Updater Services shares listed at 5% discount over IPO price on bourses today. The share debuted at Rs 285 on the NSE, as compared to the issue price of Rs 300. On the BSE, the Updater Services’ shares listed at Rs 299.90
“Overall, the listing of Updater Services is disappointing for investors. However, the company’s high IPO price, mixed financial performance, and associated risks likely contributed to the negative response in the market. Additionally, current market sentiments could also be a contributing factor to such a listing. Investors who received allotments in the IPO should consider all these related risks and exit their position after this listing,” Shivani Nyati, Head of Wealth, Swastika Investmart.
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Updater Services opened for public subscription on Monday, September 25, 2023 and closed on Wednesday, September 27, 2023. The IPO comprised a fresh issue of 133,33,333 shares aggregating up to Rs 400 crore and an offer-for-sale (OFS), with promoters offloading 80,00,000 shares of Rs 10 aggregating up to Rs 240 crore. The lot size of the Updater Services IPO was of 50 shares.
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The IPO was subscribed 2.96 times. The portion for non-institutional investors received a 0.89-time subscription, QIB category was subscribed 4.50 times, and the Retail Individual Investors (RIIs) quota was subscribed 1.45 times. The GMP of the Updater Services IPO remained unchanged ahead of its listing.
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Founded by Raghunandana Tangirala, Updater Services company is India’s leading, focused, integrated business services platform. It offers its customers integrated facilities management (IFM) and business support services (BSS) with a pan-India presence. Updater is India’s second-largest player in the IFM market. In its BSS segment, the company offers Audit and Assurance services through its Subsidiary, Matrix.
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