Tuesday, 28 June 2016

Quess Corp's Rs 400 cr IPO to open on June 29


Bengaluru-based integrated business services provider Quess Corp (QCL) on Monday announced a price band of Rs 310-317 per share for its three-day initial public offering (IPO), starting on June 29, 2016. The 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 IPO of the company opens on June 29, and closes on July 1. 

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, working capital requirement, acquisitions and other strategic initiatives and general corporate purposes," Quess Corp Chairman and Managing Director Ajit Isaac said. 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.

The company has acquired 9-10 companies in the last five years in new line of businesses or in geographies, where it was not present. The shares of Quess Corp are proposed to be listed on the NSE and BSE.Axis Capital, ICICI Securities, IIFL Holdings 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 four segments, global technology solutions, people and services, integrated facility management and industrial asset management.

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