To raise funds through an IPO, Integrated Facilities Management Updater Services Ltd has received SEBI approval.
Integrated facilities management Updater Services Ltd has received capital markets regulator Sebi’s approval to raise funds through an Initial Public Offering (IPO).
The IPO will comprise both a 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.
Tangi Facility Solutions Private Ltd, India Business Excellence Fund-II and India Business Excellence Fund-IIA will be selling shares in the OFS.
The size of the fresh issue will be reduced if the company consider a pre-IPO placement, aggregating up to Rs 80 crore.
The Securities and Exchange Board of India (Sebi) provided an update on Tuesday, revealing that Updater Services Ltd., which submitted its draft papers to the markets regulator in March, received its observations letter on September 4.
In Sebi’s parlance, obtaining an observation letter implies its approval to float the initial share sale.
Going by the draft papers, 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.
Book-running lead managers to the issue is IIFL Securities Ltd, Motilal Oswal Investment Advisors Ltd and SBI Capital Markets Ltd. Equity shares of the company will be listed on the both BSE and the NSE.
