Happiest Mind Tech IPO makes Ashok Soota one of India’s richest – marks his debut on Hurun Rich List 2020

• According to the 2020 Hurun rich list, Ashok Soota was among the top 10 new entrants with a net worth of ₹3,700 crore.
• The Soota backed Happiest Minds IPO received a stellar response from investors and was oversubscribed nearly 151 times on the last day of bidding
• Hurun India dubbed Soota as “The IPO Star” — and placed him on the 282nd rank in the list of rich people in India.

The Bengaluru-based IT speciality company Happiest Minds Technologies’ ₹702 crore IPO,⁠ which concluded two weeks ago, not only made its investors richer but also turned out to be a big moneymaker for its promoter Ashok Soota.

According to the 2020 Hurun Rich List, Ashok Soota was among the top 10 new entrants to the list with a net worth of ₹ 3,700 crore. Hurun India dubbed Soota as “The IPO Star” — and placed him on the 282nd rank in the list of rich people in India.

Happiest Minds IPO: The 8th most successful IPO in the decade

The Soota-backed Happiest Minds IPO received a stellar response from investors and was oversubscribed nearly 151 times on the last day of bidding, making it the 8th most successful IPO in the decade.

The Happiest Minds IPO received bids for 3.51 billion shares against the offer size of the 23.3 million. It was also the most subscribed IPO this year, followed by Route Mobile, which was subscribed 73 times.

It was already on the cards!

Well, Soota isn’t a newbie in the tech industry. The 77-year-old promoter brings with him more than 30 years of experience on the table. Before starting Happiest Minds 13 years ago, Soota was the founding Chairman and Managing Director of MindTree. Mindtree had completed its IPO in 2007 during his tenure and was subscribed 103 times by the investors.

Soota also worked at Wipro for 14 years, rising to the post of the vice-chairman before he left Wipro to join Shriram Refrigeration Industries as senior vice president.

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These are the top ten billionaires in India, according to Hurun Rich List 2020