Updater Services IPO to kick off on September 25

The initial share sale of integrated facilities management company Updater Services Ltd will open for public subscription on September 25.

The three-day Initial Public Offering (IPO) will conclude on September 27 and the bidding for anchor investors will open on September 22, according to the Red Herring Prospectus (RHP).

The IPO will comprise a 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.

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

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