Quess Corp IPO superhit on D-Street, subscribed 144 times

Quess Corp IPO received overwhelming response from investors and traders as the public offer by the staffing firm was subscribed 144 times on the last day of bidding.

Written by Rahul Oberoi

Updated: July 1, 2016 18:04 IST

Mindtree shares dropped as much as 5.64 per cent in early trade on Monday after the IT company on Friday post market hours reported 23.24 per cent fall in net profit at Rs 94.80 crore for the quarter ended September 2016 against Rs 123.50 crore in the sequential quarter ended June 30, 2016. (Photo: Reuters)

Quess Corp IPO received overwhelming response from investors and traders as the public offer by the staffing firm was subscribed 144 times on the last day of bidding. The issue opened on June 29.

The IPO received bids for 1,02,17,54,070 shares as against the total issue size of 70,96,774 shares, stock exchanges data till 5 pm showed.

The company had fixed a price band of Rs 310–317 per equity share having a face value of Rs 10 each. It has already raised Rs 180 crore from anchor investors.

Axis Capital, ICICI Securities, IIFL Holdings and YES Securities (India) were managing the offer. Quess Corp will use the proceeds towards incremental working capital, acquisitions and other strategic initiatives, debt repayment and other general corporate purposes.

The Bangalore-headquartered staffing firm is promoted by Ajjit Issac and Thomas Cook India.

If you are keen to know more about Nifty 50 and BSE Sensex levels and seek expert advice on what's driving the gains and how to build your portfolio, track the latest stock market stats, share market news and top brokerage bets on Financial Express. Download the Financial Express App for the fastest and most reliable business news alerts, key investment strategies and latest movers and shakers from across financial market.

This article was first uploaded on July one, twenty sixteen, at forty-five minutes past five in the evening.