TeamLease Services settled at Rs 1,021.95 on BSE, at a premium of 20.23% to the initial public offer price of Rs 850 on its debut on the bourses today, 12 February 2016.

Meanwhile, the BSE Sensex gained 34.29 points, or 0.15%, to settle at 22,986.12.

The stock made a debut at Rs 860 on BSE, a premium of 1.17% over its offer price of Rs 850. The stock hit high of Rs 1,032 and low of Rs 805.90 in intraday trade. On BSE, 13.15 lakh shares were traded on the counter.

TeamLease Services IPO was subscribed 66.02 times. The issue price was set at Rs 850 per share, at the top end of the Rs 785 to Rs 850 per share price band of the initial public offer (IPO).

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.

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.