Updater Services gets Sebi nod to float IPO
Integrated facilities management Updater Services Ltd has received capital markets regulator Sebi’s approval to raise funds through an Initial Public Offering (IPO).
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New Delhi: Integrated facilities management 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 Rs400 crore and an Offer For Sale (OFS) of up to 1.33 crore equity shares by a promoter and existing shareholders. Those who will be selling shares in the OFS are Tangi Facility Solutions Private Ltd, India Business Excellence Fund-II and India Business Excellence Fund-IIA. Also, the company may consider a pre-IPO placement, aggregating up to Rs80 crore.
If such a placement is completed then the size of the fresh issue is reduced. Updater Services Ltd, which filed its draft papeRs with the markets regulator in March, obtained its observations letter on September 4, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi’s parlance, obtaining an observation letter implies its approval to float the initial share sale.
