Updater Services IPO: Check IPO Details, Date, Price | Espresso

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Updater Services Limited IPO opens on September 25. Check IPO Details Issue Date Price

September 25, 2023
Updater Services Limited IPO opens on September 25. Check IPO Details Issue Date Price

Updater Services Limited is coming out with a fresh public issue to raise Rs. 640 crores from the market.

Below are the details of the Updater Services Limited IPO:

  • Issue opens – September 25 (Monday)
  • Issue closes – September 27 (Wednesday)
  • Issue size – Rs640 crores
  • Price band – Rs. 280 to Rs. 300 per equity share
  • Bid lot – 50 shares and in multiples thereof.

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And here are some details of the company and further details on the Updater Services Limited IPO.

Company details:

  • Updater Services Limited are 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. (Source: F&S Report) They are the second 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. (Source: F&S Report) Within their BSS segment, they offer Audit and Assurance services through their Subsidiary, Matrix and according to F&S Report, Matrix 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. They also offer employee background verification check services through Matrix and in this segment, Matrix is the third largest company in India with a share of 5.4% in the Financial Year ended March 31, 2023. (Source: F&S Report) In addition, they provide sales enablement services through their Subsidiaries Denave and Athena and as per the F&S Report, Denave is the largest player in this segment with a market share of 20.1% in India in the Financial Year 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. (Source: F&S Report).
  • Their portfolio of services has also evolved over the years to cater to the needs of diverse customer segments across a range of sectors including FMCG, manufacturing and engineering, banking, financial services and insurance (“BFSI”), healthcare, information technology / information technology enabled services (“IT / ITeS”), automobiles, logistics and warehousing, airports, ports, infrastructure and retail, among others. As on June 30, 2023, they served 2,797 customers across various sectors, including certain marquee global and Indian customers such as Procter & Gamble Home Products Limited (“P&G”), Aditya Birla Fashion and Retail Limited (“ABFRL”), Microsoft, Hyundai Motor India Limited (“Hyundai”), Saint-Gobain India Private Limited (“Saint-Gobain”), Tata Consultancy Services Limited (“TCS”), LTIMindtree Limited (“Mindtree”), Honda Motorcycle and Scooter India Private Limited (“Honda”), IIFL Finance Limited (“IIFL Finance”), SBI Life Insurance Company Limited (“SBI Life Insurance”), Sony India Private Limited (“Sony”) and Shriram Transport Finance Company Limited (“Shriram Transport”).
  • Over the years, they have grown to become a pan India player, with a widespread network consisting of 4,331 locations (excluding staffing locations) managed from 129 points of presence with 116 offices situated in India and 13 offices situated overseas, as of June 30, 2023. Their widespread network enables them to service a large number of customers and render customized services across India where they are required to provide services as per the specific needs of the customer through a combination of manpower, materials, supervision, technology and economic models.

Issue Size:

Rs. 640 crores

Issue break-up:

  • QIB – 75% of the offer – Rs. 480.00 crores
  • NIB – 15% of the offer – Rs. 96.00 crores
  • RET – 10% of the offer – Rs. 64.00 crores

Listing:

BSE and NSE

Registrar:

Link Intime India Private Limited

UPI:

All Retail & NII bidders' (bids up to Rs. 5,00,000) applications through brokers are compulsorily in UPI Mode.

Note:

  • Application made using third party UPI or ASBA Bank A/c are liable to be rejected. 
  • The UPI Mandate acceptance time for Retail and NII Bidders (bids up to Rs. 5,00,000) shall expire at 5:00 PM on the closing day of the IPO i.e. Wednesday, September 27, 2023     

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