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IPO

Facility mgmt services provider Updater raises Rs.288-Cr from 18 anchor investors

Economic Times  

Updater Services, a Chennai-headquartered facility management services company, has raised INR 288 crore through its anchor book, ahead of its IPO launch. The company allocated 96 lakh equity shares to 18 investors at a price of INR 300 per share. Overseas participants in the anchor placement include Societe Generale, Copthall Mauritius Investment, Citigroup Global, BNP Paribas Arbitrage - ODI, and Nomura Singapore. Domestic participants include ICICI Prudential Mutual Fund, Franklin India, Aditya Birla Sun Life Insurance, Bandhan Mutual Fund, Motilal Oswal, and 360 One Special Opportunities Fund. Updater Services is set to launch its INR 640 crore public issue at a price range of INR 280-300 per share. The IPO includes a fresh issuance of shares for INR 400 crore and an offer-for-sale (OFS) of 80 lakh shares valued at INR 240 crore by promoter Tangi Facility Solutions. India Business Excellence Funds II & IIA will divest 40 lakh shares in the OFS. The IPO would close on September 2. The net proceeds from the IPO will be used for repaying debt amounting to INR 133 crore, addressing working capital requirements of INR 115 crore, and financing inorganic initiatives for INR 80 crore. IIFL Securities, Motilal Oswal and SBI Capital markets are book-running lead managers to the issue.