Quess Corp made a stellar debut in the stock markets with its recent IPO. Its initial public offer was oversubscribed 145 times, making it the most oversubscribed IPO in almost 9 years.
Quess Corp shares surged to Rs 507.90 today, against the issue price of Rs 317 per share. The Bengaluru-based firm raised Rs 400 crore through its IPO. The company started in 2007 and offers services in recruitment, temporary staffing, technology staffing and IT product. The firm is backed by Ajit Isaac and Thomas Cook (India).
Quess Corp will be using the proceeds from its IPO towards incremental working capital, acquisitions, debt repayment and further business purposes.