Updater Services, founded on November 13, 2003, operates in the B2B services sector. The company offers a wide array of services divided into two main categories: Integrated Facility Management (IFM) services and Business Support services.
| Bidding Dates |
|---|
| 25 Sep 2023 - 27 Sep 2023 |
| Subscription |
|---|
| 2.9x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹15,000 | 1 | 13 | 50 | 21.3 M | ₹280 - ₹300 | 68.02 % | ₹5973.3 M - ₹6400.0 M | RHP DOC |
Updater Services IPO SUBSCRIPTION STATUS
27 Sep '23Updater Services IPO overall subscription rate was 2.9 times the total available shares
Updater Services IPO retail subscription rate was 1.38 times in the retail segment
Updater Services IPO non-institutional investor subscription rate was 0.85 times in the non-institutional investor category
Updater Services IPO Qualified Institutional Bidder subscription rate was 4.48 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
27 Sep 2023 (Day 3) | 1.38x | 0.85x | 4.48x |
26 Sep 2023 (Day 2) | 0.68x | 0.12x | 0x |
25 Sep 2023 (Day 1) | 0.3x | 0.01x | 0x |
Updater Services FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY23 | 346.1 | 20,988.9 | 1,147.8 | 641.5 | 6.9% |
| FY22 | 573.7 | 14,835.5 | 310.7 | 175.7 | 7.3% |
| FY21 | 475.6 | 12,100.3 | 1,285.0 | 1,249.0 | 6.0% |
Updater Services IPO SUBSCRIPTION STATUS DETAILS
Updater Services had 21.3 M shares on offer
Updater Services IPO offer price was in the range ₹280 - ₹300
Updater Services IPO minimum Investment was ₹15000
Updater Services IPO issue size was ₹ 5973.3 M - ₹ 6400.0 M
Updater Services had a minimum lot size of 50 Shares per application
Updater Services NUMBER OF SHARES ON OFFER
Updater Services IPO IMPORTANT DATES
| Issue Open Date | 25 Sep 2023 |
| Issue close Date | 27 Sep 2023 |
| Allotment Date | 02 Oct 2023 |
| Refund Date | 03 Oct 2023 |
| Demat Account Credit Date | 03 Oct 2023 |
| Listing Date | 04 Oct 2023 |
| Listing on Exchange(s) | NSE and BSE |
| Updater Services Allotment Status | Exchange |
Updater Services IPO subscription opened on 25 Sep 2023, and closed on 27 Sep 2023
IPO allotment for Updater Services was finalized on Monday, 02 Oct 2023
IPO listing for Updater Services was on NSE and BSE on Wednesday, 04 Oct 2023
Updater Services IPO LISTING GAINS
| Issue Price (adjusted) | 300.0 |
| Listing Open Price | 285.0 |
| Listing Close Price | 283.9 |
| Listing Gain% | -5.0% |
| Current Gain% | -29.5% |
Updater Services Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Updater Services Ltd. | 211.6 | 1411.2 | 16.3 | -0.6 | 0.5 | 8.1 | 5.2 | 2960.2 | 6.8 | 85.7 | -27.9 | 13 | -28.9 |
| Sagility Ltd. | 43.9 | 20546.4 | 20.7 | 0.4 | 2.7 | 9.6 | 7.3 | 7290.8 | 29.6 | 924.8 | 71.5 | 2.1 | 49.2 |
| International Gemological Institute Ltd. | 356.7 | 15415.1 | 25.3 | 1 | 11.3 | 47.8 | 38.3 | 1661.9 | 52.7 | 711.2 | 66.4 | 14.1 | 24.3 |
| Indiabulls Ltd. | 29 | 6758 | 16.1 | 0 | 6.1 | 8.9 | 6.6 | 880.8 | 172602 | 273.9 | 501.6 | 1.8 | 739.2 |
| SIS Ltd. | 427.2 | 6036.7 | 41.2 | 0.2 | 0.4 | 5.4 | 1.8 | 16030.1 | 20.9 | 137.8 | 1069.1 | 10.4 | 261.6 |
| eMudhra Ltd. | 538.1 | 4456.1 | 38.7 | 1.5 | 6 | 11.8 | 8.9 | 713.2 | 35.1 | 107.8 | 27.4 | 13.9 | 25.5 |
Updater Services INFORMATION ON IPO ISSUE
About Updater Services
Updater Services, founded on November 13, 2003, operates in the B2B services sector. The company offers a wide array of services divided into two main categories: Integrated Facility Management (IFM) services and Business Support services.
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 - PROMOTERS
| Name |
|---|
| Raghunandana Tangirala |
| Shanthi Tangirala |
Updater Services Strengths
Integrated business services
The company is a prominent leader in India's business services sector, providing Integrated Facility Management (IFM) and Business Support services across the country
Customers across diverse sectors
The company serves a wide array of industries, ranging from healthcare, manufacturing, and automobile to BFSI, retail, IT/ITeS, consumer products, global technology, airlines, and telecom and communications
Track record of successful acquisition
The company has successfully expanded through strategic acquisitions, diversifying its revenue streams and enhancing its service offerings by integrating the acquired businesses
Updater Services Risks
Outstanding legal proceedings
The company, its promoters, subsidiaries, and directors are involved in ongoing legal cases. An adverse ruling could result in financial penalties or liabilities, negatively affecting the business
Negative cash flows
The company has previously reported negative cash flows from investing and financing activities, and there's a possibility this trend could continue in future years. Persistent negative cash flows could adversely impact the company's financial stability
Intense competition
The company operates in industries that are highly competitive and, in some cases, have low barriers to entry. If the company fails to compete effectively, its business could be adversely affected
IPO FAQs
This IPO consists of an offer for sale of up to Rs 240.0 crore, of 8,000,000 shares. It also consists of a fresh issue of Rs 400.0 crore.
The promoters of the company are Raghunandana Tangirala and Shanthi Tangirala.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 280.0 - 300.0.
The IPO application opens on Sep 25, 2023 and closes on Sep 27, 2023.
The minimum lot size for the IPO is 50. The maximum lot size for the IPO is 650.
For all category investors, the minimum application amount for this IPO is Rs. 15,000.0, the maximum value for this IPO is Rs 195,000.0.
This IPO will be allotted on Oct 02, 2023.
The refund will be credited to your account on Oct 03, 2023.
The allotted shares will be credited to your demat on Oct 03, 2023.
Updater Services Ltd.’s shares listed on the stock exchanges on Oct 04, 2023.