Comments
The public offer of Bengaluru-based business services company Quess Corp will open on June 29. The issue will close on July 1. The company is raising ₹400 crore in a fresh issue of shares in a price band of ₹310-317. The minimum bid lot is 45 equity shares and in multiples of 45.
The company is promoted by Ajit Issac (16.40 per cent) and Prem Watsa’s Fairfax Financial Holdings through its subsidiary Thomas Cook India (69.55 per cent).
Quess’ main business verticals are staffing for global technology services, integrated facility management (such as managing hospitals), people & services and industrial asset management. Even though the company is profitable, it has restricted the retail segment of the issue at 10 per cent because it wants the amount of capital raised to be proportionate to the needs of the business, CEO Ajit Issac said. “In the interest of new shareholders, we will look at a gradual process of capital expansion.”
No exitsThe offer is entirely a fresh issue with no exits by the current shareholders. The company plans to use the net proceeds to repay debt (₹50 crore), fund capital expenditure for the company and its subsidiary MFXchange US Inc (₹71.7 crore), for incremental working capital (₹157.9 crore) and to make acquisitions (₹80 crore), among other general corporate needs.
Axis Capital, ICICI Securities, IIFL Holdings and YES Securities are the book-running lead managers of the issue.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.