Hiring firm TeamLease Services Ltd gets Sebi nod for IPO
Hiring firm TeamLease Services Ltd on Monday secured approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). The firm had filed its draft initial public offering (IPO) papers with the capital markets regulator in September.
The company, backed by private equity funds Gaja Capital and ICICI Venture’s India Advantage Fund (IAF), is looking to raise around Rs450-500 crore through the offer.
TeamLease’s core business is providing staffing solutions. The majority of its business involves providing employees engaged in sales, logistics and customer service functions.
TeamLease has an estimated market share of 5-6%. The business is supported by strong processes and technology, internal processes and a professional management team with long e...