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The Chennai-based company’s IPO consists of a ₹400-crore fresh issue and an offer-for-sale of up to 1.088 crore equity shares.
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.
The company will announce a price band soon.
Updater Services provides a specialised business services platform operating across India, delivering integrated facilities management services and a range of other services.
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