Shares of Updater Services were upbeat on Friday morning going up over 2.5% to hit an intraday high of ₹346.20.
What Happened: Shares of the company are upbeat today as it filed its latest shareholding pattern data on Thursday evening. As per the latest data, ace investor Ashish Kacholia owns 1.96% or 13.05 lakh company shares. His holding is worth around ₹45 crore.
With a market cap of around ₹2,200 crore, the small-cap company UDS is a business services platform in India offering integrated facilities management services and other services to customers across India.
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The company went public in October last year. The ₹640 crore IPO witnessed strong demand, with oversubscription of 2.9 times. The IPO included a fresh issuance of shares worth ₹400 crore and an offer for sale (OFS) of up to ₹240 crore by promoters and existing shareholders.
However, the company made a lukewarm debut on the stock exchanges, listing at a 5% discount over the IPO price. The stock was listed at ₹285 on NSE and ₹299.9 on BSE compared to the issue price of Rs 300.
The company intends to use the proceeds from the fresh issuance for various purposes, including the repayment or prepayment of certain debts, funding working capital requirements, pursuing inorganic initiatives, and meeting general corporate needs.
Price Action: Updater Services’ share price was up 2.12% to trade at ₹344.10 shortly after market open on Friday.
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