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Updater Services IPO Detail 2023

Updater Services IPO Detail 2023

Introduction

The Updater Services IPO will open on September 25 and close on September 27, 2023. As per the DRHP filed with SEBI, the company intends to raise approximately ₹ 640 crore through this public offering, consisting of 21,333,333 shares with a face value of ₹ 10 each, which will be issued at a price of ₹ 280 to ₹ 300 per share.

Updater Services Limited (“the Company”)

Incorporated in 1991, this is a leading, focused, and integrated business services platform in India, offering integrated facilities management (“IFM”) services and business support services (“BSS”) to its clients with a pan-India presence. This 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.

These operate in the business-to-business (“B2B”) services space, offering a spectrum of business services that are broadly classified into the two following segments:

  1. IFM & Other Services Segment; and
  2. BSS Segment

Its portfolio of services, offered across these two business segments, includes the following:

Within its BSS segment, they offer audit and assurance services through its subsidiary, Matrix, and according to the F&S Report,

  • Matrix is a leading audit and assurance company for dealer and distributor audits and retail audits, and its strong branch reach and field associate reach have driven the company to reach the top spot in India, with a market share of 16.2% in the financial year ended March 31, 2022.
  • These also offer employee background verification check services through Matrix, and in this segment, Matrix is the third largest company in India with a share of 5.7% in the financial year ended March 31, 2022.

In addition, they provide sales enablement services through its subsidiaries Denave and Athena, and as per the F&S Report, Denave is the largest player in this segment, with a market share of 15.4% in India in the financial year ended March 31, 2022. In addition, they offer mailroom management services through our subsidiary, Avon, which is a market leader in India with a share of 15.5% in the mailroom management services market in the financial year ended March 31, 2022.

Company Key Metrics

Earning Per Share (EPS)₹ 6.77 per Equity Share
Debt to Equity Ratio0.46
ROE9.40%
ROCE14.17%
P/E (x)44.31
Return on Net Worth (RoNW)9.34%

Objects of the Issue,

  1. Repayment and /or prepayment of certain borrowings availed by the Company.
  2. Funding the working capital requirements.
  3. Pursuing inorganic initiatives.
  4. General corporate purposes.

Financial Highlights (Restated)

ParticularsFY 2022-23FY 2021-22FY 2020-21
Net Worth380.89340.43285.26
Total Assets1,216.95874.57579.49
Total Borrowings176.5458.6811.61
Total Revenue2,112.091,497.891,216.35
Profit After Tax34.6157.3747.56
(Amount in ₹ Crore)

IPO details

Issue TypeBook Built Issue IPO
IPO Price₹ 280 to ₹ 300 per share
Face Value₹ 10 per share
Market Lot50 Shares
Issue Size21,333,333 shares (aggregating up to ₹ 640 crores)
Fresh Issue13,333,333 shares (aggregating up to ₹ 400 crores)
Offer for Sale8,000,000 shares (aggregating up to ₹ 240 crores)
Listing AtNSE and BSE

Shareholding Pattern

Shareholding pre-issue53,369,355
Shareholding post issue66,702,688

IPO Reservation

CategoriesNo. of shares offered
QIB shares offeredNot less than 75% of the offer
NII (HNI) shares offeredNot more than 15% of the offer
Retail shares offeredNot more than 10% of the offer

GMP: Updater Services IPO

GMP, or grey market premium, is available on this page. The IPO GMP is updated on a day-to-day basis during the running period of the IPO, due to which the GMP rates fluctuate and stabilise after some time. GMP rates are not 100% guaranteed. Please click here for GMP details.

Tentative Dates: Updater Services IPO

The issue opens for subscription on September 25, 2023, and closes for subscription on September 27, 2023 (both days inclusive). The basis of allotment will be finalised on October 4, 2023, and the refunds will be initiated on October 5, 2023. In addition, the demat credits are expected to happen on October 6, 2023, and the stock will be listed on the NSE and BSE  on October 9, 2023. The UPI mandate confirmation cut-off time is 5:00 PM on the issue closing day.

Opening DateSeptember 25, 2023
Closing DateSeptember 27, 2023
Basis of AllotmentOctober 4, 2023
Initiation of RefundsOctober 5, 2023
A credit of shares to Demat A/cOctober 6, 2023
Listing DateOctober 9, 2023

Lot Size

The lot size of the Updater Services IPO is 50 shares. A retail-individual investor can apply for up to 13 lots, i.e. 650 shares of ₹ 195,000.

ApplicationsLotsSharesAmount
Retail (Minimum)150₹ 15,000
Retail (Maximum)13650₹ 195,000
S-HNI (Minimum)14700₹ 210,000 
S-HNI (Maximum)663,300₹ 990,000
B-HNI (Minimum)673,350₹ 1,005,000

Promoters Holdings 

Raghunandana Tangirala, Shanthi Tangirala and Tangi Facility Solutions Private Limited are the promoter of the company.

Pre-issue Shares Holdings80.58%
Post-issue Shares Holdings

Miscellaneous Information

Download Prospectus (PDF)IPO DRHP
IPO RHP
Anchor Investors
Company Contact InformationUpdater Services Limited
No. 2/302-A, UDS Salai, Off Old Mahabalipuram Road,
Thoraipakkam, Chennai 600 097, Tamil Nadu, India
Phone: +91 44 24963234 / 0333
Email: [email protected]
Website: https://www.uds.in/
IPO RegistrarLink Intime India Private Ltd
Phone: +91-22-4918 6270
Email: [email protected]
Website: https://linkintime.co.in/mipo/ipoallotment.html
IPO Lead Manager(s)IIFL Securities Ltd 
Motilal Oswal Investment Advisors Limited 
SBI Capital Markets Limited 

FAQs

The Updater Services IPO price is ₹ 280 to ₹ 300 per share.

The minimum investment size is one lot for retail investors. One lot of the Updater Services IPO contains 50 shares of ₹ 15,000.

The finalisation of the basis of allotment for the Updater Services IPO will be done on October 4, 2023, and the allotted shares will be credited to your demat account by October 6, 2023. Check the Updater Services IPO allotment status.

The Updater Services IPO shares listing date is October 9, 2023.

The investors’ portion for QIB is 75% of the Net offers, NII (HNI) is 15%, and retail is 10% of the offer.

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