Mumbai | Updater Services Limited is set to launch its initial public offering (IPO) on September 25. The IPO includes a fresh issue of Equity Shares amounting to ₹4,000.00 million and an offer for sale of up to 8,000,000 Equity Shares by selling shareholders.
The Price Band for the IPO has been fixed at ₹280 to ₹300 per Equity Share. Investors can bid for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter.
The Company plans to use the Net Proceeds raised through the Fresh Issue for various purposes, including the repayment of outstanding borrowings, funding inorganic initiatives, supporting working capital requirements, and general corporate purposes.
The Offer for Sale comprises up to 4,000,000 Equity Shares by Tangi Facility Solutions Private Limited (The Promoter Selling Shareholder), up to 800,000 Equity Shares by India Business Excellence Fund-II, and 3,200,000 Equity Shares by India Business Excellence Fund-IIA ("Other Selling Shareholders").
The Equity Shares offered through the Red Herring Prospectus dated September 18, 2023, are proposed to be listed on BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE"). The IPO will follow the Book Building Process, with allocations to Qualified Institutional Buyers (QIBs), Anchor Investors, Non-Institutional Bidders, and Retail Individual Bidders.
All bidders, except Anchor Investors, must participate in the IPO through the Application Supported by Blocked Amount (ASBA) process. IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited are the book running lead managers (BRLMs) for the IPO.
The Anchor Investor Bidding Date is set for Friday, September 22, 2023, while the IPO bidding period will open on September 25, 2023, and close on September 27, 2023.
Investors can access the Red Herring Prospectus on the SEBI website (www.sebi.gov.in), BSE (www.bseindia.com), NSE (www.nseindia.com), and the Company's website (www.uds.in), as well as the websites of the BRLMs.
Potential investors are advised to review the "Risk Factors" section on page 34 of the Red Herring Prospectus for details on investment risks. The Equity Shares offered in the IPO are not registered under the U.S. Securities Act of 1933 and are intended for sale outside the United States.
