Updater Services Garners Rs 288 Crore From Anchor Investors Ahead Of IPO

The integrated facilities management company allotted 96 lakh shares at Rs 300 apiece to 18 anchor investors.

<div class="paragraphs"><p>Stock chart is dislpayed on a monitor. (Source: Unsplash)</p></div>
Stock chart is dislpayed on a monitor. (Source: Unsplash)

Updater Services Ltd. has raised Rs 288 crore from anchor investors ahead of its initial public offering on Sept. 25.

The integrated facilities management company allotted 96 lakh shares at Rs 300 apiece to 18 anchor investors.

The investors include Franklin India Smaller Companies Fund, ICICI Prudential, Aditya Birla Sun Life Insurance, BNP Paribas Arbitrage, Société Generale, Bandhan MF, Nomura Singapore, and 360 One Special Opportunities Fund, among others.

The BNP Paribas Arbitrage secured 19.1% of the allocation, while Franklin India Smaller Companies Fund and Aditya Birla Sun Life Insurance each netted 12.15%.

Three domestic mutual funds have applied through a total of six schemes, the company said in an exchange filing. They have collectively netted 38.2% of the anchor portion of Rs 110 crore.

ICICI Prudential, through two of its funds, has secured an allocation of 17.36%.

About Updater Services IPO

Updater Services has fixed a price band of Rs 280 to Rs 300 per share for its Rs 640 crore initial public offering. The IPO will open for public subscription on Sept. 25 and close on Sept. 27.

The IPO will comprise a fresh issue of equity shares aggregating up to Rs 400 crore and an offer-for-sale of up to 80 lakh equity shares by a promoter and existing shareholders.

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

Updater Services Sets IPO Price Band At Rs 280-300 Per Share