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Bangalore-based Quess Corp has announced that its forthcoming IPO will be priced in the range of INR310-317 per share. Quess Corp IPO will open on 29 June and will close on 1 July 2016. To be managed by Axis Capital, ICICI Securities, IIFL Holdings and YES Securities India, the upcoming IPO will raise INR4 billion (INR400 crore) through fresh issue of equity shares. Applications for Quess Corp IPO can be made for minimum 45 shares and in multiples thereafter. Unlike most other IPOs over the last 12 months, retail investors will be allocated only 10% in the IPO.
Quess Corp IPO will raise the funds for repayment of debt availed, funding capital expenditure requirements of Quess Corp and its subsidiary MFXchange US Inc, meeting working capital requirement, acquisitions and other strategic initiatives and general corporate purposes. The anchor book, a pre-IPO allotment to institutional investors will take place on 28 June.
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Promoted by Ajit Isaac and Thomas Cook (India), Quess Corp is a leading Human Resource and staffing player in India. Having decades of experience in the staffing business, Ajit Isaac is no stranger in the trade. Ajit earlier established and sold PeopleOne Consulting to staffing major Adecco in 2004. Subsequently, he established IKYA Human Solutions in 2007. IKYA was later rebranded as Quess Corporation last year following the acquisition of the company by Fairfax Financial Holdings-controlled Thomas Cook in 2013.
An acquisition every year
The company has over 120,000 employees with a pan-India presence of 47 offices across 26 cities as well as operations in North America, the Middle East and South East Asia and serves over 1,300 customers. Since Ajit is an industry insider and has tremendous understanding of the industry, Quess has carried out nine acquisitions in the last eight years.
Quess Corp will follow its peer Team Lease in getting listed on the stock exchanges. TeamLease Services floated its IPO last year which went on to reward IPO investors very well.