Updater Services IPO subscribed 2.9 times on final day of subscription

The initial public offer of integrated facilities management company Updater Services was subscribed 2.90 times on the final day of subscription on Wednesday.

The initial share sale got bids for 3,47,41,450 shares against 1,19,99,999 shares on offer, as per NSE data.

The portion for qualified institutional buyers (QIBs) was subscribed 4.48 times while the quota for retail individual investors (RIIs) received 1.38 times subscription. The non-institutional investors part got subscribed 85 per cent.

The Rs 640 crore IPO had 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 company's IPO was 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 were the managers to the offer.

Equity shares of the company will be listed on BSE and NSE.