Updater Services IPO: For those interested in investing in Initial Public Offerings (IPOs), here’s some exciting news. Updater Services IPO is set to open on September 25, 2023. This company specializes in integrated facility management services in India, and retail investors will have the chance to participate in this IPO starting September 25, 2023. If you’re considering investing, we’ve got the details on the issue size and price band.
Details of Updater Services IPO
The total size of the Updater Services IPO is Rs 640 crore. Investors can participate in this IPO from September 25 to September 27, 2023. In this offering, the company will issue fresh shares worth Rs 400 crore. Additionally, the three promoters of the company, namely India Business Excellence Funds-II, IIA, and Tangi Facility Solutions, will collectively offer shares worth Rs 240 crore through an offer for sale (OFS). Each promoter will sell 40 lakh shares. Initially, the company had planned to sell a total of 1.09 crore shares through the OFS, but this was later reduced.
Price Band
The company has set the price band for shares in this IPO at Rs 280 to Rs 300. Of the total issue, 75 percent has been reserved for qualified institutional buyers, 10 percent for retail investors, and 15 percent for individuals with high net worth.
Important Dates to Remember
The company will allocate shares to investors on October 4, with the shares being transferred to the demat accounts of successful investors on October 6. Investors who do not receive an allocation will receive their refunds on October 5. The company’s shares will be listed on both the NSE and BSE.
Utilization of IPO Funds
Updater Services plans to use Rs 133 crore of the IPO proceeds to repay loans and allocate Rs 115 crore towards working capital requirements. The remaining funds will be utilized for general corporate purposes. As of March 2023, the company had a total outstanding borrowing of Rs 176.54 crore.
This IPO presents an opportunity for investors to be part of Updater Services’ growth journey in the integrated facility management sector. Please conduct your due diligence and consider your investment goals before participating in this offering.