Quess Corp mops up Rs 180 cr from anchor investors

Ahead of its initial public offer, staffing firm Quess Corp raised Rs 180 crore from anchor investors, including Kuwait Investment Authority.

The company allotted shares to around 15 anchor investors at a price of Rs 317 apiece - upper end of the price band fixed for the Rs 400-crore IPO opening today.

Apart from Kuwait Investment Authority, Fidelity Investments, ICICI Prudential MF, HDFC MF, Nomura, Harvard Management Co, DSP BlackRock, Wasatch, Pictet and Grandeur Peak were among the anchor investors.

Quess Corp allotted 56.78 lakh shares to anchor investors at the price of Rs 317 per scrip, according to a filing to the stock exchanges.

Promoted by Ajit Isaac and Thomas Cook (India), Quess Corp's IPO has a price band of Rs 310/317 per equity share having face value of Rs 10 each.

The IPO, which would open tomorrow and close on July 1, comprises fresh issue of equity shares aggregating Rs 400 crore.

The Bengaluru-headquartered company plans to use the proceeds towards incremental working capital, acquisitions and other strategic initiatives, debt repayment and other general corporate purposes.

Set up in 2007, Quess Corp offers comprehensive solutions, including recruitment, temporary staffing, technology staffing and IT products and solutions.