Updater Services gets Sebi nod for IPO
- 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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