Shares of Thomas Cook (India) rose as much as 3 per cent to Rs 221 as its subsidiary Quess Corp's IPO opened today.
Bangalore-based HR solutions provider Quess Corp plans to raise Rs 400 crore through fresh issue of shares. Analysts say that the IPO will help unlock significant value for Thomas Cook which owns 69.55 per cent stake in Quess Corp.
Quess Corp's IPO has boosted sentiment in Thomas Cook shares. The stock has rallied over 12 per cent in last six trading sessions.
Canadian billionaire Prem Watsa's Fairfax Financial owns 67.82 stake in Thomas Cook (India).
Analysts see a strong demand for Quess Corp shares, citing attractive valuation. Quess Crop rival Teamlease had hit the primary market in February this year and its shares were subscribed 66 times.
Quess had reported consolidated revenues of Rs 3,435 crore for the FY16, clocking a compounded annual growth rate of 52 per cent over last four years. Net profit for FY16 was at Rs 89 crore, with an EBIT or operating margin of 4.8 per cent.
At 10:30 a.m., shares of Thomas Cook (India)were up 1.5 per cent at Rs 217, outperforming a 0.60 per cent gain in Sensex.
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