Quess IPO garners subscription of over 3.4 times on Day 2

The Rs 400-crore initial public offering of Bengaluru-based staffing firm Quess Corp got oversubscribed 3.4 times the shares available on day two of the issue. Against an issue size of 7.09 million, it received total bids for 24 million shares. The retail quota got subscribed 9.9 times, while the non-institutional segment got subscribed for 0.3 times.

The qualified institutional portion got oversubscribed by 2.8 times. On Tuesday, Quess Corp had allotted 5.67 million equity shares at Rs 317 per share, amounting to about Rs 180 crore to 15 anchor investors. The company has fixed a price band of Rs 310–317 per share with a face value of Rs 10 each.

Axis Capital, ICICI Securities, IIFL Holdings and YES Securities (India) are managing the offer.

The company plans to use the proceeds towards incremental working capital, acquisitions and other strategic initiatives, debt repayment and other general corporate purposes.