Stocks

Quess Corp soars 59% on debut

PTI Mumbai | Updated on January 17, 2018 Published on July 12, 2016

quess

Shares of staffing firm Quess Corp today made a spectacular debut on the bourses, ending the day with 59 per cent gain on an issue price of Rs 317.

After listing at Rs 499, reflecting a huge premium of 57.41 per cent on the BSE, the stock finally ended at Rs 503, up 58.68 per cent. During the day, it zoomed 60.44 per cent to Rs 508.60.

On the NSE, shares of the company soared 58.70 per cent to end at Rs 503.10.

On volume front, 32.23 lakh shares of the company were traded and over one crore shares changed hands on the NSE during the day.

The stellar listing comes after the initial public offer of Quess Corp was oversubscribed a staggering 145 times earlier this month, emerging as the most oversubscribed IPO in the last 9 years.

Promoted by Ajit Isaac and Thomas Cook (India), Quess Corp’s Rs 400-crore IPO had a price band of Rs 310-317 per share with a face value of Rs 10 each.

The Bengaluru-headquartered company plans to use the proceeds towards incremental working capital, acquisitions and other strategic initiatives, debt repayment and other general corporate purposes.

Set up in 2007, Quess Corp offers comprehensive solutions, including recruitment, temporary and technology staffing as well as IT products and solutions.

Earlier this year, IPOs of diagnostics company Thyrocare Technologies was oversubscribed 73.46 times and that of staffing firm TeamLease Services 66 times.

In terms of listing, Mahanagar Gas was also off to a robust start earlier this month with the stock rising nearly 24 per cent in its debut trade.

Published on July 12, 2016
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