New listing: TeamLease Services spurts 28% from day's low

The stock hit intra-day high of Rs 1,032, bouncing back 28% from its low of Rs 806 touched on BSE post listing.

Shares of newly-listed company, TeamLease Services, have moved higher to Rs 1,032, up 21% against its initial public offer (IPO) price of Rs 850 per share on the bourses.



The stock bounced back 28% from its intra-day low of Rs 806 touched on the BSE post listing. It touched low of Rs 807 on the National Stock Exchange (NSE).

Earlier in the day, the stock of the staffing services company listed almost at par against its issue price at Rs 860 on the BSE and NSE.

At 10:58 AM, the stock was trading at Rs 1,028 on the BSE. A combined 5.27 million shares changed hands on the counter on the BSE and NSE so far.

The company had raised Rs 423 crore through IPO, got a strong response. The issue was over-subscribed 66 times at a price band of Rs 785-850 per share.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 26.97 times and non-institutional investor category was subscribed around 185 times. Retail investors' pie was subscribed 10.6 times.