Quess Corp's Rs 400-cr IPO subscribed 41 pc on Day 1

The initial public offer of staffing firm Quess Corp was subscribed 41 per cent on the first day of bidding today.
The IPO received bids for 28,89,900 shares against the total issue size of 70,96,774 shares, data available with NSE till 1700 hours showed.
The portion set aside for non-institutional investors was subscribed 5 per cent while retail investors category was oversubscribed 2.19 times.
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 on July 1, comprises fresh issue of equity shares aggregating Rs 400 crore.

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.
Axis Capital, ICICI Securities, IIFL Holdings and YES Securities (India) are managing the offer.