The recruitment, staffing, payroll and compliance management services company — earlier known as Ikya Human Capital Solutions—was acquired by Thomas Cook in May, 2013.
The Quess Corp IPO, which hit the market on June 29, received an overwhelming response from the investors. On Friday, July 1, the last day of subscription, the issue received bids for more than 102.5 crore equity shares against an IPO size of 70.96 lakh shares—an oversubscription of 144 times.
The company, earlier known as Ikya Human Capital Solutions, is engaged in recruitment, staffing, payroll and compliance management services in India, and was acquired by Thomas Cook in May 2013. The company was valued at 346 crore and Thomas Cook acquired 74 per cent stake for Rs 256 crore.
The Bengaluru-based HR solutions provider is raising funds to the tune of Rs 400 crore, out which Rs 50 crore will be used to repay debt and Rs 72 crore to fund capex for itself and its subsidiary, MFXchange US Inc. Rs 158 crore will go into funding incremental working capital requirement, while another Rs 80 crore will be used for acquisitions and other strategic initiatives.
Quess Corp has over 120,000 employees with a pan-India presence of 47 offices across 26 cities as well as operations in North America, the Middle East and South East Asia. It serves over 1300 customers.
Quess Corp generates about 86 percent of its revenues from India and had earned a net profit of Rs. 89 crore on net sales of Rs. 3,435 crore for the financial year 2015–16.
