Published on 30/09/2020 11:26:16 AM | Source: IANS

Ashok Soota among richest Indians after stellar IPO of `Happiest Minds`

Posted in Industry News| #IT Sector #IPO #Industry

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IT sector veteran and Happiest Minds' founder Ashok Soota has made it to the Hurun India rich list for the first time, backed by a bumper IPO of his company.

With a wealth of Rs 3,700 crore, Soota's ranking on the IIFL Wealth Hurun India Rich List 2020 stood at 282nd.

The IPO of Happiest Minds was oversubscribed 150 times. Shares of Happiest Minds, which got listed earlier this month, doubled on the day of listing.

"Backed by the post IPO performance of Happiest Minds, which got subscribed by 150 times, Ashok Soota, 77, registered a wealth of Rs 3,700 crore and debuted the IIFL Wealth Hurun India Rich List 2020 at the 282th rank," said a statement by IIFL and Hurun India.

Soota, the Executive Chairman of Happiest Minds, was also the founding Chairman and Managing Director of MindTree, which also completed a successful IPO during his tenure.

Soota is the co-author of the national bestseller "Entrepreneurship Simplified".

Meanwhile, retail tycoon Radhakishan Damani entered the top 10 with a wealth of Rs 87,200 crore, backed by a 51 per cent increase in D-Mart's share price. Damani was ranked 6th in the list of richest Indians.

Mukesh Ambani, Chairman of India's most valued firm Reliance Industries, continued to top the rich list for the ninth consecutive year, with a total wealth of Rs 6.58 lakh crore.

His total wealth has surged by 73 per cent in the last 12 months, propelling him to become the richest individual in Asia and the fourth richest person in the world.

Indians with more than Rs 1,000 crore wealth crossed the 828-mark in the 2020 edition of the rich list.