Business News: Exclusive Interview with the Team of Updater Services Limited Ahead of its IPO
IPO News: Updater Services Ltd. (UDS), situated in Chennai, has got clearance from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). Updater Services Ltd. offers Integrated Facilities Management (IFM) and Business Support Services (BSS) services. UDS has over 1,300 clients around the country and has established itself as the market leader in this area.
UDS IPO Details
The company's IPO consists of a promoter and current shareholders making an offer for sale (OFS) of up to Rs 400 crore of shares and up to 1.33 crore shares. The proceeds from the IPO, according to the Draught Red Herring Prospectus (DRHP), will be utilised to repay certain firm borrowings, satisfy working capital needs, explore inorganic initiatives, and for general corporate objectives. The initial public offering (IPO) began yesterday (September 25th) and will conclude on September 27th.
