MUMBAI: Updater Services Limited has announced the fixed price band for its initial public offering (IPO) in India. The IPO will open on September 25, 2023, and close on September 27, 2023. The floor price for the IPO is 28 times the face value of the equity shares, while the cap price is 30 times the face value.
The price band for the IPO has been fixed at INR 280 to INR 300 per equity share of face value INR 10 each. Bids can be made for a minimum of 50 equity shares and in multiples of 50 equity shares thereafter. The Anchor Investor Bidding Date shall be Friday, September 22, 2023.
The Red Herring Prospectus (RHP) will be available on the website of Securities and Exchange Board of India (SEBI) at www.sebi.gov.in and on the websites of the book running lead managers (BRLMs), IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited at www.iiflcap.com, www.motilaloswalgroup.com, and www.sbicaps.com, respectively. The RHP will also be available on the websites of BSE and NSE at www.bseindia.com and www.nseindia.com, respectively.
All bidders, other than the Anchor Investors, are required to participate in the IPO only through an Application Supported by Blocked Amount (ASBA) process by providing details of their respective ASBA Account and UPI ID in case of UPI Bidders, pursuant to which their corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks (SCSBs) or by the Sponsor Bank(s) under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process.
IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited are the book-running lead managers (BRLMs) to the Offer.
Potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled “Risk Factors” on page 34 of the RHP. Potential investors should not rely on the Draft Red Herring Prospectus for making any investment decision instead should rely on RHP.
The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold only outside the United States in ‘offshore transactions’ as defined in, and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where such offers and sales are made.
Disclaimer Clause of SEBI: SEBI only gives its observations on the offer documents and this does not constitute approval of either the Offer or the specified securities stated in the Offer Document. The investors are advised to refer to page 491 of the RHP for the full text of the Disclaimer Clause of SEBI.
Disclaimer Clause of NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE.
 on September 25, 2023. The IPO comprises a fresh issue of Equity Shares and an offer for sale by selling shareholders. The price band for the Equity Shares is fixed at INR 280-300 per share. Read more about this exciting opportunity for investors){kind=link}