India: Quess Corp’s IPO to open on 29 June

Integrated business services provider Quess Corp. Ltd (QCL) on Wednesday announced a price band of Rs.310-317 per share for its three-day initial public offering (IPO).

The public issue opens on 29 June and closes 1 July. The anchor book, a pre-IPO allotment to institutional investors, will take place on 28 June.

The Bengaluru-headquartered company plans to raise Rs.400 crore through fresh issue of shares.

The proceeds will be utilized towards repayment of debt, capital expenditure as well as working capital requirements, and funding acquisitions and other strategic initiatives.

QCL is a business services provider in which 69.55% stake is owned by Thomas Cook (India) Ltd, which in turn is owned by Canadian billionaire Prem Watsa’s Fairfax Financial Holdings Ltd (FFHL).

FFHL owns 67.82% stake in Thomas Cook.

QCL offers business services, including recruitment, temporary staffing, technology staffing, IT products and solutions.

The company reported revenue of Rs.3,442.4 crore in fiscal 2016 (12 months) compared with Rs.2,572.8 crore in fiscal 2015 (15 months).

Net profit grew to Rs.88.5 crore in FY16 compared with Rs.67.2 crore for FY15.

Ajit Isaac, chairman and managing director and chief executive, QCL, on Wednesday told reporters that strategic acquisitions have helped contribute 20% of the company’s total revenue and it has a track record of successful inorganic growth through such acquisitions.

Isaac highlighted a four-point plan in a media presentation as the way forward for QCL. The company aims at expanding its service portfolio and operations through strategic acquisitions that complement existing operations. It also aims at capitalizing growth in e-commerce in India and pursue other business-to-consumer (B2C) opportunities as well as improve operating margins, among other things.

Axis Capital Ltd, ICICI Securities Ltd, IIFL Holdings Ltd, and Yes Securities (India) Ltd are financial advisors to QCL’s IPO.

QCL is the 12th company this calendar to tap primary markets.

QCL’s peer group company Teamlease Services Ltd had tapped the primary market in February 2016. Bengaluru-based Teamlease had raised Rs.423 crore.

On Wednesday, Mahanagar Gas Ltd saw its IPO subscribed 3.92 times on the second of its three-day issue. The issue closes on 23 June.

Ten other companies have tapped the capital markets to raise a total of Rs.6,743 crore this year. Last calendar, 21 companies raised Rs.13,614 crore, according to data from primary market tracker Prime Database.

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.