Retail portion of Quess Corp offer for sale subscribed 3 times

Shares of Quess Corp gained 8% to close at Rs 925

The retail portion of the Rs 680-crore offer for sale (OFS) of manpower staffing and technology solutions provider Quess Corp saw nearly three times subscription.

Retail investors-those applying for shares worth up to Rs 2 lakh-put in bids for 2.43 million shares for the 850,000 shares that were auctioned on Friday. A day earlier, the institutional portion of the OFS had seen five times subscription.

Shares of Quess Corp gained eight per cent to close at Rs 925. The floor price for the OFS was set at Rs 800 per share, however, most bids came at over Rs 850 per share. Promoters Thomas Cook (India) and Ajit Abraham Isaac part of their holdings in the OFS to comply with the 25 per cent minimum public shareholding norms.