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The initial public offer of Bangalore-based staffing company Teamlease Services was subscribed nearly 66 times by late Thursday evening, on the third and last day of the offer.
The offer size was ₹423 crore and priced at ₹785-₹850 a share.
Institutional investors subscribed nearly 27 times to the portion reserved for them, while bids from retail investors came were 10.49 times their portion. (The retail investor portion is capped at 10 per cent since the company does not meet SEBI’s “three-year profitability” track record requisite.) High net worth individuals subscribed over 185 times.
A day before the offer opened, the company raised ₹190 crore by selling shares to 15 anchor investors, including Goldman Sachs, Nomura, ICICI Prudential, Reliance Capital, Birla Sun Life, Sundaram MF, IDFC MF and others, at ₹850 apiece. The book running lead managers are IDFC Securities, Credit Suisse Securities (India) Pvt Ltd and ICICI Securities.
Teamlease’s public offer was the second of this financial year, the first being auto ancillary company Precision Camshafts which raised ₹410 crore last week. Anti-virus software maker Quick Heal Technologies will hit the primary market next week with its ₹451-crore offer.
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