7 things to know about Quess Corp's Rs 400-crore IPO opening today

Staffing firm Quess Corp will hit capital markets on Wednesday, to raise Rs 400 crore through an initial public offering (IPO).

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

1) Ahead of its initial public offer, staffing firm Quess Corp raised Rs 180 crore from anchor investors on Tuesday, 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 on Wednesday.

2) 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.

3) The anchor investors: Apart from Kuwait Investment Authority, Fidelity Investments, ICICI Prudential MF, HDFC MF, Nomura, Harvard Management Co, DSP BlackRock, Wasatch, Pictet and Grandeur Peak.

4) The IPO issue will open for public subscription tomorrow and close on July 1. 

5) The initial public offering (IPO) comprises fresh issue of shares aggregating Rs 400 crore.

6) The company has fixed a price band of Rs 310 - 317 per share with a face value of Rs 10 each.

7) The funds raised from the IPO will be used towards incremental working capital, acquisitions and other strategic initiatives, debt repayment and other general corporate purposes.