India: TeamLease IPO oversubscribed 65 times, second-highest in eight years

TeamLease Services Ltd.’s initial public offering, which had made a slow start first two days, was oversubscribed sixty five times on the final day, the second-highest in eight years on India’s markets.

High net-worth individuals joined institutional investors and corporate investors to buy stakes in the Bangalore-based staffing company.

Existing investors Gaja Capital and ICICI Venture, who had put in $27.8 million in the past, are selling part of their stake – 1.5 million shares – as part of the offering. They would make about Rs 274 crore from the issue.

The record for the most over-subscribed IPO is that of Future Capital Ltd., which was over-subscribed 132 times in January 2008, just before the bull run started to fade. The company was later sold by Future Group to private equity firm Warburg Pincus and was renamed Capital First.

Corporate investors and HNIs showed a lot of interest, oversubscribing by 184 times, while institutional investors oversubscribed 26 times. Retail investors had led buying on first two days and that part was oversubscribed 10 times.

This is the second IPO of 2016, after that of Precision Camshafts. TeamLease stands to raise more than Rs 420 crore at the upper band of its price range of Rs 785-850.

Also read:

India IPO Dealbook: TeamLease offer subscribed 17% on first day; Quess Corp files papers for $60m issue

India: Auto parts maker Precision Camshafts IPO subscribed 1.89 times

India: Quick Heal may raise about $66m through IPO that opens Feb 8

 

 

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.