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Updater Services shares debut 5% lower

Updater Services shares debut 5% lower

New Delhi: Shares of integrated facilities management company Updater Services Ltd made a muted market debut on Wednesday, listing with a discount of five per cent on the NSE, against the issue price of Rs300.

At the NSE, the stock listed at Rs285, down five per cent from the issue price. It further declined 5.28 per cent to Rs284.15. The stock made its debut at Rs299.90, lower by 0.03 per cent from the issue price on the BSE.

Later, it declined five per cent to Rs285. The company commanded a market valuation of Rs1,950.72 crore. The initial public offer of Updater Services was subscribed 2.90 times on the final day of subscription last week. The Rs640-crore IPO had a fresh issue of equity shares aggregating up to Rs400 crore and an offer-for-sale of up to 80 lakh equity shares by a promoter and existing shareholders.

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