TeamLease IPO subscribed 90% so far

The IPO is aiming to raise Rs 430 cr

Recruitment and staffing company TeamLease Services’ initial public offering (IPO) was subscribed nearly 90 per cent on Wednesday. The Rs 430-crore IPO closes on Thursday.

The retail investor quota has, so far, garnered over four times subscription. While the institutional investor segment and high networth individual (HNI) segment were subscribed only 28 per cent and five per cent, respectively. Typically, most of the applications in an IPO come on the last day. Only 10 per cent of this issue is reserved for retail investors.

TeamLease on Monday had raised Rs 190 crore from 15 anchor investors, which included Merrill Lynch, Goldman Sachs, ICICI Prudential and Reliance Capital, among others. The allotment was made at Rs 850 per share. The price band for the IPO is Rs 785 to Rs 850 per share.

Close on heels of the TeamLease IPO, another company with similar business Quess Corp filed its offer document with the Securities and Exchange Board of India. Banglore-based Quess is looking to raise Rs 400 crore through its IPO.

TeamLease is the second IPO of the current calendar year. Next week, anti-virus solutions provider Quick Heal will launch its Rs 450-crore IPO.