Updater Services listed at 5% discount on the D-Street

4 Oct 2023 , 09:59 AM

Updater Services’ initial public offering (IPO) of Rs 640 crore saw its shares debut on the stock exchange with a 5% discount. The company’s shares listed at Rs 285 on NSE, representing a 5% discount from the issue price of Rs 300, and at Rs 299.90 on BSE, with a minimal 0.03% discount.

Updater Services’ IPO garnered an overall subscription of 2.9 times by the close of the subscription period. The IPO consisted of a fresh equity issue of Rs 400 crore and an offer for sale (OFS) of 80 lakh shares by promoters and other selling shareholders.

The IPO was priced in the range of Rs 280-300 per share, and the company had previously raised approximately Rs 288 crore from anchor investors before the IPO launch.

Of the net fresh issue proceeds, Updater Services plans to utilize Rs 133 crore for debt reduction and Rs 115 crore for working capital requirements. Additionally, Rs 80 crore will be allocated to fund inorganic initiatives, with the remaining funds earmarked for general corporate purposes.

Updater Services is a prominent integrated facilities management services and business support services provider with a pan-India presence.