Updater Services Limited IPO (Updater Services IPO) Detail
By Dilip Suthar
Updater Services IPO is a book built issue of Rs 640.00 crores. The issue is a combination of fresh issue of 1.33 crore shares aggregating to Rs 400.00 crores and offer for sale of 0.8 crore shares aggregating to Rs 240.00 crores.
Updater Services IPO bidding started from September 25, 2023 and ended on September 27, 2023. The allotment for the Updater Services IPO is expected to be finalized on Wednesday, October 4, 2023. Updater Services IPO will list on BSE, NSE with tentative listing date fixed as Monday, October 9, 2023.
Updater Services IPO price band is set at ₹280 to ₹300 per share. The minimum lot size for an application is 50 Shares. The minimum amount of investment required by retail investors is ₹15,000. The minimum lot size investment for sNII is 14 lots (700 shares), amounting to ₹210,000, and for bNII, it is 67 lots (3,350 shares), amounting to ₹1,005,000.
Iifl Securities Ltd, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book running lead managers of the Updater Services IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Updater Services IPO RHP for detailed information.
Updater Services IPO Details
| IPO Date | September 25, 2023 to September 27, 2023 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹280 to ₹300 per share |
| Lot Size | 50 Shares |
| Total Issue Size | 21,333,333 shares (aggregating up to ₹640.00 Cr) |
| Fresh Issue | 13,333,333 shares (aggregating up to ₹400.00 Cr) |
| Offer for Sale | 8,000,000 shares of ₹10 (aggregating up to ₹240.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 53,369,355 |
| Share holding post issue | 66,702,688 |
Updater Services IPO Reservation
Updater Services IPO a total of 21,333,333 shares are offered. QIB: 6,400,000 (30.00%), RII: 2,133,333 (10.00%), NII: 3,200,000 (15.00%).
| 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 IPO Timeline (Tentative Schedule)
Updater Services IPO opens on September 25, 2023, and closes on September 27, 2023.
| IPO Open Date | Monday, September 25, 2023 |
| IPO Close Date | Wednesday, September 27, 2023 |
| Basis of Allotment | Wednesday, October 4, 2023 |
| Initiation of Refunds | Thursday, October 5, 2023 |
| Credit of Shares to Demat | Friday, October 6, 2023 |
| Listing Date | Monday, October 9, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 27, 2023 |
Updater Services IPO Lot Size
Investors can bid for a minimum of 50 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| 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 |
| Lot Size Calculator | |||
Updater Services IPO Promoter Holding
Raghunandana Tangirala, Shanthi Tangirala and Tangi Facility Solutions Private Limited are the company promoters.
| Share Holding Pre Issue | 80.58% |
| Share Holding Post Issue |
Updater Services IPO Anchor Investors Details
Updater Services IPO raises Rs 288.00 crore from anchor investors. Updater Services IPO Anchor bid date is September 22, 2023. Updater Services IPO Anchor Investors list
| Bid Date | September 22, 2023 |
| Shares Offered | 9,600,000 |
| Anchor Portion Size (In Cr.) | 288.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | November 17, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | February 13, 2024 |
About Updater Services Limited
Incorporated in 1990, Updater Services Limited offers facility management services and business support services ("BSS"). The company operates in the Business-to-Business ("B2B") services space offering a spectrum of business services, which are broadly classified into the two following segments: 1. IFM & Other Services Segment; and 2. BSS Segment.
In FM & Other Services Segment; Production Support Services, Soft Services, Engineering Services, Washroom and Femmenine Hygiene, Warehouse management, General Staffing and more.
In the BSS segment, the company offers Audit and Assurance services through the Subsidiary, Matrix. UDS also offer employee background verification check services, airport ground handling services, sales enablement services and more through its subsidiaries.
As of June 30, 2023, UDS served 2,797 customers across various sectors, including certain global and Indian customers such as Procter & Gamble Home Products Limited ("P&G"), Aditya Birla Fashion and Retail Limited ("ABFRL"), Microsoft, Hyundai Motor India Limited ("Hyundai"), Saint-Gobain India Private Limited and more.
Updater Services Limited is a pan India player, with a widespread network consisting of 4,331 locations (excluding staffing locations) managed from 129 points of presence with 116 offices situated in India and 13 offices situated overseas, as of June 30, 2023.
Company Financials
| Period Ended | 31 Mar 2021 | 31 Mar 2022 | 31 Mar 2023 |
| Assets | 579.49 | 874.57 | 1,216.95 |
| Revenue | 1,216.35 | 1,497.89 | 2,112.09 |
| Profit After Tax | 47.56 | 57.37 | 34.61 |
| Net Worth | 285.26 | 340.43 | 380.89 |
| Reserves and Surplus | |||
| Total Borrowing | 11.61 | 58.68 | 176.54 |
Key Performance Indicator
Updater Services IPO Market Cap is Rs 2001 Cr and P/E (x) is 44.31.
| KPI | Values |
|---|---|
| P/E (x) | 44.31 |
| Post P/E (x) | 57.8 |
| Market Cap (₹ Cr.) | 2001 |
| ROE | 9.40% |
| ROCE | 14.17% |
| Debt/Equity | 0.46 |
| EPS (Rs) | 6.77 |
| RoNW | 9.34% |
Objects of the Issue (Updater Services IPO Objectives)
Objects of the Fresh 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.
Updater Services IPO Subscription Status (Bidding Detail)
The Updater Services IPO is subscribed 2.96 times on Sep 27, 2023 7:02:00 PM. The public issue subscribed 1.45 times in the retail category, 4.50 times in the QIB category, and 0.89 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 4.50 |
| NII | 0.89 |
| bNII (bids above ₹10L) | 1.07 |
| sNII (bids below ₹10L) | 0.53 |
| Retail | 1.45 |
| Total | 2.96 |
Total Application : 49,623 (1.16 times)
Updater Services Limited IPO: Adjusted P/E on Post-Money Basis works out to 25x
Updater Services IPO Prospectus
Updater Services IPO Rating
Updater Services IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: uds.ipo@linkintime.co.in
Website: https://linkintime.co.in/mipo/ipoallotment.html
Updater Services IPO Lead Manager(s)
- Iifl Securities Ltd (Past IPO Performance)
- Motilal Oswal Investment Advisors Limited (Past IPO Performance)
- SBI Capital Markets Limited (Past IPO Performance)
Lead Manager Reports
Updater Services IPO Contact Details
Updater 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: compliance.officer@uds.in
Website: https://www.uds.in/
Updater Services IPO FAQs
Updater Services IPO is a main-board IPO of 21,333,333 equity shares of the face value of ₹10 aggregating up to ₹640.00 Crores. The issue is priced at ₹280 to ₹300 per share. The minimum order quantity is 50 Shares.
The IPO opens on September 25, 2023, and closes on September 27, 2023.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Updater Services IPO using UPI as a payment gateway. Zerodha customers can apply in Updater Services IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Updater Services IPO through Zerodha
- Visit the Zerodha website and login to Console.
- Go to Portfolio and click the IPOs link.
- Go to the 'Updater Services IPO' row and click the 'Bid' button.
- Enter your UPI ID, Quantity, and Price.
- ‘Submit’ IPO application form.
- Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Zerodha IPO Application Process Review for more detail.
The Updater Services IPO opens on September 25, 2023 and closes on September 27, 2023.
Updater Services IPO lot size is 50 Shares, and the minimum amount required is ₹15,000.
You can apply in Updater Services IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Updater Services IPO will be done on Wednesday, October 4, 2023, and the allotted shares will be credited to your demat account by Friday, October 6, 2023. Check the Updater Services IPO allotment status.
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