Updater Services share price listed on Indian bourses at a discount on Wednesday, October 4. Updater Services shares were listed at Rs 285 per share, 5% lower than the issue price of Rs 300 on BSE and Rs 299 per piece on NSE.

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Updater Services IPO price band was fixed between Rs 280 to Rs 300 per equity share with a face value of Rs 10. The Chennai-based Updater Services IPO commenced its subscription period on Monday, September 25, and concluded on Wednesday, September 27.

The Updater IPO had allocated a minimum of 75% of the shares in the public offering for Qualified Institutional Buyers (QIBs), a maximum of 15% for Non-Institutional Investors (NIIs), and not more than 10% of the offering was designated for Retail Investors.

The issue consisted of fresh issue of shares of up to Rs 400 crore and an offer for sale (OFS) of up 8,000,000 equity shares of face value of Rs 10 each by a promoter and others.

Promoter Tangi Facility Solutions Private Ltd will offload 40 lakh shares in the IPO and two private equity funds, India Business Excellence Fund-II and India Business Excellence Fund–IIA, will sell 8 lakh and 32 lakh shares, respectively. 

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The company said it plans to utilise the net proceeds from the IPO to pay off some borrowings it has taken out, support working capital needs, pursue inorganic activities, and for general corporate purposes.

IIFL Securities Ltd, Motilal Oswal Investment Advisors Ltd, and SBI Capital Markets Ltd, are the book running lead managers to the issue, and the registrar is Link Intime India Private Ltd.