TeamLease IPO subscribed 17 pc on Day 1

The initial public offer of staffing firm TeamLease Services was subscribed 17 per cent on the first day of the issue today.
The Rs 423-crore IPO received bids for 5,03,085 shares against the total issue size of 28,92,063 shares, data available with NSE till 1700 hours showed.
The retail investor category was subscribed by 98 per cent.
Meanwhile, the portion reserved for qualified institutional buyers (QIBs) and non-institutional investors did not receive any bids till 1700 hours.
TeamLease Services yesterday raised Rs 190 crore through issue of shares to 15 anchor investors, including Goldman Sachs and Merrill Lynch.
The shares were allotted to the anchor investors at a price of Rs 850 apiece, the upper end of the price band.

The IPO would close on February 4 and the price band is Rs 785-850 per share. At the upper end, the share sale can fetch Rs 423 crore.

The offer will be made through a fresh issue aggregating up to Rs 150 crore and an offer for sale of up to 32.2 lakh equity shares.
Proceeds from the IPO will be used for acquisitions and other strategic initiatives, upgradation of the existing IT infrastructure, working capital requirements and other general corporate purposes.
IDFC Securities Ltd, Credit Suisse Securities (India) Pvt Ltd and ICICI Securities Ltd are the book running lead managers to the offer.