Quess Corp, an Indian integrated business services provider, launched its initial public offering on 12 July, generating US$60 million. The IPO received subscriptions totalling US$8.8 billion and was oversubscribed more than 147 times.
Quess Corp offers services including recruitment, temporary staffing, technology staffing, and IT products and solutions. It has 47 offices across 26 cities in India, as well as operations in North America, the Middle East and Southeast Asia.
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The Fairfax group, through Thomas Cook India, is the majority shareholder in Quess Corp.
Cyril Amarchand Mangaldas was Quess Corp’s Indian legal adviser.
J Sagar Associates acted as the domestic legal counsel to the underwriters – Axis Capital, ICICI Securities, IIFL Holdings and YES Securities (India). The team comprised partners Nosh Modi and Arka Mookerjee and associates Siddhartha Desai and Krupa Brahmbhatt.
Squire Patton Boggs in Singapore acted as international legal counsel to Fairfax and the underwriters. The team was led by partner Biswajit Chatterjee along with senior associates Salil Rajadhyaksha and Kaustubh George and associates Isha Malhotra and Gowri Reghuvaran.
AZB & Partners advised Thomas Cook India. The team comprised partners Varoon Chandra, Bhavi Sanghvi and Lionel D’Almeida along with senior associate Sugandha Astana.
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