Quess Corp demerger turns into a tale in contrast

The public market debut of Quess Corp ’s demerged entities, Digitide Solutions and Bluspring Enterprises, on Wednesday was a study in contrast, even as the combined market capitalisation of the three group companies surged to nearly ₹9,406 crore, doubling Quess Corp’s standalone valuation before the split.

The newly listed firms saw divergent trends. Digitide Solutions, which houses the digital services arm, listed at ₹245 on both NSE and BSE, significantly above its indicative value of ₹154.83—translating to a strong gain of over 58%. On the other hand, Bluspring Enterprises, the group’s infrastructure services vertical, opened at ₹89 on NSE and ₹86.95 on BSE, and quickly fell by 5% to close at ₹82.65—losing nearly half its spin-off value. Even parent Quess Corp ended the day down 1.40% at ₹316.

But the real deal is not in the individual price moves, but in the value created by separation.

As of June 10, Quess Corp was valued at ₹4,773.83 crore. A day later, post-demerger, Quess’s market cap stood at ₹4,708.29 crore. Meanwhile, Digitide Solutions debuted with a valuation of ₹3,466.80 crore, and Bluspring Enterprises with ₹1,231.07 crore—taking the total to ₹9,406 crore, almost double the company’s pre-demerger value.

The demerger, approved in February 2024 and implemented in April, was aimed at unlocking shareholder value and enabling each vertical to pursue independent growth trajectories. Shareholders received one share each of Digitide and Bluspring for every share held in Quess Corp.

Post-restructuring, Quess retains its core workforce management and staffing business, a space where it remains among India’s largest players. Digitide now spearheads the digital transformation services, while Bluspring focuses on facilities and infrastructure management. The split also reflects Quess’s strategic realignment, particularly around fast-growing segments such as global capability centres, a key pillar of its transformation plan.