IPO Update: Updater Services Files Papers With Sebi; Plans To Raise Rs 400 Cr Through Fresh Issue of Shares

Integrated facilities management Updater Services Ltd (UDS) has filed preliminary papers with capital market regulator Sebi to raise funds through an initial public offering.

The Initial Public Offering (IPO) will comprise fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of up to 1.33 crore equity shares by a promoter and existing shareholders, according to the draft red herring prospectus.

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 Rs 80 crore. If such a placement is completed, the fresh issue size will be reduced.

Proceeds from the fresh issue will be used for payment of debt, funding working capital requirements, pursuing inorganic initiatives and general corporate purposes.

The company offers integrated facilities management services and business support services to its clients.

It caters to customer segments across sectors such as FMCG, manufacturing and engineering, BFSI, healthcare, IT/ITes, automobiles, logistics and warehousing, airports, ports, infrastructure and retail.

IIFL Securities Ltd, Motilal Oswal Investment Advisors Ltd and SBI Capital Markets Ltd are the book running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)