The initial public offering of Updater Serivices will open for subscription today. The company has fixed market lot of ₹280-300 and the market lot is 50 shares.

The Chennai-based company IPO consists of ₹400 crore fresh issue and an offer for sale of up to 80 lakh shares (worth ₹240 crore). Promoter Tangi Facility Solutions Private Ltd will offload 40 lakh shares and two private equity funds - India Business Excellence Fund-II and India Business Excellence Fund–IIA, will sell 8 lakh and 32 lakh shares, respectively. 

Updater Services IPO has reserved not less than 75% of the shares in the public issue for Qualified Institutional Buyers (QIB), not more than 15% for Non Institutional Investors (NII), and not more than 10% of the offer is reserved for Retail Investors.

Anchor investors 

As part of IPO process, Updater Services Limited allotted 96 lakh shares at ₹300 a share to raise Rs 288 crore from 18 anchor anchor investors. Among them included, marquee Domestic Institutional Investors such as ICICI Prudential, BNP Paribas, Aditya Birla Sunlife, Motilal Oswal etc and Foreign Institutional Investors such as Copthall Mauritius, Franklin India, Societe Generale, CitiGroup Global Market and Nomura Singapore.

Net proceeds from the IPO to pay off some borrowings it has taken out, support working capital needs, pursue inorganic activities, and for general corporate purposes.

Updater Services provides a specialised business services platform operating across India, delivering integrated facilities management services and a range of other services.

IIFL Securities Ltd, Motilal Oswal Investment Advisors Ltd, and SBI Capital Markets Ltd, are the book running lead managers to the issue, and the registrar is Link Intime India Private Ltd.