Integrated facilities management company Updater Services Ltd on Friday said it has raised Rs 288 crore from anchor investors days before the launch of its initial public offering (IPO).
The firm has allotted 96 lakh equity shares to 18 funds at Rs 300 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website late Friday night.
Among the anchor investors that participated in the bidding are Nomura Singapore, Citigroup Global Markets Mauritius Pvt Ltd, BNP Paribas Arbitrage, Societe Generale, ICICI Prudential Mutual Fund (MF), Bandhan MF and Aditya Birla Sun Life Insurance Company.
The initial share sale, with a price band of Rs 280-300 per share, will be open for public subscription during September 25-27.
The Rs 640-crore IPO will comprise a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer for Sale (OFS) of up to 80 lakh equity shares by a promoter and existing shareholders.
Under the OFS, Tangi Facility Solutions Private Ltd, India Business Excellence Fund-II, and India Business Excellence Fund-IIA will be selling shares of the company.
The IPO is expected to fetch Rs 624 crore and Rs 640 crore at the lower end and upper end of the price band respectively.
Proceeds from the fresh issue will be used for payment of debt, funding working capital requirements, pursuing inorganic initiatives, and general corporate purposes.
About 75 per cent of the issue size has been reserved for qualified institutional investors (QIBs), 15 per cent for non-institutional investors, and the remaining 10 per cent for retail investors. Investors can bid for a minimum of 50 equity shares and in multiples thereof.
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. Equity shares of the company will be listed on the BSE and the NSE.