The initial public offer (IPO) of TeamLease Services Ltd was subscribed 66 times till 7 p.m. on Thursday, the last day for submitting bids. According to data available on the National Stock Exchange website, the issue received bids for 19.09 crore shares, as against 28.92 lakh shares on offer in the price band of Rs 785 to Rs 850.
The company plans to use the net proceeds of the issue to fund existing and incremental working capital requirements, acquisitions and other strategic initiatives; upgrading IT infrastructure; and general corporate purposes.
Apart from a fresh issue of shares by the company, existing shareholders namely Gaja Capital India Fund I, Gaja Advisors Pvt Ltd, GPE (India) Ltd, India Advantage Fund S3 I and HR Offshoring Ventures Pte Ltd are offloading their shares as part of the public offering.
The category-wise bidding details were not available till the time of going to press.
On February 1, the company allotted 22.39 lakh shares at Rs 850 per share, aggregating to Rs 190 crore as part of the anchor allotment. Apart from foreign investors such as Emerging Markets Growth Fund Inc, Schroder International Selection Fund Indian Opportunities and Merrill Lynch Capital Markets Espana, domestic fund houses, including ICICI Prudential Mutual Fund, Reliance Mutual Fund, Birla Sun Life Mutual Fund and HDFC Mutual Fund, among others were allotted shares.
IDFC Securities Ltd, Credit Suisse Securities (India) Pvt Ltd, ICICI Securities Ltd are the investment bankers managing the offer.
