Updater Services to Launch IPO on September 25, Seeking to Raise Rs 640 Crore By Investing.com

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<p>Updater Services, a key player in India&#8217;s integrated facilities management market, is set to open its initial public offering (IPO) on Monday, September 25. The Mumbai-based firm aims to garner Rs 640 crore ($86 million) through the public issue, with shares available for subscription at a price band of Rs 280-300 per share.</p>
<p>The IPO will consist of a fresh issue of shares worth Rs 400 crore and an offer-for-sale (OFS) of 80 lakh shares valued at Rs 240 crore. Tangi Facility Solutions, a promoter of the company, along with two other shareholders will participate in the OFS. Furthermore, India Business Excellence Funds II &amp; IIA intend to sell a total of 40 lakh shares in the OFS.</p>
<p>Ahead of the issue opening, Updater Services has already secured Rs 288 crore through its anchor book on Friday. This was achieved by allocating 96 lakh equity shares to anchor investors at Rs 300 per share. A total of 18 investors participated in this round, including international institutions such as Societe Generale (OTC:), Copthall Mauritius Investment, <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Citigroup </span></span> (NYSE:) Global, BNP Paribas (OTC:) Arbitrage &#8211; ODI, and Nomura Singapore.</p>
<p>Domestic investors have also expressed interest in the company. ICICI Prudential Mutual Fund, Franklin India, Aditya Birla Sun Life Insurance, Bandhan Mutual Fund, Motilal Oswal, and the 360 One Special Opportunities Fund were among those who invested via the anchor book. The firm confirmed that three domestic mutual funds were allocated a total of 36,66,750 equity shares through six different schemes.</p>
<p>The proceeds from the fresh issue are earmarked for various purposes. A sum of Rs 133 crore will be used for debt repayment, while Rs 115 crore will be allocated towards meeting working capital requirements. The company also plans to invest Rs 80 crore in inorganic initiatives, with the remaining funds set aside for general corporate purposes.</p>
<p>In the last fiscal year ending in March FY23, Updater Services reported a net profit of Rs 34.6 crore, reflecting a nearly 40 percent decrease from the previous financial year due to weak operating performance. However, the company&#8217;s revenue, including finance income, saw a considerable rise of 41.3 percent, reaching Rs 2,104.9 crore.</p>
<p>The public issue will close on Wednesday, September 27.</p>
<p><em>This article was generated with the support of AI and reviewed by an editor. For more information see our T&amp;C.</em></p>
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<br /><a href="https://www.investing.com/news/stock-market-news/updater-services-to-launch-ipo-on-september-25-seeking-to-raise-rs-640-crore-93CH-3180820">Source link </a></p><p>The post <a href="https://forextraderhub.com/updater-services-to-launch-ipo-on-september-25-seeking-to-raise-rs-640-crore-by-investing-com.html">Updater Services to Launch IPO on September 25, Seeking to Raise Rs 640 Crore By Investing.com</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>