Chennai-based integrated facilities management firm Updater Services on Thursday 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 company which started way back in 1987 in Chennai, claims to be the market leader with a revenue of Rs 2,100 crore in FY23, from which it had earned Rs 145 crore net profit, up from Rs 1,483 crore and Rs 108 crore, respectively, in the previous fiscal ending March 2022.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an offer-for-sale of up to 80 lakh equity shares for up to Rs 240 crore, by a promoter and existing shareholders.
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