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Updater Services Limited IPO Detail

Updater Services Limited IPO Detail

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 Promoters

Raghunandana Tangirala, Shanthi Tangirala and Tangi Facility Solutions Private Limited

IPO Details

IPO Opening DateSep 25, 2023
IPO Closing DateSep 27, 2023
Issue TypeBook Built Issue IPO
Face Value₹10 per equity share
IPO Price ₹280 - 300 per equity share
Market Lot50 Shares
Min Order Quantity50 Shares
Listing AtBSE, NSE
Issue Size
Fresh Issue₹400.00 Cr
Offer for Sale8,000,000 shares of ₹10
Retail Portion 10%

IPO Subscription (Bidding Detail)

Day 1 0.00x 0.01x 0.32x - 0.06x
Day 2 0.00x 0.12x 0.72x - 0.17x
Day 3 4.50x 0.89x 1.45x - 2.96x

IPO Tentative Timetable

The Updater Services Limited IPO open date is Sep 25, 2023, and the close date is Sep 27, 2023. The issue may list on Oct 04, 2023.

IPO Open DateSep 25, 2023
IPO Close DateSep 27, 2023
Basis of Allotment DateSep 28, 2023
Initiation of RefundsSep 29, 2023
Credit of Shares to Demat AccountOct 03, 2023
IPO Listing DateOct 04, 2023

IPO Lot Size

The Updater Services Limited IPO market lot size is 50 shares. A retail-individual investor can apply for up to 13 lots (650 shares or ₹195000).

ApplicationLotsSharesAmount (Cut-off)

IPO Promoter Holding

Pre Issue Share Holding80.58%
Post Issue Share Holding

Company Financials:

For the year/period ended (₹ in Cr.)

Financial Year Total Assets Total Revenue Profit After Tax
31-Mar-21 579.49 1216.35 47.56
31-Mar-22 874.57 1497.89 57.37
31-Mar-23 1216.95 2112.09 34.61

Objects of the Issue:

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 Limited IPO Registrar:

Link Intime India Private Ltd

Updater Services Limited IPO Lead Manager(s):

Iifl Securities Ltd Motilal Oswal Investment Advisors Limited SBI Capital Markets Limited

Company Contact Information:

Updater Services Limited

No. 2/302-A, UDS Salai,

Off Old Mahabalipuram Road, Thoraipakkam,

Chennai 600 097, Tamil Nadu, India