Staffing firm TeamLease Services has received capital market regulator Sebi's approval for its initial public offer (IPO) through which it is likely to raise an estimated Rs 450-500 crore.
The company had filed draft papers with Sebi on September 11 for the proposed public offer.
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, as per the Draft Red Herring Prospectus (DRHP).
The existing investors include Gaja Capital, India Advantage, HR Offshoring Ventures and GPE (India).
A total of 10,000 shares have been reserved for the company's employees.
The company is expected to garner Rs 450-500 crore through the IPO.
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 eight regional offices and 1,200 employees, according to the company's website.
It started with temporary staffing and then added permanent recruitment in 2004.
The proceeds 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.
Shares of the company are proposed to be listed on BSE and NSE.
The issue is being managed by IDFC Securities, ICICI Securities and Credit Suisse Securities (India) Pvt.