The Rs 640-crore IPO of Updater Services was subscribed 2.9 times overall at the close. The issue comprised fresh equity of Rs 400 crore and an offer for sale (OFS) of 80 lakh shares by promoter and other selling shareholders
Updater Services IPO | The public issue of the facility management services provider comprises a fresh issuance of shares worth Rs 400 crore, and an offer-for-sale of shares worth Rs 240 crore
Updater Services, an integrated facilities management company, has opened its initial public offer for subscription. Prior to the launch, the company raised approximately Rs 288 crore from anchor investors including BNP Paribas, Societe Generale, Citigroup Global Markets, and Nomura Singapore. The IPO aims to raise around Rs 640 crore and will close on September 27. Analysts have mixed views on the company s prospects, with some recommending a long-term subscription while others advise avoiding the issue due to aggressive pricing.
The issue of the integrated facilities management (IFM) services provider will open for subscription on Monday and close on Wednesday. The price band for the IPO has been fixed at Rs 280-300 a share.