Market Update: Shares of Updater Services listed with a decline of five percent
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Updater Services Ltd. The stock got listed on the National Stock Exchange (NSE) on Wednesday with a decline of five per cent at its issue price of Rs 300. Shares of the integrated facility management company fell further after it was listed at Rs 285, down five per cent over the issue price.
Later it was trading at Rs 284.15 with a loss of 5.28 percent. The company’s shares were listed at Rs 299.90 on BSE, with a loss of 0.03 per cent over the issue price. Later it was trading at Rs 285 with a loss of five percent. The market valuation of the company stood at Rs 1,950.72 crore.
Updater Services’ IPO was subscribed 2.90 times on the last day of bidding last week. New shares worth Rs 400 crore have been issued in the company’s Rs 640 crore IPO.
Apart from this, the promoters and existing shareholders of the company have brought an offer for sale (OFS) of 80 lakh shares. The price band for the IPO was fixed at Rs 280 to Rs 300 per share.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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