TeamLease IPO to open in early February

Staffing firm TeamLease Services will hit the capital market early next month to raise an estimated Rs 450-500 crore through an initial public offering.
The IPO comprises fresh issue of shares worth Rs 150 crore and an offer for sale of up to 32.2 lakh shares by existing shareholders, as per the Draft Red Herring Prospectus (DRHP).
The existing investors include Gaja Capital, India Advantage, HR Offshoring Ventures and GPE (India).
A total of 10,000 shares have been reserved for the company's employees in the public issue.
According to sources, the firm's IPO will open in early February.
The proceeds of 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.

The company, which had filed draft papers with Sebi in September, for the proposed public offer, had received the regulator's approval last month.

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.
Shares of the company are proposed to be listed on BSE and NSE. The issue is being managed by IDFC Securities, ICICI Securities and Credit Suisse Securities (India) Pvt.
As of September 2015, the company's total revenues stood at Rs 1,215.8 crore and profit after tax was at Rs 10.97 crore.