TeamLease Services makes stellar debut on stock markets; shares gain 21%

Shares of staffing firm TeamLease Services debuted at the bourses on Friday and touched a high of Rs 1,032, reflecting a sharp gain of 21% over the issue price of Rs 850.

The stock, which listed at Rs 860, was up 1.18% compared with the issue price on BSE.

On Friday, at 1124 hours, the stock of TeamLease Services was trading up 20.06% or Rs 170.50 at Rs 1,020.50 on the BSE.

On NSE, the stock of the company opened at Rs 860 and at 1120 hours, it was trading up 18.18% or Rs 156.35 at Rs 1,016.35. It touched a high of Rs 1,032.00 and a low of Rs 806.65 on the NSE.

The company commands a market valuation of Rs 1,742.16 crore.

TeamLease's Rs 423-crore initial public offer (IPO) had received an overwhelming response from investors with the issue getting oversubscribed 66 times earlier this month. The IPO was in the price band of Rs 785-850 per share.

The company had said that proceeds from the IPO will be used for acquisitions and other strategic initiatives, for the upgradation of the existing IT infrastructure, working capital requirements and other general corporate purposes.