Updater Services IPO opens today; Check live subscription status here

25 Sep 2023 , 12:30 PM

Updater Services Limited has commenced its initial public offering (IPO) today, and the subscription window will remain open for investors until September 27, 2023. The IPO is priced in the range of Rs 280 to Rs 300 per equity share, with the company aiming to raise Rs 640 crore through this initial offering. Click here to subscribe the IPO

Investors have the opportunity to bid for a minimum of 50 shares in one lot and in multiples thereafter.

During the initial two hours, the IPO experienced a subscription rate of just 3%. Specifically, the retail portion reached a subscription rate of 10%, while the High Net Worth Individual (HNI) and Qualified Institutional Buyer (QIB) portions have not been subscribed to yet.

The allocation of shares in the public issue is structured as follows: 75% of the offering is reserved for Qualified Institutional Buyers (QIBs), 15% is set aside for Non-Institutional Investors (NIIs), and 10% is allocated for retail investors.

The net proceeds from this IPO will be directed toward various purposes, including funding working capital requirements, repaying debt, pursuing inorganic initiatives, and supporting general corporate needs.