International recruitment and labour hire firm Total Staffing Solutions (TSF) has made a flat debut on the ASX today.
Total Staffing Solutions has raised $5 million through its initial public offer (IPO) of 20 million shares at 25 cents each.
In its prospectus, the company said that successful conclusion of the IPO will allow the company to complete the acquisition of a planned 51% interest in resource recruitment company Mining People International (Mpi), adding a fourth business to the company's repertoire.
Total Staffing Solutions said this acquisition would allow it to "rollout a truly integrated recruitment business, uniquely able to offer domestic and international candidates across many geographic locations for permanent or temporary placement."
According to non executive chairman Bryan Gardiner: "a strong Australian economy, booming resource sector, full employment and record local project investment underpin burgeoning demand for skilled labour."
"The directors believe that the growth prospects within the temporary and contract recruitment services sector are significant, and offer the company the opportunity to substantially increase revenue and earnings."
At 12:20PM AEST, Total Staffing Solutions' shares were steady at 25 cents after briefly hitting a high of 26 cents in the first 10 minutes of trade.
