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Updater Services: Updater Services Limited for its initial public offering (IPO) at Rs. 280-300 fixed issue price. The company’s IPO will open on September 25 and close on September 27. Anchor investors can place bids on September 22.
What is the plan: In IPO Rs. New equity shares up to 400 crores will be offered. It also includes an offer for sale (OFS) of 80 lakh equity shares by the promoter and existing shareholders. At the same time, the proceeds from the IPO will be used to pay down debt, working capital requirements, expansion and general corporate purposes. The company’s IPO price ranges from the lower and upper ends of the band at Rs. 624 crore and Rs. It is expected to collect 640 crores.
IIFL Securities Limited, Motilal Oswal Investment Advisors Limited and SB I Capital Markets Limited is the book running lead manager of the issue and the registrar link is Intime India Private Limited. Let us tell you that last week, Updater Services Limited got approval from Securities and Exchange Board of India (SEBI) for IPO.
The company is 33 years old: Updater Services Limited was founded in 1990 by Raghunandan Tangirala. Updater Services Limited has since become a leading service provider in India with over 1,300 customers across the country. The company operates in service lines such as soft services, production support services, engineering services, warehousing management, pest control and horticulture.