 "HR firm Quess Corp to raise Rs 400 crore via IPO")
Staffing firm Quess Corp which made its debut on the stock exchanges surged 59% on the stock exchanges to end at Rs 503 compared to its issue price of Rs 317.
Quess Corp which had listed at Rs 500 on the National Stock Exchange (NSE) touched a high of Rs 509 and a low of Rs 480. Over 19.5 million shares were traded on both the BSE and NSE.
The Rs 400-crore initial public offering (IPO) of Quess Corp got an overwhelming response with the issue getting subscribed 144 times, the highest such for an Indian IPO in nine years.
Earlier, the staffing firm had allotted 5.67 mn equity shares at Rs 317 each, amounting to about Rs 180 crore, to 15 anchor investors. It had fixed a price band of Rs 310–317 for each share with a face value of Rs 10.
The company will use the proceeds to fund working capital requirements, inorganic growth initiatives and debt repayment. The post-issue market capitalisation would be Rs 3,993 crore.
