Quess Corp, Advanced Enzyme get Sebi's clearance for IPO

Two companies - Quess Corp and Advanced Enzyme Technologies - have received capital markets regulator Sebi's approval to float initial public offerings.
Quess Corp, which filed its draft red herring prospectus (DRHP) with Sebi in February for launching the IPO, received clearance from the regulator on April 26, according to the latest update.
As per the draft papers, the company plans to mop-up Rs 400 crore through its initial public offer (IPO).
Quess Corp, staffing services and business solutions provider co-promoted by Thomas Cook India, intends to use Rs 157.9 crore towards incremental working capital, Rs 80 crore for acquisitions and other strategic initiatives, Rs 70.7 crore for capex and Rs 50 crore towards debt repayment, apart from general corporate purposes.

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.
Advanced Enzyme Technologies, which filed its draft papers in January, obtained clearance from the regulator on April 29.
The company's IPO comprises fresh issue of shares aggregating up to Rs 60 crore and an offer for sale of up to 44,73,470 scrips by the existing shareholders.

Advanced Enzyme is engaged in the research and development, manufacturing and marketing of proprietary enzyme products.
Proceeds of the fresh issue will be utilised towards investment in the company's wholly-owned firm Advanced Enzymes USA, repayment of certain loans and for other general corporate purposes.
ICICI Securities and Axis Capital are the merchant bankers of the issue.
Earlier in 2013, the company had approached Sebi to launch its IPO and had also obtained its approval. However, the company did not go ahead with its plan.