Updater Services IPO subscribed 2.9 times on day 3, retail portion booked 1.39 times

Updater Services (UDS) IPO: Chennai-based Chennai-based integrated facilities management service provider Updater Services launched an initial public offer (IPO) on Monday, September 25 to raise up to Rs 640 crore. The IPO comprises fresh issuance of shares worth up to Rs 400 crore, and an offer for sale (OFS) worth up to Rs 240 crore by promoters and existing shareholders.

Updater Services IPO subscription status

On the final day of the bidding process, the IPO received bids for 3,47,45,250 shares against the almost 1.2 crore shares on offer, marking an overall subscription of 2.9 times, according to provisional exchange data.

While at least 75 per cent of the issue is reserved for qualified institutional buyers (QIBs), up to 15 per cent is set aside for non-institutional investors (NIIs) and the remaining 10 per cent for retail investors.

Here are some of the key things to know about the Updater Services IPO

Updater Services IPO allotment date, Updater Services IPO listing date

The subscription window for the IPO will be open, from 10 am to 5 pm, for three trading days, ending September 27. The basis of the allotment of shares under the IPO is set to be finalised on October 4. Successful bidders will get shares credited into their demat accounts on October 6, whereas other participants will have refunds initiated on the previous day, October 5. The Updater Services stock is likely to be listed on bourses BSE and NSE on October 9.

Updater Services IPO issue price and lot size

The company has set a price range of Rs 280-300 per share for the IPO. Potential investors can bid for the Updater Services stock, under the IPO, in multiples of 50 shares, translating to Rs 14,000-15,000 per lot.

Updater Services IPO fund utilisation

The company aims to utilise the proceeds from the fresh issuance towards repayment or prepayment of certain debt, funding its working capital requirements, pursuing inorganic initiatives, and general corporate purposes, according to its red herring prospectus (RHP).

Updater Services IPO book-running lead managers

IIFL Securities, Motilal Oswal and SBI Capital Markets are the book-running lead managers to the issue.

About Updated Services (UDS) | What does the company do?

The company offers integrated facilities management services and business support services, catering to companies operating in the FMCG, manufacturing and engineering, BFSI, healthcare, IT/ITes, automobiles, logistics and warehousing, airports, ports, infrastructure and retail spaces, according to its website.

With inputs from PTI

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