Private Equity Liquidity Events
Updater Services IPO subscribed 2.9x bids
Source Economic Times (opens in a new tab)Economic Times (opens in a new tab)
The INR 640 crore IPO of Chennai-based facilities management firm Updater Services was subscribed 2.9 times. The issue comprises fresh equity of INR 400 crore and an offer for sale (OFS) of 80 lakh shares - priced at INR 280-300 per share - by the promoter and other selling shareholders (Motilal Oswal PE promoted India Business Excellence Funds II & IIA).
IIFL Securities, Motilal Oswal and SBI Capital markets are book-running lead managers to the issue.
Updater Services is a leading integrated facilities management services and business support services provider.
From the Venture Intelligence PE-VC Deal Database: In Feb-17, Updater had attracted USD 15 M from the India Business Excellence funds managed by Motilal Oswal PE.(Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)