Banglore: Bangalore-based human resource (HR) solutions supplier Quess Corp is planning to raise Rs 400 crore through an initial public offer (IPO). The company, controlled by Thomas Cook (India), has permanent the price posse of Rs 310 to Rs 317 per share for its IPO. The subject will stay unlock from June 29 to July 1. Quess Corp will use the IPO proceeds for reimbursement of debt and for acquisitions and other planned initiatives. On Wednesday Shares of Thomas Cook, which owns almost 70 per cent stake in Quess Corp, gained over 5 per cent on BSE. Axis Capital, ICICI Securities, IIFL assets and YES Securities are the volume operation lead managers to the issue. At least 75 per cent of the issue is reserved for institutional investors, 15 per cent for high net worth persons and 10 per cent for retail investors.
Quess intends to utilize issue profits for reimbursement of debt; endowment capital spending supplies of the company and its supplementary, MFX alter US; funding incremental working capital requirement; acquisitions & other strategic initiatives and universal corporate purposes. Bids can be made for smallest amount 45 equity shares and in multiples of 45 shares thereafter. The company conveys that more, not more than 15 percent of the issue shall be obtainable for allotment on a balanced basis to non-institutional investors and not more than 10 percent of the issue shall be obtainable for portion to retail individual investors. Quess Corp offers complete solutions to its clients counting staffing, temporary staffing, technology staffing, IT products and solutions, skill development, payroll, compliance management, integrated facility management and industrial asset management services.