Quess Corp's Rs400-cr IPO subscribed 147 times

An initial public offer by Quess Corp, a Bengaluru-based business services company, was subscribed a record 147 times, making it the most oversubscribed IPO in the country over the past nine years, according to the company.

The Rs400-crore initial public offer of the Bengaluru-based business services company received bids amounting to almost Rs33,000 crore, a record 147 times the offer value, a note from the company claimed.

The company proposes to use the proceeds from the IPO to fund both capital expenditure and debt retirement of the company and its subsidiary, MFXchange US Inc and for incremental working capital and acquisitions.

Quess is promoted by Ajit Issac and Prem Watsa's Fairfax Holdings through Thomas Cook India Ltd. Its main business verticals are in staffing for global technology services, integrated facility management (such as managing hospitals), people and services and industrial asset management.

The company has set an IPO price band of Rs310-317.

At the upper end of the price band, institutional investors subscribed to their segment 60.86 times while the bulk of the oversubscription came from corporates, which bid 397 times their allocation.

The retail segment of the IPO, which was limited to 10 per cent of the issue, got subscription of over 33 times.

Meanwhile, global markets on Friday recovered from overhang of the UK exiting the European Union. The benchmark index Sensex rose 145 points (half a percentage point) to close at 27,144.91.