Shares of Updater Services Ltd. debuted at Rs 285 apiece on the National Stock Exchange, a discount of 5% to the IPO price of Rs 300.
On the BSE, the shares listed at Rs 299.90 apiece, a discount of 0.03%.
The shares ended at a discount of 5.38% to the IPO price, and declined 5.35% from its listing price to end at Rs 283.85 apiece on BSE.
The Rs 400 crore IPO was subscribed 2.90 times on its final day of offer. The bids were led by institutional investors (4.48 times), retail investors (1.38 times), and non-institutional investors (0.85 times, or 85%).
Updater Services Ltd. has raised Rs 288 crore from anchor investors ahead of its initial public offering on Sept. 25.
The integrated facilities management company allotted 96 lakh shares at Rs 300 apiece to 18 anchor investors.
The investors include Franklin India Smaller Companies Fund, ICICI Prudential, Aditya Birla Sun Life Insurance, BNP Paribas Arbitrage, Société Generale, Bandhan MF, Nomura Singapore, and 360 One Special Opportunities Fund, among others.
Business
Updater Services is an integrated business services platform offering integrated facilities management and business support services, with a two pronged offering strategy.
The company offers audit and assurance for dealer/distributor audits and retail audits through its subsidiary, Matrix, which has a 19.2% market share in India. It also offers employee background verification check services, with a share of 5.4% in the fiscal 2023.
It also offers sales enablement services through their subsidiaries Denave India Pvt. and Athena BPO Pvt. Denave is the largest player in this segment, with a market share of 20.1% for FY23. Avon, another subsidiary of theirs, is the market leader in mailroom management service, according to an F&S report.
Watch | IPO Adda with Updater Services management:
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