Updater Services IPO day 2: Check live subscription details here

26 Sep 2023 , 01:39 PM

Updater Services experienced a subdued response from investors on the first day of its IPO, with a subscription rate of only 6%. The Mumbai-based company aims to raise Rs 640 crore through the IPO, featuring a fresh issue component of Rs 400 crore and an offer-for-sale of Rs 240 crore worth of shares by promoters and investors. The price band for the offering is set at Rs 280-300 per share, and you can click here to subscribe to the IPO.

On the second day of the subscription period, by 1.30 PM, the IPO garnered a total subscription of 13%. Notably, retail investors have shown strong interest, purchasing 52% of the shares allocated to them, which represents 10% of the total issue size. High net-worth individuals (HNIs) have also participated, acquiring 10% of the reserved portion.

The IPO distribution includes a reservation of 15% of shares for high net-worth individuals and 75% for qualified institutional buyers (QIBs), who are yet to participate in the offering.

The net proceeds from the fresh issue will be allocated for various purposes, including debt repayment of Rs 133 crore, addressing working capital requirements of Rs 115 crore, funding inorganic initiatives with Rs 80 crore, and utilizing the remaining funds for general corporate purposes.

Investors have until September 27 to subscribe to this offering.