Lacklustre Start! Updater Services shares list at 5% discount to issue price on NSE

Updater Services, a leading integrated facilities management services provider, made its debut on the NSE at a 5% discount to the IPO price of Rs 300. The IPO, which raised Rs 640 crore, was subscribed 2.9 times overall. The company’s services cater to various sectors, including FMCG, manufacturing, BFSI, healthcare, and IT/ITeS. The net proceeds from the IPO will be used for working capital, debt repayment, and pursuing inorganic initiatives.