Quess Corp IPO all set to hit the streets
Bhagyashree Vivarekar / 22 Jun 2016
The stock of Thomas Cook (India) has surged 5.8 per cent in Wednesday’s session. IPO of Quess Corp Limited, promoted by Thomas Cook (India) Limited (TCIL) and Ajit Isaac is set to open on June 29, 2016 having a face value of Rs 10/ share and the price band of Rs 310-317. The issue will be closed on July 1, 2016.
The stock of Thomas Cook (India) has surged 5.8 per cent in Wednesday’s session. IPO of Quess Corp Limited, promoted by Thomas Cook (India) Limited (TCIL) and Ajit Isaac is set to open on June 29, 2016 having a face value of Rs 10/ share and the price band of Rs 310-317. The issue will be closed on July 1, 2016.
The capital so raised will be majorly utilised for debt repayment, Capex of Quess and its subsidiary MFXchange US, incremental working capital requirement and acquisitions if any.
75 per cent of the issue will be allocated on proportionate basis to QIBs (Qualified Institutional Buyers) out of which 60 per cent will preferably be allocated to the Anchor Investors on discretionary basis under SEBI regulations. Remaining 25 per cent will be kept aside for domestic Mutual Funds where the bids would outperform the Anchor Investors' allocation price.
A maximum of 15 per cent shall be allocated on proportionate basis to the non-institutional investors while a maximum of 10 per cent of the issue will be made available to retail individual investors provided the issues are at or above the issue price.
All potential Bidders (except Anchor Investors) ought to utilise the Application Supported by Blocked Amount (“ASBA”) process, providing details of their respective ASBA accounts in which the corresponding Bid Amounts will be blocked by the SCSBs. Anchor Investors are not permitted to participate in the Issue through the ASBA process.
Axis Capital Limited, ICICI Securities Limited, IIFL Holdings Limited and YES Securities (India) Limited are the Book Running Lead Managers (“BRLMs”) to the Issue. The Registrar to the Issue is Link In time India Private Limited.
Quess Corp Limited, is a Bengaluru based leading integrated business services provider, that includes Global Technology Solutions, People & Services, Integrated Facility Management and Industrial Asset Management. It has over 120,000 employees with a pan-India presence. It has 47 offices across 26 cities with offshore operations in North America, the Middle East and South East Asia. The clientele accounts to 1300.
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