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


The initial public offering of integrated facilities management company Updater Services Ltd has opened for public subscription on Monday; it will conclude on September 27

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Updater Services IPO: The initial public offering (IPO) of integrated facilities management company Updater Services Ltd has opened for public subscription on Monday. It will conclude on September 27. In the first nearly three hours till 12.48 pm on the first day of bidding, the Rs 640-crore IPO has been subscribed around 2 per cent, receiving bids for 1,84,900 shares against 1,19,99,999 shares on offer.

The category for retail individual investors was subscribed 8 per cent, while the portion for non-institutional investors received 5,950 bids (against 33,42,857 on offer), till 12.48 am on the first day of bidding.

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

Updater Services IPO GMP

According to market observers, the grey market premium of Updater Services Ltd remains zero. It means the grey market is expecting no listing gain from the public issue. Importantly, GMP of unlisted shares keep changing based on the sentiments in the market.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Updater Services IPO Details

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

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The price band for the IPO has been fixed at Rs 280-300 per share. The minimum lot size is 50 shares. The minimum amount of investment required by 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 Ltd, India Business Excellence Fund-II, and India Business Excellence Fund-IIA will be selling shares of the company.

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

The proceeds from the fresh issue will be used for payment of debt, funding working capital requirements, pursuing inorganic initiatives, and 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 offers integrated facilities management services and business support services to its clients. It caters to customer segments across sectors such as FMCG, manufacturing and engineering, BFSI, healthcare, IT/ITes, automobiles, logistics and warehousing, airports, ports, infrastructure, and retail.

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

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