Bengaluru-based Quess has fixed price band of Rs 310-317 per equity share for its IPO hitting the capital market next week.
The integrated business services firm, promoted by Ajit Isaac and Thomas Cook (India), is expecting to raise Rs 400 crore through IPO to fund its businesses as well as pay off its debts.
The Initial Public Offer (IPO) of the company opens on June 29, and closes on July 1 with a price band of Rs 310-317 per equity share having face value of Rs 10 each.
The IPO consists of a fresh issue of equity shares aggregating to Rs 400 crore.
"We are planning to utilise the capital raised to pay off part of debt, fund capital expenditure requirements of the company and its subsidiary MFXchange US Inc, working capital requirement, acquisitions and other strategic initiatives and general corporate purposes," Quess corp Chairman and Managing Director Ajit Isaac told reporters here.
The company will utilise Rs 50 crore to pay off part of its debt, Rs 160 crore for working capital, Rs 80 crore for acquisitions and other strategic initiatives, and Rs 70 crore as capex, he added.
The current net debt of the company as on April 30 stood at Rs 412 crore.
Talking about acquisitions, Isaac said, the company has acquired 9-10 companies in last five years in new line of businesses or in geographies, where it was not present.
"Going forward, we expect growth primarily to come from India," he said, adding the new areas for acquisitions that the company is looking at, are pest control, security services, skill development, among others.
The shares of Quess Corp Limited are proposed to be listed on the NSE and BSE.
Axis Capital Limited, ICICI Securities, IIFL Holdings Limited and YES Securities (India) are the Book Running Lead Managers (BRLMs) to the issue. The registrar to the Issue is Link Intime India.
Quess Corp (formerly known as Ikya Human Capital Solutions), established in 2007, has over 1,20,000 employees with a pan-India presence of 47 offices across 26 cities as well as operations in North America, the Middle East and South East Asia, and serves over 1,300 customers.
The company's presence pans across foue segments, global technology solutions, people and services, integrated facility management and industrial asset management.
Quess Corp's profit after tax in FY16 stood at Rs 88.52 crore and its revenue was at Rs 3442.42 crore.
