Sebi seeks clarification on Quess IPO

Capital market regulator Sebi has sought clarification from merchant banker of Quess Corp, a staffing services and business solutions provider co-promoted by Thomas Cook India, regarding the company's proposed Rs 400 crore initial public offering.

Without disclosing the details of clarifications sought, Sebi has said that it is awaiting response from Lead Manager for the proposed public offer.

According to the latest weekly update on the processing status of draft offer documents, Sebi has said clarifications were awaited on the company's IPO as on March 4, 2016.

The next update would be uploaded on Sebi's website on March 14. The regulator said it might issue observations on draft offer documents within 30 days, after receiving satisfactory reply from the lead merchant banker regarding the clarification or additional information sought.

The Securities and Exchange Board of India (Sebi) had last recieved a communication in this regard from the company on February 29.

As per the draft paper, the IPO consists of a fresh issue and equity share aggregating to Rs 400 crore.

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

The regulator had received the company's IPO papers on February 2. Axis Capital, ICICI Securities, IIFL Holdings and YES Securities are acting as book running lead managers to the issue.

Set up in 2007, Quess Corp offers comprehensive solutions, including recruitment, temporary staffing, technology staffing and IT products and solutions, among others.

Headquartered in Bengaluru, the company serves over 1,500 customers across nine countries at more than 8,000 locations. It is promoted by Ajit Isaac and Thomas Cook (India) Limited.