Updater Services IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Sep 27, 2023Let’s have a detailed review of the company and analytics of the Updater Services IPO release date, IPO offer price, subscription, Updater Services Limited IPO allotment, grey market price, and other details like the company’s background, its financial positions, its promoters, and other related things.
| Face Value | Rs 10 |
| Price Band | Rs 280 to Rs 300 |
| Listing At | BSE, NSE |
| Min. Order Quantity | 50 Shares |
| Listing Date | October 9, 2023 |
| Offer for Sale | Rs 2400 Million |
| Fresh Issue | Rs 4,000 Million |
| IPO Size | Rs 6400 Million |
| Tick Size | 1 |
Updater Services IPO is listed at a [●] premium. Check out the live share price by clicking on the below link.
| Live Performance – Updater Services Share Price |
Updater Services IPO – Summary
They are a leading, focused, and integrated business services platform in India offering integrated facilities management (“IFM”) services and business support services(“BSS”) to their clients, with a pan-India presence.
Now, they are the second largest player in the market in India and have the widest service offering in the industry, making us a unique and differentiated player in the market. Within their BSS segment, they offer Audit and Assurance services through their Subsidiary.
The Promoter of this company is RAGHUNANDANA TANGIRALA AND SHANTHI TANGIRALA. The lead manager of the issue is IIFL Securities Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited, and the Registrar of this issue is Link Intime India Private Limited.
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Updater Services IPO Date
The opening and closing dates of Updater Services IPO are September 25, 2023 and September 27, 2023 respectively.
Updater Services IPO Subscription
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – 25th Sep | 0.00x | 0.01x | 0.32x | 0.06x |
| 2nd Day -26th Sep | 0.00x | 0.12x | 0.72x | 0.17x |
| 3rd Day – 27th Sep | 4.50x | 0.89x | 1.45x | 2.96x |
| Shares Offered or Net Issue | 6,400,000 | 3,200,000 | 2,133,333 | 21,333,333 |
The shares subscribed by the public will be updated here.
Updater Services IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
Allotment of Equity Shares are pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment Status is not yet disclosed.
Updater Services Limited IPO Listing Date
Find the dates below on basis of allotment, refund, listing, and more:
| Basis of Allotment Finalization | October 4, 2023 |
| Refunds Initiation | October 5, 2023 |
| Credit of Shares to Demat Account | October 6, 2023 |
| Share Listing Date | October 9, 2023 |
Updater Services IPO Price Band
The face value of each share is Rs.10, but the price band of the IPO is Rs 280 to Rs 300
Updater Services IPO Equity Size
This Initial Public Issue of 21,333,333 Equity Shares of Rs.10 each for cash at a price of Rs 280 to Rs 300 per equity share aggregating to Rs.6400 Million.
Updater Services IPO Share Offering
Fresh Issue: The Issue (excluding the Market Maker Reservation Portion) of 13,300,000 Equity Shares of Rs.10/ each.
Issue Size: 21,333,333 Equity Shares of Rs.10 each, aggregating to Rs.6400 Million
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Updater Services IPO – Live Performance
The listing date of this IPO is October 9, 2023. You can check the live performance of the IPO here, only after it is listed on exchanges.
| Live IPO Performance – Updater Services Share Price |
Updater Services IPO Grey Market Premium
The Updater Services Limited IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is Rs X.
Updater Services IPO – Company Overview
Their Company was founded by Raghunandana Tangiralawho has over 30 years of experience in the integrated business services industry.
So, they commenced operations in 1990 as a housekeeping and catering services company situated in Chennai, Tamil Nadu. Over the years, they have evolved into an integrated business services platform with a pan India presence serving customers across industries and business service lines.
They are led by a well-qualified and experienced management team, which has robust experience in the sectors in which they operate, and which has demonstrated its ability to manage and grow their operations across segments that they operate in.
They operate in the Business-to-Business (“B2B”) services space offering a spectrum of business services, which are broadly classified into the two followings segments:1.IFM & Other ServicesSegment; and 2.BSS Segment.
Updater Services IPO – Financial Statements
A quick look into the past financial performance of the company to understand its performance of the business and evaluate the growth prospectus:
Financial Summary:
| Amount (in INR & Million) | |||
| 31-Mar-23 | 31-Mar-22 | Mar-21 | |
| Total Assets | 12,169.47 |
8,745.66
|
5,794.94
|
| *Total Revenue | 21,120.90 |
14,978.93
|
12,163.51
|
| Total Expense | 20,579.02 |
14,269.52
|
11,619.25
|
| Profit After Tax | 346.05 |
573.69
|
475.61
|
Earnings per Equity Share (in Million)
| 31-Mar-23 | 31-Mar-22 | Mar-21 | |
| Basic & Diluted | 6.77 |
10.47
|
8.53
|
Further, their PAT for the period ended on March 31, 2023, March 31, 2022, and March 31, 2021, were Rs. 346.05 Million, Rs. 573.69 Million and Rs. 475.61 Million respectively.
Updater Services IPO – Promoters
The Promoter of this company is:
- RAGHUNANDANA TANGIRALA
- SHANTHI TANGIRALA
List of Related Parties (Key Managerial Personnel)
-
Raghunandana Tangirala, Chairman and Managing Director
-
Amitabh Jaipuria, Additional Director (ExecutiveDirector
-
Pondicherry Chidambaram Balasubramanian, Executive Director (Whole time Director)
-
Amit Choudhary, Independent Director
-
Sunil Rewachand Chandiramani, Independent Director
Updater Services IPO – Promoters Holding
- Pre-Issue Share Holding – 80.58%
- Post-Issue Share Holding – %
Updater Services IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | Up to 21,333,333 Equity Shares aggregating up to Rs.6400 Million |
| of which: | |
| Issue Reserved for the Market Makers | Up to [●] Equity Shares aggregating up to Rs.[●] Million |
| Net Issue to the Public | Up to [●] Equity Shares aggregating up to Rs.[●] Million |
| Of which: | |
| Retail Investors Portion | Not less than [●] Equity Shares |
| Other than Retail Individual Investors | Not more than [●] Equity Shares |
| Equity Shares outstanding prior to the Issue | 52,952,467 Equity Shares |
| Equity Shares outstanding after the Issue | X Equity Shares |
Updater Services IPO Issue Object
Their Company proposes to utilize the Net Proceeds towards funding the following objects:
1. Repayment and /or prepayment of certain borrowings availed by their Company;
2. Funding their working capital requirements;
3. Pursuing inorganic initiatives; and
4. General corporate purposes
Updater Services IPO – Business Strategy
-
Retain, strengthen and grow the customer base with a focus on deepening relationships with existing customers
-
Grow market share in key segments
-
Introduce new products and services catering to existing and new customer segments
- Pursue inorganic growth through strategic acquisitions of high-margin businesses supplemental to their operations
- Continue to improve operating margins
Updater Services IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
-
Leading integrated business services platform, operating across diverse segments
-
Longstanding relationship with customers across diverse sectors leading to the recurring business
-
Track record of successful acquisition and integration of high-margin business segments
-
Pan India presence with a large and efficient workforce coupled with strong recruitment capabilities
-
Technology at the forefront of their current and future business
-
Highly experienced Management team with backing from large PE Investors
The relevant quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-23 | 6.77 | 9.34 |
64.45
|
| 31-Mar-22 |
10.47
|
16.24
|
– |
| Mar-21 |
8.53
|
15.79
|
– |
Updater Services IPO: Competitive Peers
| Face Value (Rs.) | P/E | EPS (Rs.) | Return on Net Worth (%) | Revenue from Operations (Rs. in Million) | |
| Updater Services Limited | 10 | [●] |
10.47
|
16.24
|
14,835.52
|
| Listed Peers | |||||
|
Quess Corp Limited
|
10 |
21.65
|
16.32
|
9.90
|
1,36,917.78
|
|
SIS Limited
|
5 |
16.00
|
22.09
|
15.69
|
1,00,590.76
|
|
TeamLease Services Limited
|
10 |
102.08
|
22.48
|
5.54
|
64,798.23
|
Updater Services IPO Lead Managers
| Lead Managers |
|
IIFL Securities Limited Motilal Oswal Investment Advisors Limited SBI Capital Markets Limited |
Updater Services IPO Registrar to offer
| Registrar to the Offer |
| Link Intime India Private Limited C-101, 247 Park1stFloor,L.B.S. Marg Vikhroli (West), Mumbai 400 083 Maharashtra, IndiaTelephone: +91 810 811 4949 E-mail: uds.ipo@linkintime.co.in Website: www.linkintime.co.in Investor grievance e-mail: uds.ipo@linkintime.co.in Contact person: ShantiGopalkrishnan SEBI registration number: INR00000405 |
Updater Services IPO – Other Details
- Statutory Auditor – S. R. Batliboi & Associates LLP
- Legal Counsel to the Company – Khaitan & Co
- Bankers to the Company – HDFC Bank Limited
Updater Services IPO Review by Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
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Updater Services Limited IPO News
News 1 – IPO DRHP Download
News 2 – IPO RHP Prospectus Download
Updater Services IPO Review FAQs
Check out various FAQs related to Updater Services IPO:
What is the Issue Size of Updater Services IPO?
The Company is making an initial public offer of 13,300,000 equity shares. They vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of Updater Services IPO?
The price band for this particular IPO ranges between Rs 280 to Rs 300. As far as the face value of the share is concerned, it is Rs. 10 per share.
What is the Updater Services IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on September 25, 2023, while the closing date is set at September 27, 2023.
What is the Updater Services IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO. The basis of Allotment finalization is on October 4, 2023, refund initiation is on October 5, 2023, credit of shares is on October 6, 2023, and share listing date is on October 9, 2023.
What is the Updater Services IPO Listing Date?
Shares of this company shall be listed in the exchanges on October 9, 2023. The date, when the listing would be done, is stagnant on October 9, 2023.
Who is the Registrar of Updater Services IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Link Intime India Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Updater Services IPO?
Here are the promoters of this IPO – RAGHUNANDANA TANGIRALA AND SHANTHI TANGIRALA. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Updater Services IPO?
They have obtained the GMP of this IPO and it is Rs NA. Further insights into the Kostak rate and subject to sauda or SS are as well included in this report.
Is Updater Services IPO Good for Investment?
They have further provided the financial status of the company in this article, from the past few years. You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Updater Services Company?
They have the information on company financials, and according to that, they have the figures from the last few years to provide. PAT for the financial year 2023 in Million is 346.05, 2022 is 573.69, and 2021 is 475.61.
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