BackUpdater Services Limited share price debuts at 5% discount at ₹285 on NSE
Updater Services Limited share price today was listed at ₹285 per share, 5% lower than the issue price of ₹300.
PremiumUpdater Services IPO listing date: Updater Services Limited share price listed on the bourses at a discount on Wednesday. On the NSE, Updater Services Limited share price today was listed at ₹285 per share, 5% lower than the issue price of ₹300, and on the BSE, Updater Services Limited price was listed at ₹299.90 per share.
Updater Services IPO price band was set in the range of ₹280 to ₹300 per equity share of face value of ₹10. Chennai-based Updater Services IPO opened for subscription on Monday, September 25, and closed on Wednesday, September 27.
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Updater IPO reserved not less than 75% of the shares in the public issue for Qualified Institutional Buyers (QIB), not more than 15% for Non Institutional Investors (NII), and not more than 10% of the offer is reserved for Retail Investors.
Also Read: Updater Services IPO listing date today. What GMP, experts signal about debut of shares
Updater Services IPO details
Updater IPO consists of fresh issue of shares of up to ₹400 crore and an offer for sale (OFS) of up 8,000,000 equity shares of face value of ₹10 each by a promoter and others.
Promoter Tangi Facility Solutions Private Ltd will offload 40 lakh shares in the IPO and two private equity funds, India Business Excellence Fund-II and India Business Excellence Fund–IIA, will sell 8 lakh and 32 lakh shares, respectively.
According to the red herring prospectus (RHP), net proceeds from the IPO to pay off some borrowings it has taken out, support working capital needs, pursue inorganic activities, and for general corporate purposes.
IIFL Securities Ltd, Motilal Oswal Investment Advisors Ltd, and SBI Capital Markets Ltd, are the book running lead managers to the issue, and the registrar is Link Intime India Private Ltd.
For FY22, the firm reported revenue of ₹1,483.55 crore as against ₹1,210.03 crore in FY21. Net profit for the period stood at ₹57.4 crore as against ₹47.5 crore last year.
Also Read: Updater Services IPO sees tepid demand on day 2, retail portion booked 68%
Updater Services IPO GMP today
Updater IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹300 with no premium or discount in the grey market according to investorgain.com
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Also Read:Updater Services IPO: Issue subscribed 2.90 times on day 3; retail portion fully booked
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