Updater Services files draft IPO papers with SEBI

31 Mar 2023 , 09:55 AM

One of the top facility management services company of India, Updater Services Limited has filed draft papers with the market regulator SEBI to raise funds through IPO. 

As per DRHP, the issue comprises fresh issue of equity shares worth Rs 400 crore and an offer for sale of up to 1.33 crore equity shares by a promoter and existing shareholders. The selling shareholders include Tangi Facility Solutions Private Ltd, India Business Excellence Fund-II and India Business Excellence Fund IIA.

The company may also consider pre-IPO placement up to Rs 80 crore, which may further reduce the fresh issue size.

Updater Services Limited offers integrated facilities management services and business support services to its clients and will use the net proceeds from the issue towards the payment of debt, funding working capital requirements, pursuing inorganic initiatives and other general corporate purposes.

IIFL Capital Services Ltd, Motilal Oswal Investment Advisors Ltd and SBI Capital Markets Ltd are the book running lead managers to the issue. Link Intime Services Pvt Ltd is the registrar for the same. 

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