Quess Corp files IPO papers with Sebi; to raise Rs 400 cr

Quess Corp, a staffing services and business solutions provider co-promoted by Thomas Cook India, has approached markets regulator Sebi for an initial public offer (IPO) to raise Rs 400 crore.The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for the public issue of its equity shares. As per the DRHP, the company intends to use Rs 157.9 crore towards incremental working capital, Rs 80 crore for acquisitions and other strategic initiatives, Rs 70.7 crore for capex and Rs 50 crore towards debt repayment, apart from general corporate purposes.

Axis Capital, ICICI Securities, IIFL Holdings and YES Securities are acting as book running lead managers to the issue. Set up in 2007, Quess Corp offers comprehensive solutions, including recruitment, temporary staffing, technology staffing and IT products and solutions, among others. Headquartered in Bengaluru, the company serves over 1,500 customers across nine countries at more than 8,000 locations.

It is promoted by Ajit Isaac and Thomas Cook (India) Limited.