Updater Services IPO: The initial public offering (IPO) of Updater Services Limited has opened today and it will remain open for subscribers till 27th September 2023. The public issue has been offered at a price band of ₹280 to ₹300 per equity share and the company aims to raise ₹640 crore from this initial offer. Out of ₹640 crore, ₹400 crore will be raised via issuane of 13,333,333 fresh shares while the rest ₹240 crore is aimed via Offer for Sale (OFS). Updater Services IPO is proposed for listing on BSE and NSE. According to market observers, Updater Services share price is yet to appear in grey market.
On day 1, Updater Services IPO subscription status was 6%, according BSE data. Updater Services IPO retail investors portion was subscribed 30%, NII portion was subscribed 1%, and Qualified Institutional Buyers (QIB) portion did not receive any bids.
Important Updater Services IPO details
1] Updater Services IPO GMP: Shares of the company are yet to trade in grey market, say market observers.
2] Updater Services IPO price: The company has fixed price band of the IPO at ₹280 to ₹300 apiece.
3] Updater Services IPO date: The three days subscription of the public issue has opened today and it will end on 27th September 2023.
4] Updater Services IPO size: The company aims to raise ₹640 crore from the public issue out of which ₹400 is aimed from issuance of fresh issues while rest ₹240 crore is aimed via OFS.
5] Updater Services IPO lot size: A bidder will be able to apply in lots and one lot of the public issue will comprise 50 shares of the company.
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6] Updater Services IPO allotment date: Finalisation of share allotment is expected on 4th October 2023.
7] Updater Services IPO registrar: Link Intime India Private Ltd has been appointed as official registrar of the IPO.
8] Updater Services IPO listing date: The public offer is proposed for listing on BSE and NSE and likely date for Updater Services share listing is 9th October 2023.
9] Updater Services IPO investment limit: A retail subscribed would require at least ₹15,000 to apply for the Updater Services IPO ( ₹300 x 50).
10 Updater Services IPO review: Speaking on Updater Services IPO, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “The public issue is small in size. Financials of the company looks better but current market sentiment and promoters’ lesser known track record may work as an impediment to attract strong response. As Indian stock market is under sell off stress due to FIIs’ selling, the issue is not suitable for those who apply for listing gaing only. Whereas for long-term investors, my advice is to wait for share listing as it may become available below the issue price as the public offer is slightly overpriced.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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