Quess Corp Limited IPO opens on June 29, 2016 with Price Band of Rs 310–Rs 317 per Equity Share of Face Value of Rs. 10 each
- Fresh issue of Equity Shares aggregating to Rs.4,000 million
- The minimum Bid lot is 45equity shares and in multiples of 45equity shares thereafter
- Issue opening date – June 29, 2016 and Issue closing date – July 1, 2016
*APPLICATIONS SUPPORTED BY BLOCKED AMOUNT (ASBA): Investors have to apply through the ASBA process. ASBA has to be availed by all the investors except anchor investors. For details on the ASBA process, please refer to the details given in the ASBA Form and Abridged Prospectus and also please refer to “Issue Procedure” on page 461 of the RHP. ASBA Forms can also be downloaded from the websites of BSE and NSE. ASBA Forms can be obtained from the list of banks that is available on the website of SEBI at www.sebi.gov.in. ASBA Form can be obtained from Syndicate, SCSBs, Registered Brokers, RTAs and CDPs, the list of which is available on the website of SEBI at http://www.sebi.gov.in/sebiweb/home/list/5/33/0/0/Recognised-Intermediaries
Mumbai June 21, 2016: Bangalore-based Quess Corp Limited (“Company”), promoted by Ajit Isaac and Thomas Cook (India) Limited (TCIL) will launch its initial public offering (“IPO” or “Issue”), which opens on June 29, 2016 and closes on July1, 2016, with a price band of Rs. 310– Rs. 317per Equity Share of face value of Rs. 10 each. The IPO consists of a fresh issue of Equity Shares aggregating to Rs. 4,000 million. The Anchor Investor Bid/Issue Period shall be on June 28, 2016, i.e. one working day prior to the Bid/Issue Opening day.
The Company proposes to utilize the net proceeds of the Issue for repayment of debt availed by the Company; funding capital expenditure requirements of the Company and its Subsidiary, MFXchange US, Inc.; funding incremental working capital requirement of the Company; acquisitions and other strategic initiatives and general corporate purposes.
The Issue is being made through the Book Building Process wherein at least 75% of the Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (“QIB Category”), provided that Quess Corp Limited may, in consultation with the BRLMs, allocate up to 60% of the QIB Category to Anchor Investors on a discretionary basis in accordance with the SEBI Regulations (“Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. Further, 5% of the QIB Category (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the QIB Category shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Issue Price.
Further, not more than 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Investors and not more than 10% of the Issue shall be available for allocation to Retail Individual Investors in accordance with the SEBI Regulations, subject to valid Bids being received at or above the Issue Price. All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective ASBA accounts in which the corresponding Bid Amounts will be blocked by the SCSBs. Anchor Investors are not permitted to participate in the Issue through the ASBA process.
Axis Capital Limited, ICICI Securities Limited, IIFL Holdings Limited and YES Securities (India) Limited are the Book Running Lead Managers (“BRLMs”) to the Issue. The Registrar to the Issue is Link Intime India Private Limited.
The shares of Quess Corp Limited are proposed to be listed on the NSE and BSE.
About Quess Corp Limited :
Quess Corp Limited (formerly known as IKYA HUMAN CAPITAL SOLUTIONS LIMITED), one of India’s leading integrated business services provider was established in 2007. Headquartered in Bengaluru, the Company has over 120,000 employees with a pan-India presence of 47 offices across 26 cities as well as operations in North America, the Middle East and South East Asia and serves over 1300 customers. Quess Corp Limited’s presence pans across 4 segments namely, Global Technology Solutions, People & Services, Integrated Facility Management and Industrial Asset Management.
Quess Corp Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a red herring prospectus dated June 20, 2016 (“RHP” or “Red Herring Prospectus”) with the Registrar of Companies, Bangalore (“RoC”). The RHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the Book Running Lead Manager(s) at www.axiscapital.co.in, www.icicisecurities.com, www.iiflcap.com and www.yesinvest.in. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of the aforementioned offer document. Investors should not refer to the draft red herring prospectus dated February 1, 2016 filed with Securities and Exchange Board of India (“SEBI”) for making any investment decision. The Equity Shares offered in the Issue have not been and will not be registered under the U.S. Securities Act, 1933 (“U.S. Securities Act”) or any state securities laws in the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws.
It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the Red Herring Prospectushas been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the Red Herring Prospectus. The investors are advised to the Red Herring Prospectus for the full text of the Disclaimer clause of the BSE Limited.
It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Documenthas been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to the Offer Document for the full text of the Disclaimer clause of NSE.
Risk to Investors :
- The 4 Book Running Lead Managers associated with this Issue have handled 23public issues in the past three years, of which 9issues closed below the issue price on listing date.
- The average cost of acquisition of Equity Shares for our individual Promoter, Ajit Isaac, is Rs. 2.74 per Equity Share and for our corporate Promoter, Thomas Cook (India) Limited is Rs. 32.52 per Equity Share and the Issue Price at the upper end of the Price Band is Rs. 317.