TeamLease surges over 20 pc on debut, makes strong recovery

Staffing firm TeamLease Services made a remarkable debut at the stock market today, surging more than 20 per cent over the issue price of Rs 850 amid choppy market conditions.
The stock, which debuted at Rs 860, up 1.17 per cent from the issue price, finally ended with a steep gain of 20.23 per cent at Rs 1,021.95 on BSE.
The newly-listed stock saw a remarkable recovery from its intra-day low of Rs 805.90. For a brief duration, the stock slipped below its issue price.
During the day, it touched a high of Rs 1,032, up 21.41 per cent.
At NSE, it zoomed 20.33 per cent to Rs 1,022.85 at the close of trade.

The company commands a market valuation of Rs 1,747.20 crore.

TeamLease also became the first company to cross the Rs 1,000 mark post listing this year.
On the volume front, 13.15 lakh shares of the company changed hands at BSE and over 54 lakh at NSE during the day.
Since the start of the year, the BSE Sensex has lost around 3,131.42 points, or 12 per cent, and logged a weekly fall in five out of six weeks since then.
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, which opened for subscription from February 2-4, was in the price band of Rs 785-850 per share.
This was the second IPO of 2016 after Precision Camshafts, which was subscribed 1.9 times.
TeamLease had said proceeds from the IPO would be used for acquisitions and other strategic initiatives, upgradation of the existing IT infrastructure, working capital requirements and other general corporate purposes.
TeamLease Services, which was established in 2002 with four offices, 20 clients and 40 employees, is now India's largest and foremost people supply chain company with eight regional offices and 1,200 employees, according to the company's website.