TeamLease makes stock market debut, shares surge 21%

Shares of staffing firm TeamLease Services debuted at the bourses today and touched a high of Rs 1,026, reflecting a sharp gain of nearly 21 per cent over the issue price of Rs 850.
The stock, which listed at Rs 860, up 1.17 per cent compared with the issue price on BSE, later surged by 20.7 per cent to touch a high of Rs 1,026.
At NSE, shares of the company opened at Rs 860 and was trading at Rs 1,009.60, a gain of 18.77 per cent. It touched a high of Rs 1,023.90 and a low of Rs 806.65.

The company commands a market valuation of Rs 1,742.16 crore.
TeamLease's Rs 423 crore initial public offer (IPO) had received an overwhelming response from investors with the issue getting oversubscribed 66 times earlier this month.
The IPO was in the price band of Rs 785-850 per share.
The company had said that proceeds from the IPO will be used for acquisitions and other strategic initiatives, upgradation of the existing IT infrastructure, working capital requirements and other general corporate purposes.