Shares of Quess Corp were trading at Rs 501.70 at 10:35 IST on BSE, a premium of 58.26% over the initial public offer price of Rs 317.
The stock debuted at Rs 499, a premium of 57.41% to the initial public offer (IPO) price. So far the stock hit a high of Rs 507 and low of Rs 480.05. On BSE, 17.01 lakh shares were traded on the counter.
Quess Corp had priced its initial public offer (IPO) at Rs 317 per share -- the top end of the Rs 310 to Rs 317 per share price band for the issue.
The IPO closed on 1 July 2016 with strong response from investors. The issue received bids for a total of 102.54 crore shares on the last day of bidding for the IPO on Friday, 1 July 2016, as per data from the National Stock Exchange (NSE) website. The IPO was subscribed 144.50 times. The qualified institutional buyers (QIBs) category was subscribed 59.03 times. The non-institutional investors category was subscribed 392.21 times. The retail individual investors (RIIs) category was subscribed 34.08 times.
The company had raised Rs 180 crore by selling 56.78 lakh shares to a total of 15 anchor investors ahead of the opening of the IPO. The shares were allotted to the anchor investors at Rs 317 per share, the top end of the Rs 310 to Rs 317 per share price band for the IPO. Among the anchor investors, Morgan Stanley Mauritius Company was allotted 12.61 lakh shares. Other investors include, Kuwait Investment Authority Fund, ICICI Prudential Midcap Fund, HDFC Mutual Fund, Reliance Mutual Fund, FIL Investments (Mauritius) and SBI Mutual Fund, among others.
The proceeds from the IPO will be used for funding expansion of business, potential acquisition opportunities, for repayment of loan from the Bank of Nova Scotia and for meeting working capital requirements. Quess Corp provides comprehensive solutions including recruitment, temporary staffing, technology staffing, IT products and solutions, skill development, payroll, compliance management, integrated facility management and industrial asset management services.
Based on consolidated financial performance, Quess Corp registered net profit of Rs 88.52 crore on revenue from operations of Rs 3435.01 crore for the year ended 31 March 2016.
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