Fairfax-controlled Quess Corp seeks $590 mn valuation in IPO


  • 22 Jun 2016

Business services provider Quess Corp is seeking a valuation of as much as Rs 4,000 crore (about $590 million) through an initial public offering that opens next week.

The company has fixed a price band of Rs 310-317 a share for the IPO, it said in a statement. The IPO comprises a fresh issue of 1.26 crore shares to raise Rs 400 crore. The issue opens on June 29 and closes on July 1.

The company, a unit of travel services provider Thomas Cook India Ltd, plans to use the money for repayment of debt as well as capital expenditure of the holding company and American arm MFXchange US Inc, besides other purposes.


Quess Corp, which was set up in 2007, had filed its draft red herring prospectus for the IPO with capital markets regulator Securities and Exchange Board of India in February. It received SEBI approval last month.

Quess, earlier known as IKYA Human Capital Solutions Ltd, will be the second listed firm for Canada's Fairfax Financial Holdings Ltd in India. Its parent Thomas Cook is already a listed firm.

Axis Capital Limited, ICICI Securities, IIFL Holdings Limited and YES Securities (India) are managing the issue.


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