Updater Services gets Sebi nod for IPO

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  • Motilal Oswal-backed Updater Services has received the green signal from the Securities and Exchange Board of India (Sebi) to go ahead with its planned IPO.
  • The IPO comprises a fresh issuance of shares worth Rs 400 crore, and an offer-for-sale (OFS) of 1.09 crore equity shares by promoter and investors.
  • Tangi Facility Solutions, a part of promoter group, and Motilal Oswal-owned India Business Excellence Funds, will be offloading shares via OFS.
  • The company will use the net fresh issue proceeds mainly for repaying debts, working capital requirements, and inorganic initiatives.
  • Promoters hold 81.20 percent shareholding in the company and public shareholders including India Business Excellence Fund II, and India Business Excellence Fund II A own the remaining 18.80 percent shares.
  • IIFL Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets are the merchant bankers for the issue.

Additional information from the article:

  • Updater Services is a Chennai-based company that offers integrated facilities management (IFM) services and business support services (BSS) to clients.
  • It claims to be the second-largest player in the IFM market in India.
  • Within the business support services segment, it offers audit and assurance services, sales enablement services, and mailroom management services.
  • The company plans to use the IPO proceeds to repay debts, fund working capital requirements, and pursue inorganic growth opportunities.

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