Updater Services Limited is a leading, focused, and integrated business services platform in India offering integrated facilities management (“IFM”) services and business support services (“BSS”) to their customers, with a pan-India presence.
The company operates in the business-to-business space providing a wide range of services that are classified into two segments:
- IFM & Other Services Segment; and
- BSS Segment
The services offered by the company include soft services, production support services, engineering services, washroom and feminine hygiene care, general staffing, warehouse management,Audit and Assurance Services, employee background verification check services etc.
As on June 30, 2023, the company served 2,797 customers across various sectors, including certain marquee 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”), Tata Consultancy Services Limited (“TCS”), LTIMindtree Limited (“Mindtree”), IIFL Finance Limited (“IIFL Finance”), SBI Life Insurance Company Limited (“SBI Life Insurance”)and Sony India Private Limited (“Sony”).
Updater Services IPO – Details
| IPO Opening Date | 25 September 2023 |
| IPO Closing Date | 27 September 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 2,13,33,333 Shares Worth ₹640 Crore Fresh Issue: 1,33,33,333 Shares Worth ₹400 Crore Offer For Sale: 80,00,000 Shares Worth ₹240 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹280 – ₹300 |
| Market Lot | 50 Shares |
| Min Order | ₹15,000 |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Limited |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Updater Services IPO – Date Schedule
| IPO Open Date | 25 September 2023 |
| IPO Close Date | 27 September 2023 |
| Basis of Allotment Date | 30 September 2023 |
| Initiation of Refunds | 30 September 2023 |
| Credit of Shares to Demat Account | 03 October 2023 |
| IPO Listing Date | 04 October 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on 27 September 2023 |
Updater Services IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 50 | ₹15,000 |
| Retail (Max) | 13 | 650 | ₹1,95,000 |
| S-HNI (Min) | 14 | 700 | ₹2,10,000 |
| S-HNI (Max) | 66 | 3,300 | ₹9,90,000 |
| B-HNI (Min) | 67 | 3,350 | ₹10,05,000 |
Competitive Strengths
- Integrated business services platform, operating across diverse segments.
- Longstanding relationship with customers across diverse sectors leading to recurring business.
- Track record of successful acquisition and integration of high margin business segments.
- Pan India presence with large and efficient workforce coupled with strong recruitment capabilities.
- Technology at the forefront of company’s current and future business.
- Highly experienced Management team with support from PE Investors.
Company Promoters
- Raghunandana Tangirala
- Shanthi Tangirala
- Tangi Facility Solutions Private Limited
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2021 | 1216.35 | 1161.92 | 47.56 | 176.53 |
| 31 March 2022 | 1497.89 | 1426.95 | 57.36 | 58.67 |
| 31 March 2023 | 2112.09 | 2057.90 | 34.60 | 11.61 |
Key Performance Indicator
| KPI | Values |
|---|---|
| P/E (x) | 44.31 |
| Market Cap. | 2001 Crore |
| ROE | 9.40 |
| ROCE | 14.17 |
| Debt/Equity | 0.46 |
| EPS (Rs) | 6.77 |
| RoNW | 9.34 |
Object 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 Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 10 | Quess Corp Limited | 28.38 |
| 2 | 5 | SIS Limited | 19.74 |
| 3 | 10 | TeamLease Services Limited | 40.96 |
Updater Services IPO Promoter Holding
| Pre Issue Share Holding | 80.57% |
| Post Issue Share Holding | 58.47% |
Updater Services IPO Prospectus
Company Contact Information
| 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: www.uds.in |
Updater Services IPO Registrar
| Link Intime India Private Limited Phone: +91 810 811 4949 Email: uds.ipo@linkintime.co.in Website: https://linkintime.co.in/mipo/ipoallotment.html |
Updater Services IPO Lead Manager(s)
| 1. SBI Capital Markets Limited 2. IIFL Securities Limited 3. Motilal Oswal Investment Advisors Limited |
Updater Services IPO FAQs
| What is Updater Services IPO? Updater Services IPO is a main-board IPO. The issue is priced at ₹280 to ₹300 per equity share. The IPO is to be listed on BSE & NSE. |
| When Updater Services IPO will open? The IPO is to open on 25 September 2023 for QIB, NII, and Retail Investors. |
| What is Updater Services IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| How to Apply the Updater Services IPO? You can apply Updater Services IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Updater Services IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Updater Services”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Updater Services IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Updater Services”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Updater Services IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Updater Services”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Updater Services IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Updater Services”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Updater Services IPO Size? Updater Services IPO size is ₹640 Crore. |
| What is Updater Services IPO Price Band? Updater Services IPO Price Band is ₹280 to ₹300. |
| What is Updater Services IPO Minimum and Maximum Lot Size? The minimum bid is 50 Shares with ₹15,000 amount while the maximum bid is 650 shares with ₹1,95,000. |
| What is the Updater Services IPO Allotment Date? Updater Services IPO allotment date is 30 September 2023. |
| What is the Updater Services IPO Listing Date? Updater Services IPO listing date is 04 October 2023. The IPO is to list on BSE and NSE. |
