TeamLease Services IPO to open for bidding on 2 February 2016

IPO price band fixed at Rs 785 to Rs 850 per share

The initial public offer (IPO) of staffing firm TeamLease Services opens for bidding on 2 February 2016. The IPO is a combination of fresh issue of shares aggregating up to Rs 150 crore and offer for sale by a promoter group entity and a total of four investor shareholders. The price band for the IPO has been fixed at Rs 785 to Rs 850 per share. The IPO closes on 4 February 2016.

Promoter group firm HR Offshoring Ventures is selling up to 1.53 lakh shares through the IPO. Among the four investors in the company, Gaja Capital India Fund-I is selling up to 2.75 lakh shares, Gaja Advisors Private Limited is selling up to 76,660 shares, GPE (India) Ltd. is selling up to 11.80 lakh shares and India Advantage Fund S3 I is selling up to 15.33 lakh shares.

TeamLease Services is one of India's leading providers of human resource services in the organized segment delivering a broad range of human resource services to various industries. The company has earmarked Rs 80 crore of the net proceeds of the IPO for meeting existing and incremental working capital requirements, Rs 25 crore for acquisitions and other strategic initiatives and Rs 15 crore for upgradation of the existing IT infrastructure. The balance amount will be used for general corporate purposes.

On consolidated basis, TeamLease Services reported net profit of Rs 10.97 crore on total revenue of Rs 1215.79 crore for six months ended 30 September 2015. Net profit stood at Rs 29.69 crore on total revenue of Rs 2018.46 crore in the year ended 31 March 2015.

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