Updater Services, a leading integrated facilities management services provider, made its debut on the NSE at a 5% discount to the IPO price of Rs 300. The IPO, which raised Rs 640 crore, was subscribed 2.9 times overall. The company s services cater to various sectors, including FMCG, manufacturing, BFSI, healthcare, and IT/ITeS. The net proceeds from the IPO will be used for working capital, debt repayment, and pursuing inorganic initiatives.
"Investors who received allotments in the IPO should consider all these related risks and exit their position after this listing," said Shivani Nyati, Head of Wealth, Swastika Investmart.
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