TeamLease continues to rise after stellar debut; stock up 15%

Shares of newly-listed staffing firm TeamLease Services today extended its rally for the second straight session by surging nearly 15 per cent.
The stock ended with a sharp gain of 14.04 per cent at Rs 1,165.45 on BSE. During the day, it jumped 15 per cent to Rs 1,175.90.
On NSE, it advanced by 14.63 per cent to end at Rs 1,172.55.
TeamLease had made a remarkable debut at the stock market on Friday, surging more than 20 per cent over the issue price of Rs 850.
It also became the first company to cross the Rs 1,000- mark post listing this year.

TeamLease's Rs 423-crore initial public offer (IPO) had received an overwhelming response from investors, with the issue getting oversubscribed 66 times earlier this month.

The IPO, which opened for subscription from February 2-4, was in the price band of Rs 785-850 per share.
This was the second IPO of 2016 after Precision Camshafts, which got subscribed 1.9 times.
TeamLease had said proceeds from the IPO would be used for acquisitions and other strategic initiatives, upgradation of the existing IT infrastructure, working capital requirements and other general corporate purposes.
TeamLease Services, which was established in 2002 with four offices, 20 clients and 40 employees, is now India's largest and foremost people supply chain company with eight regional offices and 1,200 employees, according to the company's website.