UPDATER SERVICES IPO TO OPEN ON SEPTEMBER 25, 2023
Ahmedabad, Updater Services Limited (the “Company”), shall open its Bid/Offer in relation to its initial public offering of Equity Shares on Monday, September 25, 2023. The Offer comprises of a fresh issue of Equity Shares aggregating up to ₹ 4,000.00 million (“Fresh Issue”) and an offer for sale up to 8,000,000 Equity Shares by selling shareholders (the “Offer for Sale” and together with the Fresh Issue, the “Offer”).
The Anchor Investor Bidding Date shall be Friday, September 22, 2023. The Bid/Offer will open on Monday, September 25, 2023 for subscription and will close on Wednesday, September 27, 2023.
The Price Band of the Offer has been fixed at ₹ 280 to ₹ 300 per Equity Share. Bids can be made for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter.
The Company, as part of the Objects of the Offer, proposes to utilize the Net Proceeds raised through the Fresh Issue towards Repayment and /or prepayment of certain of its outstanding borrowings, amounting to ₹ 1,330.00 million. Further, the Company intends to utilize ₹ 800.00 million from the Net Proceeds towards pursuing unidentified inorganic initiatives, ₹ 1,150.00 million from the Net Proceeds towards funding its working capital requirements and the balance amount from the Net Proceeds towards general corporate purposes.
The Offer for Sale comprises of 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”). For the purposes of the Offer, BSE is the Designated Stock Exchange.
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price.
Further, not more than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders (out of which (i) one third shall be reserved for applicants with application size of more than ₹ 0.20 million and up to ₹ 1.00 million, and (ii) two-thirds shall be reserved for applicants with application size of more than ₹ 1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders), and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid bids being received at or above the Offer Price.
