Updater Services Limited IPO is set to launch on 25 September, 2023. The company initiated its business operations in the year 1990. It offers business support services and facility management services. The business of the company is divided into 2 segments IFM and Other services and the other one being BSS Segment. The IFM segment includes Production support services, Washroom and Feminine Hygiene services, Soft Services, Warehouse management, Engineering Services, General Staffing etc. BSS Segment includes Audit and Assurance Services, airport ground handling services, employee background check services, sales enablement service etc. The company has 2797 customers including Procter and Gamble, Aditya Birla fashion and retail Limited, Saint Gobain India Limited, Hyundai etc. Its presence is spread across 4331 Locations and has a 129 point of presence with 13 offices overseas and 116 offices in India.
Updater Services Limited IPO DETAILS
Updater Services Limited IPO is set to launch on 25 September, 2023. The subscription timeline extends till 27 September, 2023. The size for the IPO is 640 Crore Rs. Shares issued through fresh issue mode are worth 400 Crore Rs. Shares Issued through offer for sale mode are worth Rs 240 Crore. The lot size is 50 shares and the price is 280 to 300 Rs per share. The company is going to get listed at both NSE and BSE. The face value per share is Rs. 10 and this is a Book Built issue. The registrar for the company is Link Intime India Private Limited.
Tabular Description of Updater Services Limited IPO
| IPO OPENING DATE | 25 September, 2023 |
| CLOSING DATE FOR IPO | 27 September, 2023 |
| ISSUE TYPE | Book Built Issue |
| Face Value per share | 10 Rs. per share |
| IPO price band | 280 Rs. to 300 Rs. per share |
| LOT SIZE | 50 shares |
| MINIMUM ORDER QUANTITY | 50 shares |
| ISSUE SIZE | 640 Crore Rs. |
| OFFER FOR SALE | 240 Crore Rs. |
| FRESH ISSUE | 400 Crore Rs. |
| LISTING AT | NSE, BSE |
| LISTING DATE | 9 October, 2023 |
Updater Services Limited IPO : IMPORTANT DATES
| IPO OPENING DATE | 25 September, 2023 |
| CLOSING DATE FOR IPO | 27 September, 2023 |
| IPO ALLOTMENT DATE | 4 October, 2023 |
| REFUNDS | 5 October, 2023 |
| DEMAT A/C CREDITED ON | 6 October, 2023 |
| IPO LISTING DATE | 9 October, 2023 |
Updater Services Limited IPO begins for subscription from 25 September 2023. The IPO subscription would continue till 27 September, 2023. The allotment status for the shareholders who applied would come on 4 October, 2023. The refunds for the ones who did not get allotment would be initiated on 5 October, 2023. The DEMAT accounts of shareholders would be credited on 6 October, 2023. The listing of the company would be completed on 9 October, 2023.
Updater Services Limited IPO : Lead Managers
The lead managers are :
- Motilal Oswal Investment Advisors Limited
- IIFL Securities Limited
- SBI Capital Markets Limited
The minimum lot size for the company is decided at 50 shares. This holding accounts to 15000 Rs.. The maximum lot size is decided at 650 shares. This amounts to 195000 Rs.. Hence the company’s final holdings would be set as :
| Shares | Amount | |
| Minimum | 50 shares | 15000 Rs. |
| Maximum | 650 shares | 195000 Rs. |
OBJECTIVES FOR THE IPO
- IPO proceeds would be used for general corporate purposes.
- The company will use the IPO money for further working capital requirements.
- The money will be used for inorganic initiatives.
- The company wants to pay the outstanding through the IPO Money.
COMPANY FINANCIALS
| Particularly (in Crore Rs.) | 2020-21 | 2021-22 | 2022-23 |
| ASSETS | 579 | 874 | 1216 |
| Revenue | 1216 | 1497 | 2112 |
| PAT | 47 | 57 | 34 |
Updater Services Limited had an asset base of 579 Crore Rs in 2021, 874 Crore Rs in 2022 and 1216 Crore Rs in 2023. The revenue of the firm was 1216 Crore Rs in 2021, 1497 Crore Rs in 2022 and 2112 Crore Rs in 2023. The profit of the firm was 47 Crore Rs in 2021, 57 Crore Rs in 2022 and 34 Crore Rs in 2023. The profit in the year 2023 decreased in comparison to the previous years.
PROS
- The business of the company is divided into 2 segments IFM and Other services and the other one being BSS Segment. The IFM segment includes Production support services, Washroom and Feminine Hygiene services, Soft Services, Warehouse management, Engineering Services, General Staffing etc. BSS Segment includes Audit and Assurance Services, airport ground handling services, employee background check services, sales enablement service etc.
- The company has 2797 customers including Procter and Gamble, Aditya Birla fashion and retail Limited, Saint Gobain India Limited, Hyundai etc.
- Its presence is spread across 4331 Locations and has a 129 point of presence with 13 offices overseas and 116 offices in India.
CONS
- The company works in a highly competitive segment.
Updater Services Limited IPO Application Process with Zerodha
It is very easy to apply for an IPO now if you have a DEMAT account with Zerodha. Follow the steps below for the same :
- Logging into Zerodha console through its website or KITE platform. Clicking the IPO section present in the ORDER tab.
- Click the Updater Services Limited IPO button and press the BID button.
- Entering the details asked for like UPI ID, Quantity and price.
- Submit the application form for the IPO.
- Visiting the application of UPI for approving the transaction.
Now, applying for an IPO online is possible with most of the Discount and online brokers.
