Updater Services IPO subscribed 16% on Day 2 of offer

The Initial Public Offer (IPO) of integrated facilities management company Updater Services was subscribed 16 per cent on the second day of bidding on Tuesday.

The initial share sale received bids for 19,16,400 shares against 1,19,99,999 shares on offer, as per data available with the NSE. The Retail Individual Investors (RIIs) portion received 68 per cent subscription while the quota for non-institutional investors got subscribed 12 per cent.

The Rs 640 crore IPO has a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 80 lakh equity shares by a promoter and existing shareholders.

The price range for the three-day IPO is Rs 280-300 a share. Updater Services has raised Rs 288 crore from anchor investors.

Proceeds from the fresh issue will be used for payment of debt, funding working capital requirements, pursuing inorganic initiatives, and general corporate purposes.

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.

IIFL Securities, Motilal Oswal Investment Advisors and SBI Capital Markets are the managers to the offer. Equity shares of the company will be listed on BSE and NSE.

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