Updater Services IPO disappointed investors, listed with 5 percent discount
Updater Services IPO: The share was listed on BSE at a price of Rs 299.90 and immediately after listing the share declined and fell by 5 percent to Rs 285. There was a fresh issue of Rs 400 crore in this Rs 640 crore IPO. The company provides integrated facility management services and business sports services to its customers.
The stock of integrated facility management company Updater Services Limited was listed on the NSE at Rs 285 per share, a discount of five percent compared to its issue price of Rs 300. After the listing, the share decline increased and it fell by 5.28 percent to reach the price of 284.15.
The share was listed on BSE at a price of Rs 299.90 and immediately after listing the share declined and fell by 5 percent to Rs 285. During this period the market valuation of the company was Rs 1950.72 crore.
The IPO of Updater Services was closed only last week and it was subscribed 2.90 times. This Rs 640 crore IPO comprised a fresh issue of Rs 400 crore and OFS of 80 lakh equity shares. In this OFS, shares were sold on behalf of investors and shareholders. The price band of this IPO was Rs 280 to Rs 300 per share.
Information was given by the company that this fresh issue will be used for loan repayment, working capital needs, general corporate, etc.
The company provides integrated facility management services and business sports services to its customers. The company offers services to its customers in FMCG, Manufacturing, Engineering, BFSI, Healthcare, IT, Automobile, Logistics, Warehouse, Airport, and Retail segments.
The Indian stock market is trading bearish today and an all-round decline is being seen. The Sensex is down 561.95 points or 0.86 percent at 64,949.85 and the Nifty is down 165.50 points or 0.85 percent at 19,363.25. The most pressure is being seen on auto, pharma, government banks, and metal stocks.
