Shares of TeamLease Services Ltd on Friday debuted 1.2% higher to its issue price and soon jumped over 21% on its listing day.
The stock opened at Rs.860 a share and touched a high and a low of Rs.1,000 and Rs.805.90, respectively. At 10.31am, it was trading at Rs.983.15 on the BSE, up 15.66% from its issue price. The benchmark Sensex index fell 0.44% or 101.90 points to 22,842.50.
The initial public offer (IPO) was subscribed 66.01 times. The allocation for institutional investors witnessed subscription close to 27 times, while retail investors and high networth individual investor categories were subscribed 10.6 and 185.2 times, respectively. Employees’ category was subscribed 1.3 times the number of shares reserved.
The staffing services opened its initial share sale on 2 February to raise Rs.420 crore from the primary market. The issue closed on 4 February.
The firm had set a price band of Rs.785-850, and the issue price was fixed at Rs.850 per share. The share sale involved primary capital-raising to the tune of Rs.190 crore through issuing shares in a pre-IPO allotment to 15 anchor investors, including Goldman Sachs and Merrill Lynch.
TeamLease’s services span the entire supply chain of human resources in India, covering employment, employability and education. Its employment services include temporary staffing solutions, permanent recruitment services and regulatory consultancy for labour law compliance.