TeamLease Services shares surges over 20% on debut

Staffing firm TeamLease Services shares that made a strong debut on bourses on Friday closed 20.23 per cent up at Rs 1,021.95 against the issue price of Rs 850.

The scrip which listed at Rs 860 on BSE had touched a high and low of Rs 1032 and Rs 805.90, respectively, in trade so far.

The IPO of the company received overwhelming response from investors as the issue was oversubscribed 66.02 times.

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The price band for the IPO was fixed at Rs 785-850 apiece. The total issue comprises of a fresh issue worth Rs 150 crore and an offer for sale of up to 32.2 lakh equity shares.

The company plans to use the IPO proceeds for acquisitions and other strategic initiatives, upgarde of the existing IT infrastructure, working capital requirements and other general corporate purposes.