Updater Services IPO share allotment out. Here's how you can check status

The share allotment of Updater Services was likely finalised on Friday. Investors will get shares on a lottery basis and the whole process will be supervised by the registrar.

On the allotment date, investors get to know about the number of shares allotted to them as against the bids made. They can check the allotment status through the BSE or by visiting the registrar's website. Here's how you can check the status on BSE.

Step 1: Visit the BSE Website

Step 2: Please select the issue name, that is the company's name in the drop down.

Step 3: Enter the application number or PAN number to check the allotment status.

The company's shares are expected to get listed on the exchanges on October 3. According to market sources, Updater Services is commanding a premium of Rs 0 in the unlisted market, which indicates the stock is expected to see a muted to flattish listing.

The Rs 640-crore IPO of Updater Services was subscribed 2.9 times overall at close. The issue comprised fresh equity of Rs 400 crore and an offer for sale (OFS) of 80 lakh shares by promoter and other selling shareholders.

The company is a leading integrated facilities management services and business support services provider to their customers, with a pan-India presence.

It also offers employee background verification check services through Matrix, which is the third largest company in this segment with a share of 5.4% in FY23.

Net proceeds will be used towards funding working capital requirements, repayment of debt, pursuing inorganic initiatives and other general corporate purposes.

Its revenue from operations jumped 42% year-on-year to Rs 2,099 crore for the year ended March 2023. In the same period, net profit fell 39% to Rs 34.6 crore.

IIFL Securities, Motilal Oswal and SBI Capital markets acted as book running lead managers to the issue, and Link Intime India was the registrar.