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
The initial public offer of Vaibhav Jewellers, which opened on Friday, was fully subscribed on the last day of the bidding process. The overall subscription stood at 1.3 times on Day 3. The NII portion was subscribed the most at 2.3x, followed by the retail category at 1.21x. The part reserved for qualified institutional buyers was booked 68%.
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.