Tag: Updater Services

Mumbai-based facility management company Updater Services is launching its IPO on September 25 with a price band of Rs 280-300. The IPO comprises a fresh issue of shares worth Rs 400 crore and an offer-for-sale (OFS) of 80 lakh shares worth Rs 240 crore. The company plans to use the fresh issue proceeds to repay debt, meet working capital requirements, and fund inorganic initiatives. Retail investors can bid for a minimum of 50 shares and in multiples of 50 shares thereafter. The issue will close on September 27 and the shares are expected to list on the BSE and NSE on October 9.

Updater Services, a Chennai-based IFM and BSS company, has received Sebi's approval for its IPO. The IPO will raise Rs 400 crore through a fresh issue and OFS. The company plans to use the proceeds for debt repayment, working capital, and inorganic growth. Promoters hold 81.20% stake in the company, with the rest held by public shareholders. IIFL Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets are the merchant bankers for the issue.