Quess Corp makes stellar debut on bourses, zooms 58 per cent against issue price of Rs 317

By: | Updated: July 12, 2016 4:40 PM

Staffing firm QuessCorp made a blockbuster debut on stock exchanges on Tuesday, with the stock listing on bourses 57.41 per cent higher against the issue price of Rs 317.

QuessCorp listing on bse sensex, nse niftyStaffing firm QuessCorp made a blockbuster debut on stock exchanges on Tuesday, with the stock listing on bourses 57.41 per cent higher against the issue price of Rs 317 in pre-opening.(Photo: PTI)

Staffing firm Quess Corp made a blockbuster debut on stock exchanges on Tuesday, with the stock listing on bourses 57.41 per cent higher against the issue price of Rs 317.

The share price of the company listed at Rs 499 on BSE and at Rs 500 on NSE. After the listing, Ajit Issac, CMD and CEO, Quess Corp told CNBC TV18 that he expects 20-25 per cent growth in future. He further added that he would like to expand margin to 7 per cent.

The public offer was oversubscribed by 145 times earlier this month, emerging as the most oversubscribed IPO in the past 9 years.

Quess Corp’s IPO had a price band of Rs 310–317 per equity share, having a face value of Rs 10 each. The share price of the company closed 58.68 per cent up at Rs 503 on BSE against the issue price.

The company plans to use the proceeds towards incremental working capital, acquisitions and other strategic initiatives, debt repayment and other general corporate purposes.

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