TeamLease Services has filed draft red herring prospectus (DRHP) with capital market regulator Securities and Exchange Board of India (SEBI) to raise an estimated Rs 450-500 crore through an initial public offer (IPO). The IPO comprises fresh issue of shares worth Rs 150 crore and an offer for sale of up to 32.2 lakh shares by existing shareholders.
The procceds 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.
The issue is being managed by IDFC Securities, ICICI Securities and Credit Suisse Securities (India).
TeamLease Services, which was established in 2002 with four offices, 20 clients and 40 employees, is now India’s largest and foremost people supply chain company with 8 regional offices and 1,200 core employees, according to the company’s website. It offers the following services - temporary staffing, permanent recruitment, regulatory compliance, payroll processing and learning services.
