DLA Piper has advised TeamLease Services, a Mumbai based staffing services firm, on their Rs. 423 crore (US$55 million) IPO on the Bombay Stock Exchange and the National Stock Exchange of India. TeamLease Services was established in 2002 and is one India’s largest, leading people supply chain companies, with eight regional offices and 1,200 employees.

TeamLease’s services span the entire supply chain of human resources in India, covering employment, employability & education, temporary staffing solutions, permanent recruitment services and regulatory consultancy for labour law compliance. As of 31 March, TeamLease has provided employment to approximately 1.12 million people since 2002.

The IPO was 38-times over-subscribed and was one of the highest performing IPOs in recent times. It attracted demand from all categories of investors, with the institutional investor segment oversubscribed 29 times, the high net worth individual segment by 190 times and the retail segment by 10.5 times.

TeamLease is now valued at a little over 40 times its 2015-16 estimated earnings, much higher than some global peers in similar businesses.

Timothy Franklyn, Registered Foreign Lawyer at DLA Piper said: "This is the second IPO out of India this year and we are pleased to have been part of it. This is testament to the growing employment services market in India. The success of this Rule 144A IPO under difficult global market conditions also shows that companies with sound business models, like TeamLease, are able to attract high quality capital."

Credit Suisse, IDFC Securities and ICICI Securities were the book running lead managers for the issue. IDFC Securities Ltd, Credit Suisse Securities (India) Pvt. Ltd and ICICI Securities Ltd managed the offer.

DLA Piper acted as international legal counsel to the underwriters. Cyril Amarchand Mangaldas advised the underwriters as domestic counsel and AZB & Partners, represented Teamlease as domestic counsel on this deal.