Quess Corp IPO Oversubscribed Nearly 145 Times
The Rs 400-crore initial public offer (IPO) of staffing firm Quess Corp was oversubscribed by a staggering 145 times at the end of the three-day bidding on Friday. It was the most oversubscribed IPO in the last nine years.
The IPO received bids for 1,02,43,65,600 shares as against the total issue size of 70,96,774 shares, reflecting 144.34 times over-subscription, data available with the NSE till 7 pm IST on Friday showed.
The offer has generated demand worth over Rs 31,000 crore, excluding the anchor portion, worth Rs 180 crore, that was already allocated to investors.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 59 times while non-institutional investors category received an over 392 times subscription, sources said. The retail investors segment was also oversubscribed 33 times, they added.
Quess Corp has already raised Rs 180 crore from anchor investors.
Promoted by Ajit Isaac and Thomas Cook (India), Quess Corp's IPO has a price band of Rs 310-317 per equity share, having a face value of Rs 10 each.
The IPO, which had opened for subscription on Wednesday, comprises fresh issue of equity shares aggregating Rs 400 crore.Axis Capital, ICICI Securities, IIFL Holdings and YES Securities (India) were managing the issue.
Source: PTI
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