The 'new economy' constantly throws up a multiplicity of entrepreneurial ventures trying to solve the problems of modern India. By telling their stories I try to catch a glimpse of the entrepreneurial evolution that India is going through. I have a weakness for the gloss of novelty and chase it in all experiences, from exploring new cities and restaurants, to changing what I read.
On the back of a remarkable market debut, Bengaluru-based staffing firm, Quess Corp Limited’s stock ended the day at Rs 503, a 58.68 percent premium over its Rs 317 issue price. Earlier this month, the Ajit Isaac-led company concluded its Rs 400 crore initial public offering (IPO), which was oversubscribed 144.5 times.
Besides India, Quess Corp, an integrated business services provider is also present in North America, the Middle East and South East Asia. It functions across four segments, which include global technology solutions, people and services, integrated facility management and industrial asset management. The company closed FY16 with Rs 3,442 crore in revenues.
Proceeds from its IPO will be used for funding incremental working capital requirements, repayment of debt, funding capital expenditure requirements and for acquisitions and other strategic initiatives.
Earlier this year, TeamLease Services, Quess Corp’s peer, became the first player from the human resource services space in India to enter the markets. Its IPO was oversubscribed 66 times.
Before closing at Rs 503 on Tuesday, Quess Corp’s stock hit a low of Rs 480, and a high of Rs 509.3 per share.