Updater Services IPO to launch today; Here's all you need to know

25 Sep 2023 , 09:11 AM

In the realm of business support services, Updater Services Limited extends its offerings through various subsidiaries. Matrix, one of its subsidiaries, specializes in providing audit and assurance services. Additionally, the company’s subsidiaries, Denave and Athena, focus on delivering sales enablement services. Moreover, another subsidiary, Avon, specializes in mailroom management services.

1. IPO Dates:

   – IPO Opening Date: September 25, 2023

   – Anchor Book Launch: September 22, 2023

   – IPO Closing Date: September 27, 2023

   – Basis of Allotment: October 4, 2023

   – Initiation of Refunds: October 5, 2023

   – Credit of Shares to Demat: October 6, 2023

   – Listing on BSE and NSE: October 9, 2023

2. Offer Details:

   – Fresh Issue: Rs 400 crore

   – Offer for Sale (OFS): 80 lakh equity shares

   – Price Band: Rs 280-300 per share

   – Minimum Bid Quantity: 50 shares, with multiples thereafter

3. Promoters and Investors Selling Shares:

   – Tangi Facility Solutions: 40 lakh equity shares

   – India Business Excellence Fund – II and IIA: 40 lakh equity shares

4. Use of Proceeds:

   – The net proceeds from the IPO will be used for various purposes, including working capital requirements, debt repayment, pursuing inorganic initiatives, and general corporate purposes.

5. Allocation:

   – Qualified Institutional Buyers (QIBs): Up to 75%

   – High Net Worth Individuals (HNIs): 15%

   – Retail Investors: 10%

6. Merchant Bankers:

   – IIFL Securities

   – Motilal Oswal Investment Advisors

   – SBI Capital Markets

7. Registrar:

   – Link Intime India

The company has established a nationwide presence and offers a range of services encompassing integrated facilities management (IFM) and business support services to its clientele.

Over the years, the company’s service portfolio has expanded to cater to a wide array of customer segments spanning various industries, including FMCG, manufacturing and engineering, BFSI, healthcare, IT / IteS, automobiles, logistics and warehousing, airports, ports, infrastructure, and retail, among others.

For the fiscal year ending in March 2023, the company experienced significant growth in its revenue from operations, which surged by 42% year-on-year, reaching Rs 2,099 crore. However, during the same period, the company’s net profit declined by 39% to Rs 34.6 crore.