TeamLease Rs 423-cr IPO oversubscribed

The initial public offer of TeamLease Services has been oversubscribed by 1.83 times till afternoon on the last day of the offer today. The Rs 423-crore IPO received bids for 52,86,555 shares against the total issue size of 28,92,063 shares, as per the NSE data till 1200 hrs. TeamLease Services has raised Rs 190 crore through issue of shares to 15 anchor investors, including Goldman Sachs and Merrill Lynch. The shares were allotted to anchor investors at a price of Rs 850 apiece, the upper end of the price band, said the PTI report. The IPO would close today and the price band is Rs 785-850 per share. At the upper end, the share sale can fetch Rs 423 crore. The offer will be made through a fresh issue aggregating up to Rs 150 crore and an offer for sale of up to 32.2 lakh equity shares. Proceeds from the IPO will be used for acquisitions and other strategic initiatives, upgradation of the existing information technology infrastructure, working capital requirements and other general corporate purposes. IDFC Securities, Credit Suisse Securities (India) and ICICI Securities are the book running lead managers to the offer.