Updater Services is set to launch an IPO which will open on September 25, 2023, and close on September 27, 2023. Through this public offer company wants to raise Rs. 640 Crore from the primary market, Company fixed the IPO price of Rs. 300 with a minimum lot of 50 shares, and list on October 09, according to the preliminary papers draft red herring prospectus (DRHP) filed to the capital market regulator SEBI.
UPDATER SERVICES is an integrated business service provider of integrated facilities management (IFM) services and business support services (BSS) all over India. The company is 2nd largest player in IFM market in India and also offers audit and assurance services.
Portfolio of services across the sectors includes FMCG, manufacturing, engineering health care, IT, logistics, warehousing, airports, ports, etc.
In the fiscal year 2023, the company generated Rs. 209.88 crore in revenue from operations, and Rs. 148.35 crore in the year 2022.
Check out the IPO allotment status on IPO Deliver.
#Updater Services IPO Object
The company proposed to use the IPO Funds for the below-mentioned purposes:
- INR 13.30 crore of the total net proceeds fund will be used for repayment or prepayment, in part or full of the certain borrowing by the company.
- INR 11.50 crore of the total net proceeds fund will be used for working capital requirement of the company.
- INR 8 crore of the total net proceeds fund will be used for pursuing inorganic growth.
- The rest funds will be used for general corporate purposes and offer expenses.
#Updater Services Strength
- Leading integrated business service platform
- PAN India presence with large and efficient workforce.
- Experienced management team
- Technology at the forefront of our business
- Strong long standing relationship with broadcasters and channel
- Good track record of profitability and growth
#Updater Services Forward Statements (Risk)
- Failure to manage operational risk
- Inability to fully realize the anticipated benefits for the acquisitions.
- Inability to perform background verification procedure on personnel and employee.
#Updater Services IPO Review & Rating
| Issue Size | 640 crore (Book built issue) |
| Issue Price | Rs. 280-300 per share |
| Lot size | 50 shares |
| Market Capitalization | 2001 crore |
| Profit – 2023 | 34.06 crore |
| Total Assets – 2023 | 1216.95 crore |
| Debt/Equity ratio | 0.46 |
| NAV Value | Rs. 71.93 per share |
| Pre-offer Promoter holding | 82.58% |
| Listing on Stock Exchanges | Mainboard (BSE & NSE) |
| IPO Deliver Rating | Four |
#Updater Services IPO Dates, Price Band, Lot Size & Details
Updater Services IPO is open on September 25, 2023, and closes on September 27, 2023. The IPO list on October 09, 2023.
| Type of issue | Fresh issue and offer for sale |
| Issue Size | Rs. 640 Crore |
| Price band | Rs. 280-300 per share |
| Lot size | 50 equity shares |
| Face Value | Rs. 10 each equity share |
| IPO Open | September 25, 2023 |
| IPO Close | September 27, 2023 |
| IPO Allotment Date | September 04, 2023 |
| Refund Date | September 05, 2023 |
| Listing Date | October 09, 2023 |
| Fresh Issue | Rs. 400 Crore (13,333,333 equity shares) |
| Offer for Sale | Rs.240 Crore (80,00,000 equity shares) |
#Updater Services Financials Review (million)
The following table sets forth the summary of financial information of the company for the financial year ending March 31, 2023, 2022 & 2021.
| Category | March 31, 2023 | March 31, 2022 | March 31, 2021
|
| Total Revenue | 20,988.87 | 14,835.52 | 12,100.32 |
| Net worth | 3,808.93 | 3,404.27 | 2,852.63 |
| Profit after Tax (PAT) | 346.05 | 576.69 | 475.61 |
| Total Borrowings
|
1,765.38 | 586.79 | 116.10 |
#Updater Services IPO Quantitative Factors
The following table sets forth the summary of financial information of the company for the financial year ending March 31, 2023, 2022 & 2021.
| Category | March 31, 2023 | March 31, 2022 | March 31, 2021 |
| Basic EPS | 6.77 | 10.47 | 8.53 |
| Diluted EPS | 6.77 | 10.47 | 8.53 |
| RoNW | 9.34 | 16.24 | 15.79 |
| NAV | 71.93 | 64.45 | 54.01 |
#Updater Services IPO Industry peers
| Company | EPS | P/E Ratio | RoNW | NAV |
| Quess Crop. | 15.16 | 28.38 | 8.74 | 173.30 |
| SIS Ltd. | 23.64 | 19.74 | 14.85 | 160.11 |
| TeamLease Services | 65.12 | 40.96 | 13.79 | 472.38 |
# Updater Services Company Promoter
The company has three Promoters
- Raghunandana Tangirala
- Shanthi Tangirala
- M/s. Tangi Facility Solutions Pvt. Ltd.
- Pre-offer shareholding: 80.58 % (42,998,847 equity shares)
- The average cost of acquisition for promoter: Rs. 0.1- 46.02 per share.
# Updater Services IPO Pre-offer and Post-Offer Promoters shareholding
Pre-offer promoter & promoter group shareholding 80.58%
Post-offer promoter & promoter group shareholding N/A
# Updater Services IPO Reservation
Retail investor (QIB): Not more than 75% of the offer size i.e. 15,999,999 equity shares.
NII: Not more than 15% of the offer size i.e. 3,199,999 equity shares
RII: Not less than 10% of the offer size i.e 2,133,333 equity shares
# Updater Services IPO – DRHP & RHP
Draft Red Herring Prospectus (DRHP) – Click to view/download
Red Herring Prospectus (RHP) – Click to view/download
# Updater Services IPO Registrar
Link Intime India Private Limited
Tel: +91 810 811 4949 and Email: uds.ipo@linkintime.co.in
Website: www.linkintime.co.in
# Updater Services IPO lead manager
#1. IIFL Securities Limited
Tel No.: +91 22 46464728 and Email: uds.ipo@iiflcap.com
Website: www.iiflcap.com
#2. Motilal Oswal Investment Advisor Limited
Tel No.: +91 22 71934380 and Email: uds.ipo@motilaloswal.com
Website: www.motilalgroup.com
#3. SBI Capital Markets Limited
Tel No.: +91 22 4006 9807 and Email: uds.ipo@sbicap.com
Website: www.sbicap.com
#Updater Services IPO Application
Option-1 Apply for IPO through Internet Banking
- Log into your bank account.
- In the invest Tab, you will see ASBA, click on it.
- Choose to apply for IPO and select the ongoing IPO “Updater Services Limited”
- Enter the basic details like bid quantity, price, PAN, etc. then proceed with payment.
- After the above steps the respective amount will get blocked till the allotment date and after it will get a refund/debited in case of rejection/allotment respectively.
Option-2 Apply for IPO through a Broker
- Log into your broker account (Upstox/Zerodha etc.)
- Click on the IPO tab and select the ongoing IPO “Updater Services Limited”
- Enter the basic details like bid quantity, price, PAN, etc. then enter UPI ID and proceed with payment.
- Your funds will get blocked, and once shares have been allotted to you, the respective amount will get debited from your account or get refunded in case no allotment is made to you.
Option-3 Apply for IPO Offline Mode Bank mode
- Visit the nearest branch of your bank
- Fill out the ASBA form and submit it with KYC details
- Your funds will get blocked, and once shares have been allotted to you, the respective amount will get debited from your bank account or refunded in case no allotment is made to you.
Option – 4 Apply for IPO through Stock Exchanges
NSE Form – Click to download
BSE Form – Click to download
Submit the form with your bank/broker.
# Updater Services Company Details
Updater Services Limited (Established 2003)
Regd. Off: No. 2/302-A, UDS Salai Off Old Mahabalipuram Road, Thoraipakkam, Chennai-600 097
Tel: +91 44 24963234 & Email: compliance.officer@uds.in
Website: www.uds.in
Investor Grievances/Compliance Officer: Mr. RaviShankar B
Subsidiary Companies: (Top 2)
- Integrated Technical Staffing and Solutions Pvt. Ltd
- Stanworth Management Pvt. Ltd
# Updater Services Company Board (Top 2)
Mr. Raghunandana Tangarala, Chairman and Managing Director
Mr. Amitabh Jaipuria. Non-Executive Director
# Updater Services IPO – Frequently Asked Questions (FAQ’s)
Q-1 what is Updater Services IPO Open date?
Ans: Updater Services IPO opening date is September 25 – September 27, 2023.
Q-2 what is Updater Services IPO Close date?
Ans: Updater Services IPO closing date is September 27, 2023
Q-3 What is Updater Services IPO Listing date?
Ans: Updater Services IPO listing date is October 09, 2023
Q-4 What is Updater Services IPO Minimum investment amount?
Ans: Updater Services IPO minimum investment amount is Rs. 15,000.
Q-5 What is Updater Services IPO offer issue Size?
Ans: Updater Services offer an issue size of Rs. 640 crores, which comprise fresh issue and offer for sale.
Q-6 What is Updater Services IPO Price Band?
Ans: Updater Services IPO price band is Rs 280-300 per share.
Q-7 Is any similar segment/sector listed company in India?
Ans: Yes
Q-8 Is Updater Services IPO mainboard IPO or SME IPO?
Ans: Updater Services IPO is a mainboard IPO.
Q-9 Updater Services IPO Rating by IPO Deliver Team?
Ans: Four Rating
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