Quess Corp lists at 58% premium to issue price

The stock listed at Rs 500 on the NSE and at Rs 499 on the BSE

Quess Corp listed at Rs 500, a 58% premium against its issue price of Rs 317 per share on the National Stock Exchange.

On the Bombay Stock Exchange (BSE), the stock opened at Rs 499, 57% higher compared to its issue price. The stock touched a high of Rs 501 and low of Rs 480 on the BSE so far.

At 10:02am, the stock was trading at Rs 489 on the BSE. Over 1.4 million shares were traded on both the stock exchanges.

The Rs 400-crore initial public offering (IPO) of Quess Corp got an overwhelming response with the issue getting subscribed 144 times, the highest such for an Indian IPO in nine years.

Earlier, the staffing firm had allotted 5.67 mn equity shares at Rs 317 each, amounting to about Rs 180 crore, to 15 anchor investors. It had fixed a price band of Rs 310–317 for each share with a face value of Rs 10.

The company will use the proceeds to fund working capital requirements, inorganic growth initiatives and debt repayment. The post-issue market capitalisation would be Rs 3,993 crore.