While big brothers fall in a panic-stricken market, new entrant TeamLease surges 21%

Share of TeamLease Services (TLS) which made its debut on stock exchanges on Friday surged 21 per cent and touched a high of Rs 1032 over its issue price of Rs 850. At the start of the day TLS made a tepid debut on the stock exchanges, falling as much as 5 per cent after listing at a marginal premium of 1.17 per cent over its issue price of Rs 850.  It hit a low of Rs 805.90, which was at a 5.18 per cent discount to the issue price.

The staffing firm witnessed a overwhelming demand through its IPO which was subscribed by 66 times. It has raised Rs 423 crores. The IPO ran between February 2 and February 4 and the price band was set at Rs 785-850 a share.

Qualified institutional buyers' (QIBs) quota was subscribed 26.97 times and the non-institutional investor category by around 185 times. Retail investors' quota was subscribed 10.6 times.

The company had raised Rs 190 crores through issue of shares to 15 anchor investors, including Goldman Sachs and Merrill Lynch. The shares were allotted to anchor investors at a price of Rs 850 a piece, the upper end of the band. The IPO consisted of fresh issue aggregating up to Rs 150 crores and an offer for sale of up to 32.2 lakhs equity shares.

The company had said that proceeds from the IPO will be used for acquisitions and other strategic initiatives, upgradation of the existing IT infrastructure, working capital requirements and other general corporate purposes. 

TeamLease is one of India's leading providers of human resource services in the organized segment , delivering a broad range of human resource services to various industries, with a vision to "Putting India to Work". The services span the entire supply chain of human resources in India, covering 3 E’s - Employment, Employability and Education.