India: Staffing services firm TeamLease shares surge 21% on stock market debut

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.

Also read:

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

India: Staffing firm TeamLease to raise around $73m via IPO

India: Gaja Capital-backed temp staffing firm TeamLease sets IPO price band

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.