News: TeamLease gets SEBI nod for Rs 500-crore IPO

HR Technology

TeamLease gets SEBI nod for Rs 500-crore IPO

The proceeds of the IPO will be used for acquisitions, upgradation of the existing IT infrastructure, working capital requirements and other strategic initiatives.
TeamLease gets SEBI nod for Rs 500-crore IPO

New Delhi: TeamLease Services has received the Securities and Exchange Board of India (SEBI) approval for its initial public offering (IPO). The company had filed its papers for IPO with the market regulator in September. 

CRISIL Research has assigned a CRISIL IPO grade of 4 to the proposed IPO of the company. The grade indicates that fundamentals of the IPO are above average relative to other listed equity securities in India. The maximum grade is 5. The grade reflects TeamLease’s established position in the flexi-staffing industry, healthy growth prospects and a diversified clientele, including some large, reputed companies.

The existing investors include Gaja Capital, India Advantage, HR Offshoring Ventures and GPE (India). A total of 10,000 shares have been reserved for the company's employees. TeamLease is expected to garner Rs 450-500 crore through the IPO.

IDFC Securities, Credit Suisse Securities (India) and ICICI Securities are managing the offer. The proceeds of the IPO would be used for acquisitions and other strategic initiatives, upgradation of the existing IT infrastructure, working capital requirements and other general corporate purposes.

TeamLease’s core business is providing staffing solutions. The majority of its business involves providing employees engaged in sales, logistics and customer service functions. The firm has almost 1,214 clients and a network of eight offices across India.

The firm reported revenue of Rs 2,021.8 crore in 2014-15 compared with Rs 1,539 crore in the previous year. Net profit was Rs 30.7 crore compared with Rs 17.8 crore in the previous year.

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Topics: HR Technology, #HRIndustry, #National

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