Thomas Cook’s Quess Corp files for IPO
The proposed IPO will see Quess raise `400 crore, according to the DRHP filed by the company
Mumbai: Quess Corp. Ltd, a business services provider owned by Thomas Cook (India) Ltd, on Wednesday filed draft papers for its initial public offering (IPO) with capital markets regulator Securities and Exchange Board of India (Sebi).
The proposed IPO will see the firm raise ₹ 400 crore, according to the draft red herring prospectus (DRHP) filed by the company, available on the websites of the merchant banks hired by the firm. In July, Mint reported that Quess was planning an initial share sale.
Quess has hired Axis Capital Ltd, ICICI Securities Ltd, IIFL Holdings Ltd and Yes Securities (India) Ltd to manage its initial share sale.
Quess is an integrated business services provider, offering various services such as recruitment, temporary staffing, technology staffing, IT products and solutions, skill development, payroll, compliance management, integrated facility management and industrial asset management services.
According to the firm’s DRHP, Quess plans to use the IPO proceeds for repayment of debt, funding capital expenditure and working capital requirements as well as for acquisitions and other strategic initiatives.
Thomas Cook acquired Quess in February 2013. The firm was earlier known as IKYA Human Capital Solutions.
Over the last couple of years, Quess has pursued an aggressive acquisition strategy to boost growth. In June, the firm agreed to acquire a 49% stake in Transfield Services (Qatar) WLL, which operates in the oil and gas market in Qatar. In February, it acquired the Indian facility management business of American multinational Aramark Corp., which operates in hospitality and healthcare facility management.
Last year, it also acquired Canadian information technology and engineering professional staffing firm Brainhunter Companies Llc and Chennai-based industrial asset management firm Hofincons Infotech and Industrial Services Pvt. Ltd.
TeamLease Services, Quess Corp.’s rival in the staffing services business, is currently raising up to ₹ 423 crore through an IPO, which opened on 2 February.
In 2015, 21 firms raised approximately ₹ 13,600 crore through the IPO route.
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