Integrated facilities management company Updater Services Ltd has received capital markets regulator Sebi’s approval to raise funds through an initial public offering (IPO).
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 1.08 crore 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.
Updater Services Ltd, which filed its draft papers in March, said that it will also consider a pre-IPO placement, aggregating up to Rs 80 crore. If such a placement is completed then the size of the fresh issue is reduced.
In July, the company revised its OFS size from 1.33 crore equity shares to up to 1.08 crore equity shares by its promoter and investor-selling shareholder.
Updater Services obtained its observations letter on September 4, an update with the …
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