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HM was started by Ashok Soota, who earlier worked with Wipro Limited as Vice Chairman and Mindtree Limited as Chairman and CEO. He was one of the co-founders of Mindtree.
HM’s revenue has grown at 23% CAGR over FY18-20 and the company has managed to turn profitable owing to improving employee utilization. In addition, the industry outlook remains robust with IT spending on HM’s chosen areas of focus expected to grow at 20%+ CAGR.
At the same time, the company’s average revenue per customer has been growing faster than its overall revenue. This is because the number of customers has been declining. Even if one looks at its largest customers, there are no clear signs of growth picking up.
Furthermore, the company’s acquisition track record hasn’t been all that great and the founder has already pledged a substantial part of his shareholding.
Happiest Minds Pre-IPO
Happiest Mind (HM) is an information technology services company providing end-to-end solutions in the digital space. Its offerings include digital transformation, product engineering, infrastructure management and security services to its clients.HM was started by Ashok Soota, who earlier worked with Wipro Limited as Vice Chairman and Mindtree Limited as Chairman and CEO. He was one of the co-founders of Mindtree.
HM’s revenue has grown at 23% CAGR over FY18-20 and the company has managed to turn profitable owing to improving employee utilization. In addition, the industry outlook remains robust with IT spending on HM’s chosen areas of focus expected to grow at 20%+ CAGR.
At the same time, the company’s average revenue per customer has been growing faster than its overall revenue. This is because the number of customers has been declining. Even if one looks at its largest customers, there are no clear signs of growth picking up.
Furthermore, the company’s acquisition track record hasn’t been all that great and the founder has already pledged a substantial part of his shareholding.
Underlying
HAPPIEST MINDS TECHNOLOGIES
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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