Quess Corp, India’s Most Successful IPO In 9 Years, Soars 60% In Debut

Quess Corp made a stellar debut in stock markets, with shares in the staffing firm rising over 60 per cent on Tuesday. Quess Corp’s initial public offer (IPO) was oversubscribed 145 times, making it the most successful issue in the past nine years.

With the stellar listing, Quess Corp joined a string of names such as Dr Lal PathLabs, Alkem Labs, TeamLease Services, Thyrocare Tech and more recently Mahanagar Gas, that have returned solid listing gains to subscribers.

Quess Corp shares surged as high as Rs 509.30 today, against the issue price of Rs 317 per share. Bengaluru-based Quess Corp had raised Rs 400 crore through its IPO.

Set up in 2007, Quess Corp offers comprehensive solutions including recruitment, temporary staffing, technology staffing as well as IT products and solutions. Quess Corp is promoted by Ajit Isaac and Thomas Cook (India).

Quess Corp plans to use the proceeds towards incremental working capital, acquisitions and other strategic initiatives, debt repayment and other general corporate purposes.

Quess Corp shares closed 58.70 per cent higher at Rs 503.10 on the National Stock Exchange, outperforming the broader Nifty that ended up 0.6 per cent.