The initial public offer (IPO) of TeamLease Services received bids for a total of 21.94 lakh shares compared with 28.92 lakh shares on offer on the second day of bidding for the IPO today, 3 February 2016, as at 16:00 IST, as per National Stock Exchange (NSE). The IPO was subscribed 0.76 times or 76%. The price band for the IPO has been fixed at Rs 785 to Rs 850 per share. The IPO closes tomorrow, 4 February 2016.

TeamLease Services has raised Rs 190.27 crore by selling 22.38 lakh shares to a total of 15 anchor investors ahead of the opening of the company's initial public offer (IPO). The shares were allotted to the anchor investors at Rs 850 per share, the top end of the Rs 785 to Rs 850 per share price band for the IPO.

Among anchor investors, Emerging Markets Growth Fund Inc will be allotted 2.64 lakh shares, DSP Blackrock Equity Fund will be allotted 1.59 lakh shares, Goldman Sachs India Fund will be allotted 1.59 lakh shares, Merrill Lynch Capital Markets Espana S.A. S.V. will be allotted 1.21 lakh shares, Schroder International Selection Fund Indian Opportunities will be allotted 1.17 lakh shares and Nomura Funds Ireland Public Co-Nomura Funds Ireland-India Equity Fund will be allotted 1.14 lakh shares.

The IPO by TeamLease Services is a combination of fresh issue of shares aggregating up to Rs 150 crore and offer for sale by a promoter group entity and a total of four investor shareholders.

Promoter group firm HR Offshoring Ventures is selling up to 1.53 lakh shares through the IPO. Among the four investors in the company, Gaja Capital India Fund-I is selling up to 2.75 lakh shares, Gaja Advisors Private Limited is selling up to 76,660 shares, GPE (India) Ltd. is selling up to 11.80 lakh shares and India Advantage Fund S3 I is selling up to 15.33 lakh shares.

TeamLease Services is one of India's leading providers of human resource services in the organized segment delivering a broad range of human resource services to various industries. The company has earmarked Rs 80 crore of the net proceeds of the IPO for meeting existing and incremental working capital requirements, Rs 25 crore for acquisitions and other strategic initiatives and Rs 15 crore for upgradation of the existing IT infrastructure. The balance amount will be used for general corporate purposes.

On consolidated basis, TeamLease Services reported net profit of Rs 10.97 crore on total revenue of Rs 1215.79 crore for six months ended 30 September 2015. Net profit stood at Rs 29.69 crore on total revenue of Rs 2018.46 crore in the year ended 31 March 2015.