Quess Corp Limited IPO opens on June 29

• By Lalit Wadhwani

Mumbai: Bangalore-based Quess Corp Limited (QCL) promoted by Ajit Issac and Thomas Cook (India) Limited (TCIL) will launch its Initial Public Offering (“IPO” or “Issue”) which opens on June29, 2016 and closes on July 1, 2016, with a price band of Rs. 310 – Rs. 317 per equity share of face value of Rs.10 each.The IPO consists of a fresh issue of Equity Shares aggregating to Rs. 4,000 million. The Anchor Investor Bid / Issue Period shall be on June 28, 2016, i.e one working day prior to the Bid/Issue Opening Day.

The company proposes to utilize the net proceeds of the Issue for the repayment of debts availed by the company, Funding Capital Expenditure requirements of the Company and its Subsidiaries, MFXchange US, Inc., Funding incremental working capital requirements of the Company, Acquisitions and other Strategic initiatives and general corporate purposes.

The issue is being made through the Book Building Process wherein at least 75% of the issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIB’s”), provided that Quess Corp Limited may, in consultation with the BRLMs, allocate up to 60% of the QIB category to Anchor Investors on a discretionary basis in accordance with the SEBI Regulations ( “Anchor Investor Proportion”), of which one third shall be reserved for domestic Mutual Funds , Subject to valid bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price.Further, 5% of the QIB Category( excluding the Anchor Investor Proportion) shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the QIB Category shall be available for allocation on a proportionate basis to all QIBs  ( other than Anchor Investors ) , including Mutual Funds, Subject to valid Bids being received at or above the Issue Price.

Further, not more than 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional investors and not more than 10% of the Issue shall be available for allocation to Retail Individual Investors in accordance with SEBI Regulations, subject to valid Bids being received at or above the Issue Price. All potential bidders ( except Anchor Investors ) are required to mandatorily utilise the Application Supported by Blocked Amount ( “ASBA” ) process providing details of their respective ASBA Accounts in which the corresponding Bid Amounts will be blocked by the SCSBs. Anchor Investors are not permitted to participate in the Issue through the ASBA process.

Axis Capital Limited, ICICI Securities Limited, IIFL Holdings Limited and YES Securities (India) Limited are the Book Running Lead Managers ( “BRLMs”) to the Issue.The Registrar to the Issue is Link Intime India Private Limited.