Quess Corp's Rs 400 cr IPO oversubscribed 3.4 times on Day 2

Staffing firm Quess Corp's initial public offer has been oversubscribed 3.40 times on the second day of the 3-day bidding.
The IPO received bids for 2,40,94,575 shares as against the total issue size of 70,96,774 shares, stock exchanges data till 1700 hours showed.
The category set aside for qualified institutional buyers (QIBs) was oversubscribed 2.8 times and retail investors' portion witnessed an oversubscription of 9.81 times.
Non-institutional investors portion was covered 32 per cent.
Quess Corp has already raised Rs 180 crore from anchor investors.
Promoted by Ajit Isaac and Thomas Cook (India), Quess Corp's IPO has a price band of Rs 310-317 per equity share having a face value of Rs 10 each.

The IPO, which would close tomorrow, comprises fresh issue of equity shares aggregating Rs 400 crore.

Axis Capital, ICICI Securities, IIFL Holdings and YES Securities (India) are managing the offer.
The Bengaluru-headquartered company plans to use the proceeds towards incremental working capital, acquisitions and other strategic initiatives, debt repayment and other general corporate purposes.
Set up in 2007, Quess Corp offers comprehensive solutions including recruitment, temporary staffing, technology staffing as well as IT products and solutions.