering</a> (<a target="_blank" href="/definition/IPO">IPO</a>) of cloud communication service provider Route Mobile was fully subscribed on the first day itself.
<br>
<br>In the Happiest Minds IPO, the qualified institutional buyers’ (QIB) portion was subscribed 77 times while the non-institutional investors (NII) or high networth investors’ quota got subscribed 351 times.
<br>
<br>Retail investors, who fully subscribed their portion in less than two hours on Monday, subscribed 71 times. Bids were received for 3.51 billion shares amounting to ₹58,300 crore as against the 23.2 million on offer. 
<br>

<br>The IT company’s issue was sold in the ₹165-166 price band. It raised ₹316 crore on Friday from 25 anchor investors including Government of Singapore, Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India and Pacific Horizon Investment.
<br>
<br>There was a huge demand for both the IPOs in the <a href="/topic/grey-market" target="_blank">grey market</a> as well. The public issue of Happiest Minds commanded a grey market premium of ₹120 over the IPO price band. Route Mobile was trading at a grey market premium of 63%, or ₹220 apiece, over the issue price of ₹345-350 per share.
<br>
<br>