Quess Corp IPO oversubscribed 144 times

Quess Corp, the subsidiary of Thomas Cook , has received an overwhelming response from investors for its IPO. The 400 crore initial public offer of Quess Corp has been oversubscribed 144.5 times by the end of Friday, which was also the last day of subscription. 

The issue for Quess Corp opened on June 29 and received bids for more than 102.5 crore equity shares whereas the IPO size is only 79.96 lakh shares excluding the anchor investors' portion.  Non-institutional investors' portion was oversubscribed by 392.21 times and qualified institutional investors got oversubscribed by  59.03 times whereas retail portion got oversubscribed by 34.08 times. 

Quess Corp was successful in raising Rs. 180 crore from anchor investors at Rs. 317 per share. The price band for the issue is at Rs 310-317 per share. The funds raised through IPO will be utilised for incremental working capital needs and other strategic initiatives including acquisitions and debt repayments. 

Quess Corp is involved in offering comprehensive staffing solutions including recruitment, temporary and technology staffing, and IT products and solutions. Thomas Cook holds majority shares in Quess at 70 per cent. The holding will come down to 62.7 per cent. Quess Corp has a pan India presence with 43 offices across 24 cities. The company has presence in North America, the Middle East and South East Asia.