IPO Details

Bidding Dates

24 Sep '23 - 26 Sep '23

Minimum Investment

₹15,000 / 1 Lots ( 50 Shares )

Price Range

₹280 - ₹300

Maximum Investment

₹195,000 / 13 Lots ( 650 Shares )

Retail Discount

Not Applicable

Issue Size

₹640.00 Cr

Investor category and sub category

Qualified Institutional Buyers  |   Non-Institutional Investors  |   Retail Individual Investors  |  

IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Sep 24, 2023

IPO Closing Date

Sep 26, 2023

Basis of Allotment

Oct 3, 2023

Initiation of Refunds

Oct 4, 2023

Credit of Shares to Demat Account

Oct 5, 2023

IPO Listing Date

Oct 8, 2023

UPI mandate confirmation

Sep 26, 2023

Updater Services IPO Subscription Details

DateQIBNIIRetailTotal

Day 1Sep 24, 2023

0.00 0.01 0.32 0.06

Day 2Sep 25, 2023

0.00 0.12 0.69 0.16

Updater Services IPO Subscription Live Status

Investor Category Subscription (Times)
Qualified Institutions Buyers 0.00
Non-Institutional Buyers 0.12
Retail Investors 0.69
Total 0.16

About Updater Services Ltd

Updater Services Limited was incorporated in 1990, and it is one of the leading providers of integrated facility management (IFM) services and business support services (BSS). The IFM services mainly include soft services, production support services, warehouse management, etc. In contrast, the BSS segment deals with Audit services, sales enablement services, etc.

The company has evolved into an integrated business services platform with a pan-India presence serving customers across industries and business service lines in the past years. It operates in the Business-to-Business (B2B) space, and it generates revenues from 2 segments, which include the IFM & Other Services Segment and the BSS Segment. For FY 2023, the company derived ~71.52% of revenue from the IFM segment and the remaining ~28.48% from Business Support Services.

The Indian IFM market has witnessed rapid growth over the last decade and is set to see significant growth momentum over the next 5 years. In addition, people's desires for a secure, hygienic environment have developed, which has raised the demand for IFM services. The government's ambition to create 100 smart cities will lead to an increase in the building of infrastructure, and the demand for IFM services is likely to experience a significant rise.

Updater Services Limited IPO Details

Updater Services Limited IPO Date

Updater Services Limited IPO combines a fresh issue and an Offer for Sale. The fresh issue comprises 1,33,33,333 shares aggregating up to ₹400 crore, and the offer for sale comprises 80,00,000 shares of ₹10 aggregating up to ₹240 crore. Updater Services Limited ’s IPO will be listed on the BSE and NSE on October 09, 2023. It is a book-built-issue IPO.

Updater Services Limited IPO Price Band

The price range of the IPO has been fixed at ₹280 to ₹300 per share.

Updater Services Limited IPO Lot Size

The Updater Services Limited IPO lot size is 50 shares, and the minimum investment will be ₹15,000.

Updater Services Limited IPO Objectives 

The objectives of Updater Services Limited IPO are listed below:

  • Repayment and prepayment of certain borrowings.
  • Funding its working capital requirements.
  • Pursuing inorganic initiatives.
  • For general corporate purposes.

Peer Details

As per DRHP, Updater Services Limited has 3 listed peers:

  1. Quess Corp Limited.
  2. SIS Limited.
  3. TeamLease Services Limited.

How To Check the Allotment Status of the Updater Services Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders
  • Select the individual IPO that you had applied for and check the allotment status.
  • Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Updater Services Limited

Registered office: No. 2/302-A, UDS Salai, Off Old Mahabalipuram Road,

Thoraipakkam, Chennai 600 097, Tamil Nadu, India

Phone:  +91 44 24963234 / 0333

E-mail:compliance.officer@uds.in

Updater Services Limited Company Financials

Particulars Period ending on March 31, 2022 (₹ in million) Period ending on March 31, 2021 (₹ in million) Period ending on March 31, 2020 (₹ in million)
Total Income 2,112.09 1,497.89 1,216.35
Profit After Tax (PAT) 34.61 57.37 47.56
Assets 1,216.95 874.57 579.49
Total Borrowings 176.54 58.68 11.61

Know before investing

Strengths

3
  1. The company operates a well-diversified business across multiple sectors, helping the company to generate ample recurring business. In addition, the business possesses a diversified customer base, showcasing no material dependence on a few customers.

  2. Updater Services Limited has a decent capability to drive inorganic growth and maintains a track record of successful acquisition and integration of high-margin business segments. The company would also be focused on acquisitions in future to strengthen its market share.

  3. Looking forward, the company will be focused on growing its market position and for that, it is aiming to launch new products and services leading to revenue growth.

Risks

2
  1. The company has recently witnessed a fall in its net profit due to increased costs. The continuous fall in the bottom line could impact the business performance and future share prices.

  2. The company and its promoters and subsidiaries face outstanding legal proceedings. Any adverse decision could adversely affect the business growth.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Updater Services Ltd IPO FAQs

What is Updater Services Limited's IPO?

Updater Services Limited  IPO is a mix of fresh issue and offer for sale. The fresh issue comprises 1,33,33,333 shares aggregating up to ₹400 crore, and the offer for sale comprises 80,00,000 shares of ₹10 aggregating up to ₹240 crore. The price range of the IPO has been decided at ₹280 to ₹300 per share.

When will Updater Services Limited's IPO be allotted?

The Basis of Allotment will be on October 04, 2023.

When will Updater Services Limited's IPO open for subscription?

The IPO subscription window will open on September 25, 2023.

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of one lot containing 69 shares.

When will Updater Services Limited list on exchanges?

Updater Services Limited IPO will be listed on BSE and NSE. The date of listing is October 09, 2023.

How do I check the allotment status of the Updater Services Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders
  • Select the individual IPO that you had applied for and check the allotment status.
  • Angel One will notify you of your IPO allotment status via push notification and email.

What would be the listing gains on the Updater Services Limited IPO?

Listing gains cannot be ascertained before listing the IPO on the stock exchange.

I have finished the application process for the Updater Services Limited IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you. 

How do I approve the UPI mandate request for Updater Services Limited's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Updater Services Limited using one PAN?

You can submit only one application using your PAN card.