UPDATE 1-Indian staffing firms Ikya, TeamLease pursuing IPOs -sources

Tue Jan 13, 2015 7:31am EST
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* TeamLease looks to raise $125-$150 million - sources

* Ikya eyes $200 million stock market listing - sources

* Signs of listings revival after lacklustre 2013, 2014 (Updates with quotes, details, background)

By Indulal PM and Abhishek Vishnoi

MUMBAI, Jan 13 (Reuters) - Indian staffing firms Ikya Human Capital Solutions and TeamLease Services are looking to raise as much as $350 million in two separate stock market listings in the first half of 2015, sources told Reuters.

The listings could mark a recovery in Indian flotations. Despite a stock market rally in 2014, only six firms listed on the National Stock Exchange because of uncertainty about an economy suffering its longest slowdown since the 1980s.

But company executives and investors are becoming more confident about a recovery on the back of expected reforms by Prime Minister Narendra Modi's government, which may include an overhaul of India's strict limits on hiring and firing.

TeamLease, partly owned by ICICI Venture, has hired Credit Suisse, IDFC and ICICI Securities to manage an initial public offering (IPO) expected to raise between $125 million and $150 million, four sources involved in the process said.

Ikya, controlled by Canada's Fairfax Financial Holdings Ltd , is looking to raise $200 million but has yet to appoint banks, according to two sources.   Continued...