High networth individuals (HNIs) will be a happy lot only if shares of Happiest Minds Technologies soar more than 50 per cent during their stock market debut on Thursday. Huge oversubscription has pushed up the break-even costs for wealthy investors, who placed leveraged bets on initial public offerings (IPOs).
The HNI portion of the Happiest Minds IPO was subscribed 351 times with bids worth over Rs 37,000 crore. Someone who bid for Rs 105 crore worth of shares—maximum allowed for this IPO—will get allotment for shares worth only Rs 28 lakh. After factoring the borrowing ...
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