Updater Services IPO GMP, review, Price, Date, Allotment

Updater Services ipo Review: Updater Services is coming up with its Initial Public Offering

Updater Services IPO- About The Company

 

Updater Services Limited 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.

The company operates in the business-to-business space providing a wide range of services that are classified into two segments:

  • IFM & Other Services Segment; and
  • BSS Segment

The services offered by the company include soft services, production support services, engineering services, washroom and feminine hygiene care, general staffing, warehouse management,Audit and Assurance Services, employee background verification check services etc.

As on June 30, 2023, the company 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”), Tata Consultancy Services Limited (“TCS”), LTIMindtree Limited (“Mindtree”), IIFL Finance Limited (“IIFL Finance”), SBI Life Insurance Company Limited (“SBI Life Insurance”)and Sony India Private Limited (“Sony”).

 

more information please check – https://www.bseindia.com/corporates/download/344537/Updater%20Services%20Limited_DRHP_20230331120149.pdf 

Updater Services IPO- industry overview 

 

IFM market in India has been growing steadily over the last decade and is set to witness significant growth momentum over the next 5 years. The total IFM market in India in the Financial Year ended March 31, 2022 is valued at ₹ 89,475 crore and around 39% of this is outsourced to 3rd party companies. Between the Financial Year ended March 31, 2018 and the Financial Year ended March 31, 2022, the outsourced Indian IFM market grew at a CAGR of 8.4%. In the Financial Year ended March 31, 2022 the outsourced IFM market was estimated to be worth ₹ 34,550 crores.

he demand for IFM services has increased as people’s preferences for a safe, clean, and secure environment have grown. The government’s plan to develop 100 smart cities will result in a surge in infrastructure creation. The Union Budget 2022 allocated ₹ 14,100 crore for the ‘Urban Rejuvenation Mission’—Atal Mission for Rejuvenation and Urban Transformation ‘AMRUT’ and Smart Cities Mission. Given the current expansion and increase in investments in IT and IteS and BFSI segments, the demand for professional IFM services is increasing, IT sector is shifting to more personalized/ customized services utilizing both Hard and Soft FM services. Investments in other segments such as healthcare and retail are also propelling the demand for IFM services. 

 

Object Of The Issue

 

  • Repayment and /or prepayment of certain borrowings availed by our Company; 
  • Funding our working capital requirements; 
  •  Pursuing inorganic initiatives; and 
  •  General corporate purpose

 

Updater Services Financial

 

  FY 2021 FY 2022 FY 2023
Revenue 1,210.03 1,483.55 2,098.89
Expenses 1,161.93 1,426.95 2,057.90
Net income 35.58 54.65 48.17
Margin (%) 2.94 3.68 2.30

Figures in INR cr 

 

Updater Services Valuations & Margins

FY 2021 FY 2022 FY 2023
EPS 8.47 10.40 6.70
PE ratio 41.79 – 44.78
RONW (%) 15.79 16.24 9.34
NAV 71.93
ROCE (%) 22.59 20.23 14.17
EBITDA (%) 5.78 5.80 4.78
Debt/Equity 0.04 0.17 0.46

 

Updater Services IPO Peer Comparison

S. No. Face Value Company Name PE
1 10 Quess Corp Limited 28.38
2 5 SIS Limited 19.74
3 10 TeamLease Services Limited 40.96

 

Updater Services ipo – strengths 

 

  • 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 company’s current and future business.
  • Highly experienced Management team with support from PE Investors.

 

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Updater Services IPO – Details

 

Updater Services IPO Dates 25 – 27 September 2023
Updater Services IPO Price INR 280 – 300 per share
Fresh issue INR 400 crore
Offer For Sale 8,000,000 shares

INR 224 – 240 crore

Total IPO size INR 624 – 640 crore
Minimum bid (lot size) 50 shares

INR 15,000

Face Value  INR 10 per share
Retail Allocation 10%

 

 

Updater Services IPO Dates & schedule 

 

Updater Services IPO Opening Date 25 September 2023
Updater Services IPO Closing Date 27 September 2023
Finalization of Basis of Allotment 4 October 2023
Initiation of refunds 5 October 2023
Transfer of shares to demat accounts 6 October 2023
Updater Services IPO Listing Date 9 October 2023

 

Updater Services IPO GMP Today

 

Date Ipo gmp  Kostak Subject to Sauda
Coming soon

 

Updater Services IPO Allotment Status

Updater Services IPO allotment will be available on Link Intime’s website. Click on this link to get allotment status.

 

 

 

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