Market momentum broken, expect further downside #newkerala(108345) newkerala.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newkerala.com Daily Mail and Mail on Sunday newspapers.
The primary market remained unfazed even amid mixed global trends. A push provided by foreign institutional investors (FIIs), consistent corporate growth, and steady monsoon predictions are some of the factors that led to such buoyancy, said analysts.
The issue of the integrated facilities management (IFM) services provider will open for subscription on Monday and close on Wednesday. The price band for the IPO has been fixed at Rs 280-300 a share.
Updater Services IPO: The Mumbai-based company will open its Rs 640-crore public issue for subscription on September 25, with a price band at Rs 280-300 a share.
“The primary issue is for Rs 400 crore and out of this, we would be using Rs 115 crore for the future augmented working capital and Rs 133 crore with respect to retiring the existing debt. Apart from this Rs 400 crore primary issue, there is a OFS of about 8 million shares at a higher price band. This would be around Rs 240 crores and so the total issue size at the cap would be around Rs 640 crore.”