{"id":110447,"date":"2023-09-21T14:06:28","date_gmt":"2023-09-21T08:36:28","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=110447"},"modified":"2023-09-21T14:06:34","modified_gmt":"2023-09-21T08:36:34","slug":"updater-services-sets-a-price-range-of-rs-280-300-for-its-rs-640-cr-ipo","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/updater-services-sets-a-price-range-of-rs-280-300-for-its-rs-640-cr-ipo\/","title":{"rendered":"Updater Services sets a price range of Rs. 280\u2013300 for its Rs. 640\u2013cr IPO"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2053697027\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>On Thursday Chennai-based integrated facilities management firm Updater Services announced the price band for its Rs 640-crore public offering, at Rs 280-300 per share, for the issue opening on September 25.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2440697201\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The business, which was founded in Chennai way back in 1987, claims to be the market leader with revenues of Rs 2,100 crore in FY23 and a net profit of Rs 145 crore, up from Rs 1,483 crore and Rs 108 crore, respectively, in the previous fiscal year ended in March 2022.<\/p><p>The initial public offering (IPO) consists of a fresh issue of equity shares worth up to Rs 400 crore and an offer-for-sale of up to 80 lakh equity shares, by a promoter and existing shareholders worth up to Rs 240 crore.<\/p><p>On Thursday the group chief financial officer Balaji Swaminathan said that at the lower end of the price band the issuer will raise Rs 624 crore and at the upper end, Rs 640 crore.<\/p><div class=\"trade-content_5\" id=\"trade-3647314350\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Tangi Facility Solutions, a promoter group entity owned by Raghunandana Thangirala, the chairman and managing director of the firm and his wife, owning 22 per cent, will sell 7.5 per cent. Under the offer-for-sale procedure.<\/p><p>Besides, two external investors &#8212; India Business Excellence Fund-II and India Business Excellence Fund-IIA, which collectively own 17 per cent, will pare their pre-issue holding by 7.5 per cent, Thangirala said.<\/p><p>Thangirala and his wife along with the holding firm Tangi Facility Solutions own 78 per cent and 5 per cent with employees through a stock option announced earlier, which after the issue dilution will come down to 58 per cent and the holding company will own 10 per cent.<\/p><p>Swaminathan said the company has around Rs 170 crore debt, which is mostly short-term working capital loans and the company will pare this by Rs 133 crore with the issue proceeds.<\/p><p>Additionally, the company would set aside Rs. 115 crore for operating capital, Rs. 80 crore for acquisitions, and the remaining amount for general corporate reasons.<\/p><p>Updater Services, the company offers integrated facilities management services and business support services, catering to companies in the FMCG, manufacturing and engineering, BFSI, healthcare, IT\/ITes, automobiles, logistics and warehousing, airports, ports, infrastructure and retail spaces.<\/p><div class=\"trade-content-10\" id=\"trade-2533559452\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>The three-day initial public offering will conclude on September 27 and the bidding for anchor investors opens on September 22.<\/p><p>The book-running lead managers to the issue are IIFL Securities, Motilal Oswal and SBI Capital Markets. Equity shares of the company will be listed on the BSE and the NSE.&nbsp;<\/p><div class=\"trade-after-content\" id=\"trade-2538823705\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>On Thursday Chennai-based integrated facilities management firm Updater Services announced the price band for its Rs 640-crore public offering, at Rs 280-300 per share, for the issue opening on September 25. The business, which was founded in Chennai way back in 1987, claims to be the market leader with revenues of Rs 2,100 crore in [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":41220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-110447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Updater Services sets a price range of Rs. 280\u2013300 for its Rs. 640\u2013cr IPO - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"On Thursday Chennai-based integrated facilities management firm Updater Services announced the price band for its Rs 640-crore public offering, at Rs 280-300 per share, for the issue opening on September 25.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/updater-services-sets-a-price-range-of-rs-280-300-for-its-rs-640-cr-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Updater Services sets a price range of Rs. 280\u2013300 for its Rs. 640\u2013cr IPO\" \/>\n<meta property=\"og:description\" content=\"On Thursday Chennai-based integrated facilities management firm Updater Services announced the price band for its Rs 640-crore public offering, at Rs 280-300 per share, for the issue opening on September 25.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/updater-services-sets-a-price-range-of-rs-280-300-for-its-rs-640-cr-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-21T08:36:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-21T08:36:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/05\/IPO-12-Cover-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Trade Brains\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Trade Brains\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/updater-services-sets-a-price-range-of-rs-280-300-for-its-rs-640-cr-ipo\/\",\"url\":\"https:\/\/tradebrains.in\/features\/updater-services-sets-a-price-range-of-rs-280-300-for-its-rs-640-cr-ipo\/\",\"name\":\"Updater Services sets a price range of Rs. 280\u2013300 for its Rs. 640\u2013cr IPO - 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