Updater Services sets IPO price band at Rs 280-300/share

NEW DELHI: Integrated facilities management company Updater Services Ltd on Thursday said it has fixed a price band of Rs 280 to Rs 300 per share for its Rs 640-crore initial public offering (IPO).

The initial share sale will open for public subscription on September 25 and close on September 27. The bidding for anchor investors will open on September 22, the company said.

The IPO will comprise fresh issue of equity shares aggregating up to Rs 400 crore and an Offer-for-Sale (OFS) of up to 80 lakh equity shares by a promoter and existing shareholders.

Under the OFS, Tangi Facility Solutions Private Ltd, India Business Excellence Fund-II, and India Business Excellence Fund-IIA will be selling shares of the company.

The IPO is expected to fetch Rs 624 crore and Rs 640 crore at the lower-end and upper-end of the price band respectively.

Proceeds from the fresh issue will be used for payment of debt, funding working capital requirements, pursuing inorganic initiatives, and general corporate purposes.

About 75 per cent of the issue size has been reserved for qualified institutional investors (QIBs), 15 per cent for non-institutional investors, and the remaining 10 per cent for retail investors.

Investors can bid for a minimum of 50 equity shares and in multiples thereof.

The company offers integrated facilities management services and business support services to its clients.

It caters to customer segments across sectors such as FMCG, manufacturing and engineering, BFSI, healthcare, IT/ITes, automobiles, logistics and warehousing, airports, ports, infrastructure, and retail.

IIFL Securities Ltd, Motilal Oswal Investment Advisors Ltd and SBI Capital Markets Ltd are the book-running lead managers to the issue.

The equity shares of the company will be listed on the BSE and the NSE.

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