Updater Services made its debut in the T+3 timeline, becoming the seventh company in the new timeline in place of the old T+6 timeline, which is valid until November 30th.
Facility management services company Updater Services disappointed investors on listing day as its stock suffered a loss of more than 5 percent on October 4 due to muted reaction to the IPO and weak stock market conditions.
The stock started the day at Rs 285, down 5 per cent from the issue price of Rs 300, and remained under pressure throughout the session, hitting its intraday low of Rs 282 and a high of Rs 298.65 on the NSE reached.
Finally, it closed 5.37 per cent lower at Rs 283.90, with a volume of 22.98 lakh shares and a market capitalization of Rs 1,893 crore, while it closed at Rs 283.85 on the BSE, with a volume of 1 .86 lakh shares.
Updater Services made its debut in the T+3 timeline, becoming the seventh company in the new timeline in place of the old T+6 timeline, which is valid until November 30th.
The business support services company has raised Rs 640 crore through its public issue, which was subscribed 2.9 times during September 25-27. The price range for the offer was between Rs 280 and Rs 300 per share.
The fresh issue component in the offer was Rs 400 crore and an offer for sale of Rs 240 crore by selling shareholders.
The company will use Rs 133 crore for debt reduction and spend Rs 115 crore for working capital requirements. Furthermore, the inorganic initiatives will also be funded through fresh issue funds at a cost of Rs 80 crore. And the remaining funds will be used for general corporate purposes.
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