Updater Services makes muted market debut, falls 6% below issue price

Shares of integrated facilities management company Updater Services Ltd made a muted market debut on Wednesday, ending the day with a discount of nearly 6 per cent, against the issue price of Rs 300.

The stock made its debut at Rs 299.90, lower by 0.03 per cent from the issue price on the BSE. During the day, it declined 6 per cent to Rs 282. The stock ended at Rs 283.85 apiece, down 5.38 per cent.

On the NSE, the stock listed at Rs 285, down 5 per cent from the issue price.

During the day, it declined 6 per cent to Rs 282. Shares of the company ended at Rs 283 per piece, down 5.66 per cent.

The company commanded a market valuation of Rs 1,893.36 crore.

In volume terms, 1.86 lakh shares of the company were traded on the BSE and over 22.98 lakh shares were traded on the NSE during the day.

The initial public offer of Updater Services was subscribed 2.90 times on the final day of subscription last week.

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 initial share sale had a price range of Rs 280-300 a share.

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.