Quess Corp makes stellar debut, stock surges 58%
Staffing firm Quess Corp today made a spectacular debut at bourses, with its shares surging nearly 58 per cent as against the issue price of Rs 317.
Mumbai: Staffing firm Quess Corp today made a spectacular debut at bourses, with its shares surging nearly 58 per cent as against the issue price of Rs 317.
The stock listed at Rs 499 on BSE, a huge premium of 57.41 per cent over the issue price. Later, it touched a high of Rs 507.80, up 60.18 per cent.
On NSE, shares of the company debuted at Rs 500, surging 57.72 per cent.
The initial public offer of Quess Corp was oversubscribed a staggering 145 times earlier this month, emerging as the most oversubscribed IPO in the last 9 years.
Promoted by Ajit Isaac and Thomas Cook (India), Quess Corp's Rs 400-crore IPO had a price band of Rs 310-317 per share, with a face value of Rs 10 each.
The Bengaluru-headquartered company plans to use the proceeds towards incremental working capital, acquisitions and other strategic initiatives, debt repayment and other general corporate purposes.
Set up in 2007, Quess Corp offers comprehensive solutions, including recruitment, temporary and technology staffing as well as IT products and solutions.
Earlier this year, IPOs of diagnostics company Thyrocare Technologies was oversubscribed 73.46 times and that of staffing firm TeamLease Services 66 times.