Updater Services IPO Day 1: Check GMP, Subscription Status, Price, Lot Size


Updater Services IPO: According to market observers, the gray market premium of Updater Services Ltd remains zero.

Updater Services IPO: According to market observers, the gray market premium of Updater Services Ltd remains zero.

The initial public offering of integrated facility management company Updater Services Ltd opened for public subscription on Monday; It will end on 27th September

Updater Services IPO Update: The initial public offering (IPO) of integrated facility management company Updater Services Ltd has opened for public subscription on Monday. It will end on September 27. On the first day of bidding, the Rs 640 crore IPO was subscribed by about 3 per cent, with bids received for 3,88,900 shares against 1,19,99,999 shares on offer, according to NSE data. Till 1700 IST.

The retail individual investors category received 16 per cent subscription, while the non-institutional investors’ portion received 22,700 bids (against 33,42,857 on offer) or 1 per cent.

The company raised Rs 288 crore from anchor investors, days ahead of the launch of its initial public offering (IPO). The company has allotted 96 lakh equity shares to 18 funds at Rs 300 per share, which is also the upper end of the price band.

Updater Services IPO GMP

According to market observers, the gray market premium of Updater Services Limited remains zero. This means that the gray market is not expected to get any listing gains from the public issue. Importantly, the GMP of unlisted stocks varies depending on market sentiments.

The ‘grey market premium’ refers to the willingness of investors to pay more than the issue price.

Updater Services IPO Details

The public offer comprises a fresh issue of equity shares worth up to Rs 400 crore and an offer for sale (OFS) of up to 80 lakh equity shares by a promoter and existing shareholders.

The price band for the IPO has been fixed at Rs 280-300 per share. The minimum lot size is 50 shares. The minimum investment amount required for retail investors is Rs 15,000. The minimum lot size investment for NII is 14 lots (700 shares), amounting to Rs 210,000, and for NII, it is 67 lots (3,350 shares), amounting to Rs 1,005,000.

Under the OFS, Tangi Facility Solutions Private Limited, India Business Excellence Fund-II and India Business Excellence Fund-IIA will sell shares of the company.

The IPO is expected to fetch Rs 624 crore and Rs 640 crore at the lower and upper end of the price range, respectively.

The proceeds from the fresh issue will be used for repayment of debt, funding working capital requirements, pursuing inorganic initiatives and for general corporate purposes.

About 75 per cent of the issue size has been reserved for qualified institutional investors (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Investors can bid for a minimum of 50 equity shares and in multiples thereof.

The company provides integrated facility management services and business support services to its clients. It caters to customer segments across sectors such as FMCG, manufacturing & engineering, BFSI, healthcare, IT/ITeS, automobile, logistics & warehousing, airports, ports, infrastructure and retail.

IIFL Securities Ltd, Motilal Oswal Investment Advisors Ltd and SBI Capital Markets Ltd are the book-running lead managers to the issue. The equity shares of the company will be listed on BSE and NSE.

(The story has been updated with the latest data)

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