Shares of TeamLease Services on Friday made a stellar debut on the bourses, as its shares gained more than 20% on the listing day.
The scrip closed at Rs 1,021.95 on the BSE, up Rs 171.95 or 20.23% than the issue price.
More than 68 lakh shares of the company changed hands across the exchanges during the session.
The Bengaluru-based company raised Rs 420 crore through the initial public offering (IPO). The three-day issue closed on February, 4. The company raised Rs 190 crore by allotting shares to anchor investors in a pre-IPO placement. Fifteen anchor investors, including Goldman Sachs and Merrill Lynch, were allotted shares under the allotment.
IDFC Securities, Credit Suisse Securities and ICICI Securities were the book running lead managers to the issue.
The staffing company plans to use the IPO proceeds for acquisitions and other strategic initiatives, upgrade of the existing IT infrastructure, working capital requirements and other general corporate purposes, according to the DRHP.
TeamLease’s services span the entire supply chain of human resources in India, covering employment, employability and education. Its employment services include temporary staffing solutions, permanent recruitment services and regulatory consultancy for labour law compliance.
Narayana Hrudayalaya and Precision Camshafts were the previous two companies to get listed on the exchanges. Narayana Hrudayalaya went public in the first week of January and its shares surged more than 34% on the listing day. The public issue of the multi-speciality hospital chain happened in the previous calendar.
Primary markets continue to witness traction even as the secondary markets are witnessing a sharp correction. Three companies have successfully tapped primary markets in the calendar so far. Together, these firms raised close to R1,200 crore.
Quick Heal Techonologies — whose IPO managed to get completely subscribed this week — is scheduled to list on the bourses in the forthcoming week. Quick Heal has raised a little more than R450 crore from the primary markets and its IPO was subscribed more than 10 times, stock exchanges data showed.