Friday, January 29, 2016

#TeamLease plans to raise Rs.150 cr. via #IPO route

Temporary stuffing solution provider TeamLease Services Ltd plans to raise Rs.150 cr. via public offer which opens on February 2nd. It plans to use part of the IPO money to fund technology investments and IT infrastructure development and around Rs.80 cr for working capital and around Rs. 25 cr for new acquisitions.

The offer is being made through the Book Building Process, in compliance with Regulation 26(2) of the Securities and Exchange Board of India. The Price Band fixed from Rs. 785 to Rs. 850 per equity share on a face value of Rs. 10 each per equity share. Private equity investors ICICI Venture and Gaja Capital will pare a part of their holding in the company post the IPO. In the first half of FY16, its revenue grew 25% to Rs 1,215 cr, while profit declined 36% to Rs 10.97 cr. In FY15 it clocked 2,018 cr. as revenue.