Shares of staffing firm Quess Corp today made a spectacular debut at bourses, ending the day with 59 per cent gain on an issue price of Rs 317.
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The stock surged as much as 60.18 per cent to Rs 507.80 against its issue price.
The scrip opened at Rs. 499 and touched a high and low of Rs. 508.6 and Rs. 480.05 respectively.
Quess Corp’s initial public offer (IPO) was oversubscribed 145 times, making it the most successful issue in the past nine years.
Earlier this year, IPOs of diagnostics company Thyrocare Technologies was oversubscribed 73.46 times and that of staffing firm TeamLease Services 66 times.
Quess Corp. offers business services, including recruitment, temporary staffing, technology staffing, information technology products and solutions.
Quess Corp.’s promoter Thomas Cook India Ltd closed at Rs.207.55 on BSE, down 5.81% from its previous close, while India’s benchmark Sensex rose 0.66% to close at 27,808.14 points. The company closed FY16 with Rs 3,442 crore in revenues.
Quess Corp has finally settled in and has listed at a price of Rs 500 per share.
Quess Corp.is a business services provider in which 69.55% stake is owned by Thomas Cook (India) Ltd, which, in turn, is owned by Canadian billionaire Prem Watsa’s Fairfax Financial Holdings Ltd (FFHL).
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The company will utilise the net proceeds for repayment of debt availed by the company, funding capital expenditure requirements of the company and its subsidiary, meeting working capital requirement, acquisitions and other strategic initiatives and general corporate purposes.
