UPDATER SERVICES LIMITED
₹ 280 - ₹ 300
25-Sep-2023 - 27-Sep-2023
₹ 15000.00

/ 50 Shares

UPDATER SERVICES LIMITED

25-Sep-2023 - 27-Sep-2023

₹ 280 - ₹ 300

Price Band

₹ 15000.00

Minimum Investment

50

Bid Lot

21,333,333

Shares

IPO Details

Fresh Issue of Equity Shares aggregating upto Rs. 400 Cr + Offer for Sale of upto 8,000,000 Equity Shares

Category % Shares/Amount
QIB 75% 16,000,001 Shares Rs.480.00 Cr @
HNI 1 5% 1,066,666 Shares Rs. 32.00 Cr @ 1524 Form 1x
HNI 2 10% 2,133,333 Shares Rs. 64.00 Cr @ 3048 Form 1x
Retail 10% 2,133,333 Shares Rs. 64.00 Cr @ 42667 Form 1x

IIFL Securities, Motilal Oswal, SBI Capital Markets

Application Require for 1 Time

Retail (Upto 2 Lakh) HNI (2 Lakh to 10 Lakh) HNI (Above 10 Lakh)
42667 Form 1x 1524 Form 1x 3048 Form 1x

IPO Lot Size

Category Lots Shares Amount
Retail (Upto 2 Lakh) 1 50 ₹ 15,000
Retail (Upto 2 Lakh) 13 650 ₹ 195,000
S-HNI (2 Lakh to 10 Lakh) 14 700 ₹ 210,000
S-HNI (2 Lakh to 10 Lakh) 66 3300 ₹ 990,000
B-HNI (Above 10 Lakh) 67 3350 ₹ 1,005,000

IPO Timeline

  • Open Date

    25-Sep-2023

  • Close Date

    27-Sep-2023

  • Basis of Allotment Date

    04-Oct-2023

  • Initiation of Refunds

    05-Oct-2023

  • Credit Shares to Demat A/c

    06-Oct-2023

  • IPO Listing Date

    09-Oct-2023

Subscription as on
27-Sep-2023 17:23

Category Book Size Subscription No. of Times
QIB 6,400,001 ₹ 192.00 Cr. 28,814,400 ₹ 864.43 Cr. 4.50x
HNI (<10 LAKH) 1,066,666 ₹ 32.00 Cr. 564,300 ₹ 16.93 Cr. 0.53x
HNI2 (>10 LAKH) 2,133,333 ₹ 64.00 Cr. 2,276,500 ₹ 68.30 Cr. 1.07x
RETAIL 2,133,333 ₹ 64.00 Cr. 3,086,250 ₹ 92.59 Cr. 1.45x
Total 11,733,333 34,741,450 2.96x
Category Book Size Subscription No. of Times
QIB 6,400,001 ₹ 192.00 Cr. 28,814,400 ₹ 864.43 Cr. 4.50x
HNI (<10 LAKH) 1,066,666 ₹ 32.00 Cr. 564,300 ₹ 16.93 Cr. 0.53x
HNI2 (>10 LAKH) 2,133,333 ₹ 64.00 Cr. 2,276,500 ₹ 68.30 Cr. 1.07x
RETAIL 2,133,333 ₹ 64.00 Cr. 3,086,250 ₹ 92.59 Cr. 1.45x
Total 11,733,333 34,741,450 2.96x

*Excluding Anchor

Total No. of Application Approx : ~49380 (1.16 Appwise)

Disclaimer: The above-mentioned information / data are sourced from the websites of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) and are subject to change on real time basis. For updated information / data you can visit their respective website. The information / data provided herein above are for information purpose only and provided "AS IS" and "AS AVAILABLE" basis and without warranty, express or implied. We do not guarantee or warrant the accuracy, adequacy or completeness of the information received through the said websites. “We” hold not responsibility of any kind as regard to any discrepancies, errors, omissions, losses or damages. “We” including its affiliates and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of information / data received through the said websites. The recipient alone shall be fully responsible / are liable for any decision taken on the basis of such information / data. All recipients should before acting upon the said information make their own investigation, seek appropriate professional advice.

About Company

  • Updater Services Limited (“UDS”) was incorporated on November 13, 2003.  UDS is a leading, focused, and integrated business services platform in India offering integrated facilities management (“IFM”) services and business support services (“BSS”) to their customers, with a pan-India presence.  
  • They are the 2nd largest player in the IFM market in India and have the widest service offering in the industry, making them a unique and differentiated player in the market. Within their BSS segment, they offer Audit and Assurance services through their Subsidiary, Matrix, which is a leading Audit and Assurance company for dealer / distributor audits, and retail audits and its strong branch reach and field associate reach has driven the company to reach the top spot in India, with a market share of 19.2% in the Financial Year ended March 31, 2023.  
  • UDS also offers employee background verification check services through Matrix and in this segment, Matrix is the 3rd largest company in India with a share of 5.4% in the FY ended March 31, 2023.
  • In addition, they provide sales enablement services through their subsidiaries Denave and Athena.  Denave is the largest player in this segment with a market share of 20.1% in India in the FY ended March 31, 2023. In addition, they offer mailroom management services through their subsidiary, Avon which is a market leader in India with a share of 11.1% in the mailroom management services market in the Financial Year ended March 31, 2023. 
  • As on June 30, 2023, they served 2,797 customers across various sectors, including marquee global and Indian customers.  
  • As of June 30, 2023, UDS had a widespread network consisting of 4,667 locations (excluding staffing locations) managed from 125 points of presence with 112 offices situated in India and 13 offices situated overseas. These offices are spread across 25 states in India, comprising 22 offices in north India, 45 offices in south India, 14 offices in east India and 31 offices in west India, giving the company a nation-wide presence as well as 13 locations overseas. 
  • The company received private equity investment from New Vernon Private Equity Ltd (“New Vernon”) in the FY2006 and thereafter, in the year 2008, New Vernon’s stake in the company was acquired by ICICI Venture Funds Management Co Ltd which remained invested in the company until 2016. Subsequent to this, in 2017, MO Alternate Investment Advisors (“MOAIA”) invested in the company. 
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Strengths

Competitive Strength 

  • Leading integrated business services platform, operating across diverse segments;
  • Longstanding relationship with customers across diverse sectors leading to recurring business;
  • Track record of successful acquisition and integration of high margin business segments;
  • Pan India presence with large and efficient workforce coupled with strong recruitment capabilities;
  • Technology at the forefront of the current and future business.

Business Strategies 

  • Retain, strengthen and grow 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 the operations;
  • Continue to improve operating margins.

Company Promoters

Raghunandana Tangirala is the Promoter, Chairman of the Board and Managing Director on the Board of the company. Amitabh Jaipuria is a Non - Executive Director on the Board of the company. Pondicherry Chidambaram Balasubramanian is an Executive Director (Whole-Time Director) on the Board of the company. Amit Choudhary is an Independent Director on the Board of the company. Sunil Rewachand Chandiramani is an Independent Director on the Board of the company. Sangeeta Sumesh is an Independent

Company Financials

Updater Services IPO Financial Information (Restated Consolidated)
Period Ended 31 Mar 2021 31 Mar 2022 31 Mar 2023
Assets 579.49 874.57 1,216.95
Revenue 1,216.35 1,497.89 2,112.09
Profit After Tax 47.56 57.37 34.61
Net Worth 285.26 340.43 380.89
Reserves and Surplus      
Total Borrowing 11.61 58.68 176.54

Amount in ? Crore

Objects of the 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.

How to Apply

Apply for IPO in few simple steps.

  • Step 01 :

    Once you create your account, Login to InvestoYard.

  • Step 02 :

    Under IPO Section, you will be able to see a list of Ongoing IPOs, where you can click on apply button.

  • Step 03 :

    Add quantity of shares to apply – Maximum 3 bids are allowed (For retail category – max amount Rs.2,00,000/-).

  • Step 04 :

    Enter your UPI ID and you will receive mandate on your UPI App.

  • Step 05 :

    Once you accept the mandate, Application is submitted successful.

  • Applying for an IPO is easier than ever with InvestoYard, in just a few clicks your application is processed. You can bid for any IPO through InvestoYard, the bidding process is simple and hassle free. Every company has a lot size decided & you can buy in multiples of the decided lot.
  • If lot size is 15, then you have to bid for multiples of 15 share like 30,45,60 and so on.
  • The maximum subscription amount for retail investors is 2 lakh.
  • Any bid can be at a desired price or cut off price given by the company.

  • Enter the number of shares you wish to buy, as per the lot size.
  • You can apply at the cut off price set by the company or bid for a desired amount within the price band.
  • Maximum three bids will be accepted.
  • You then need to enter the UPI ID on InvestoYard’s IPO application form.

  • You will immediately get a fund blocked request on your UPI for the submitted IPO application.
  • The funds will be blocked in your bank account until allotment when it is debited.
  • The limit for IPO application is Rs 2 lakh per transaction on UPI.
  • On allotment of the shares, the money will be automatically debited.
  • If the share aren’t allotted the blocked funds will reflect back into your account.

Frequently Asked Questions

Check Allotment