Updater Services IPO will open for subscription from 25 September 2023. The company aims for an issue size of ₹640 Cr through this IPO.
Company Overview
| Full name | Updater Services Limited |
| Sector | Miscellaneous |
| Industry | Miscellaneous |
| Company Website | https://www.uds.in/ |
About Company
Updater Services is a leading, focused, and integrated business services platform offering integrated facilities management (IFM) services and business support services (BSS), with a pan-India presence. The company is the second largest player in the IFM market in India and has the widest service offering in the industry, making it a unique and differentiated player in the market. The BSS segment offers Audit and Assurance services through the subsidiary, Matrix and according to the F&S Report, Matrix is a leading Audit and Assurance company for dealer/distributor audits, and retail audits, and its strong branch reach and field associate reach has driven the company to reach the top spot in India, with a market share of 19.2% in the FY 2023.
The company also offers employee background verification check services through Matrix and in this segment, Matrix is the third largest company in India with a share of 5.4% in FY 2023.
The Objectives of the Issue
- Repayment and /or prepayment of certain borrowings availed by the Company.
- Funding the working capital requirements.
- Pursuing inorganic initiatives.
- General corporate purposes.
Updater Services IPO Timetable
| IPO Opening date | 25 September 2023 |
| IPO Closing | 27 September 2023 |
| Basis of Allotment | 04 October 2023 |
| Initiation Refund | 05 October 2023 |
| Credit to Demat Account | 06 October 2023 |
| Listing Date | 09 October 2023 |
Updater Services IPO details
| Issue type | Book Built Issue IPO |
| IPO issue size | ₹640 Cr – 21,333,333 shares |
| Fresh Issue | ₹400 Cr – 13,333,333 shares |
| Offer for sale | ₹240 Cr – 8,000,000 shares |
| Face value | ₹10 per share |
| Price Band | ₹280 to ₹300 per share |
| Lot size | 50 Shares |
| Shareholding pre-issue | 53,369,355 |
| Shareholding post-issue | 66,702,688 |
| Listing Exchange | BSE & NSE |
Updater Services IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 50 | ₹15,000 |
| Retail (Max) | 13 | 650 | ₹195,000 |
| S-HNI (Min) | 14 | 700 | ₹210,000 |
| S-HNI (Max) | 66 | 3,300 | ₹990,000 |
| B-HNI (Min) | 67 | 3,350 | ₹1,005,000 |
Updater Services IPO Reservation Details
| Anchor Investor Shares Offered | 9,600,000 (45.00%) |
| QIB Shares Offered | 6,400,000 (30.00%) |
| NII (HNI) Shares Offered | 3,200,000 (15.00%) |
| Retail Shares Offered | 2,133,333 (10.00%) |
| Total Shares Offered | 21,333,333 (100%) |
Updater Services Financial Performance
| FY 2021 | FY 2022 | FY 2023 | |
| Revenue | 1,210.03 | 1,483.55 | 2,098.89 |
| Expenses | 1,161.93 | 1,426.95 | 2,057.90 |
| Net income | 35.58 | 54.65 | 48.17 |
| Margin (%) | 2.94 | 3.68 | 2.30 |
Updater Services Valuations & Margins
| FY 2021 | FY 2022 | FY 2023 | |
| EPS | 8.47 | 10.40 | 6.70 |
| PE ratio | – | – | 41.79 – 44.78 |
| RONW (%) | 15.79 | 16.24 | 9.34 |
| NAV | – | – | 71.93 |
| ROCE (%) | 22.59 | 20.23 | 14.17 |
| EBITDA (%) | 5.78 | 5.80 | 4.78 |
| Debt/Equity | 0.04 | 0.17 | 0.46 |
Updater Services Promoters
- Raghunandana Tangirala
- Shanthi Tangirala
- Tangi Facility Solutions Private Limited
Promoter Holding
| Pre Issue Share Holding | 80.58% |
| Post Issue Share Holding |
Updater Services IPO Lead Manager(s)
- IIFL Securities Ltd
- Motilal Oswal Investment Advisors Limited
- SBI Capital Markets Limited
Updater Services Registrar
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli West
Mumbai – 400 083, Maharashtra
Phone: +91 22 4918 6200
Email: uds.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact Details
UPDATER SERVICES LIMITED
No. 2/302-A, UDS Salai, Off Old Mahabalipuram Road,
Thoraipakkam, Chennai 600 097, Tamil Nadu
Phone: +91 44 24963234 / 0333
Email: compliance.officer@uds.in
Website: www.uds.in
Updater Services IPO Allotment Status
Updater Services IPO allotment will be available on Link Intime’s website. Click on this link to get allotment status.
Final thoughts
Updater Services IPO is going to hit Dalal Street soon. applying for an IPO is purely a personal choice. study well about the company and subscribe if you are feeling good about the company. I hope this post will give you enough details to make a fundamental study of the company. learn well and make wise decisions.
Happy Investing
