Teamlease Services to list shares tomorrow

Staffing firm TeamLease Services, which has raised Rs 423 crore through its initial public offer (IPO), will list its shares on the stock exchanges tomorrow.
The equity shares will be listed on the NSE as well as on the BSE.
The IPO, which opened for subscription from February 2-4 was over-subscribed 66 times at a price band of Rs 785-850 per share.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 26.97 times and non-institutional investor category was subscribed around 185 times.
Retail investors' pie was subscribed 10.6 times.
This was the second IPO of 2016 after Precision Camshafts, which was subscribed 1.9 times.

TeamLease Services has raised Rs 190 crore through issue of shares to 15 anchor investors, including Goldman Sachs and Merrill Lynch.

The shares were allotted to anchor investors at a price of Rs 850 a piece, the upper end of the band.
The IPO consisted of 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 were the book running lead managers to the offer.

The company, which had filed draft papers with SEBI in September last year, for the public offer, had received the regulator's approval in December.
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.