Bookbuilding IPO | ₹640 Cr | Listed at BSE, NSE | Mon, Sep 25, 2023 - Wed, Sep 27, 2023
Updater IPO is a book build issue of ₹640.00 crores. The issue is a combination of fresh issue of 1.33 crore shares aggregating to ₹400.00 crores and offer for sale of 0.80 crore shares aggregating to ₹240.00 crores.
Updater IPO bidding started from Sep 25, 2023 and ended on Sep 27, 2023. The allotment for Updater IPO was finalized on Sep 28, 2023. The shares got listed on BSE, NSE on Oct 4, 2023.
Updater IPO price band is set at ₹300 per share. The lot size for an application is 50. The minimum amount of investment required by an retail is ₹15,000 (50 shares) (based on upper price). The lot size investment for sNII is 14 lots (700 shares), amounting to ₹2,10,000, and for bNII, it is 67 lots (3,350 shares), amounting to ₹10,05,000.
IIFL Capital Services Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Updater IPO RHP for detailed Information.
IPO Open
Mon, Sep 25, 2023
IPO Close
Wed, Sep 27, 2023
Issue Price
₹300 per share
Market Cap (Pre-IPO)
₹2,001.00 Cr
| IPO Date | 25 to 27 Sep, 2023 |
| Listed on | Wed, Oct 4, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹280 to ₹300 |
| Issue Price | ₹300 per share |
| Lot Size | 50 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,13,33,333 shares (agg. up to ₹640 Cr) |
| Fresh Issue | 1,33,33,333 shares (agg. up to ₹400 Cr) |
| Offer for Sale | 80,00,000 shares of ₹10 (agg. up to ₹240 Cr) |
| Share Holding Post Issue | 6,67,02,688 shares |
| BSE Script Code / NSE Symbol | 543996 / UDS |
| ISIN | INE851I01011 |
Updater IPO offers total 2,13,33,333 shares. Out of which 1,60,00,001 (75.00%) allocated to QIB, 64,00,001 (30.00%) allocated to QIB (Ex- Anchor), 31,99,999 (15.00%) allocated to NII 21,33,333 (10.00%) allocated to RII and 96,00,000 (45.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 1,60,00,001 (75.00%) | NA |
| − Anchor Investor Shares Offered | 96,00,000 (45.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 64,00,001 (30.00%) | NA |
| NII (HNI) Shares Offered | 31,99,999 (15.00%) | NA |
| − bNII > ₹10L | 21,33,333 (10.00%) | 3,047 |
| − sNII < ₹10L | 10,66,666 (5.00%) | 1,523 |
| Retail Shares Offered | 21,33,333 (10.00%) | 42,666 |
| Total Shares Offered | 2,13,33,333 (100.00%) |
Investors can bid for a minimum of 50 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 50 | ₹15,000 |
| Retail (Max) | 13 | 650 | ₹1,95,000 |
| S-HNI (Min) | 14 | 700 | ₹2,10,000 |
| S-HNI (Max) | 66 | 3,300 | ₹9,90,000 |
| B-HNI (Min) | 67 | 3,350 | ₹10,05,000 |
Updater IPO raises ₹288.00 crore from anchor investors. Updater IPO Anchor bid date is September 22, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Fri, Sep 22, 2023 |
| Shares Offered | 96,00,000 |
| Anchor Portion (₹ Cr.) | 288.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Oct 28, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Dec 27, 2023 |
Incorporated in 1990, Updater Services Limited offers facility management services and business support services ("BSS"). The company operates in the Business-to-Business ("B2B") services space offering a spectrum of business services, which are broadly classified into the two following segments: 1. IFM & Other Services Segment; and 2. BSS Segment.
In FM & Other Services Segment; Production Support Services, Soft Services, Engineering Services, Washroom and Femmenine Hygiene, Warehouse management, General Staffing and more.
In the BSS segment, the company offers Audit and Assurance services through the Subsidiary, Matrix. UDS also offer employee background verification check services, airport ground handling services, sales enablement services and more through its subsidiaries.
As of June 30, 2023, UDS served 2,797 customers across various sectors, including certain 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 and more.
Updater Services Limited is 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.
| Period Ended | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|
| Assets | 1,216.95 | 874.57 | 579.49 |
| Total Income | 2,112.09 | 1,497.89 | 1,216.35 |
| Profit After Tax | 34.61 | 57.37 | 47.56 |
| NET Worth | 380.89 | 340.43 | 285.26 |
| Total Borrowing | 176.54 | 58.68 | 11.61 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment and /or prepayment of certain borrowings availed by the Company | 133.00 |
| 2 | Funding our working capital requirements; | 115.00 |
| 3 | Pursuing inorganic initiatives; and | 80.00 |
| 4 | General corporate purposes | 49.87 |
| KPI | |
|---|---|
| ROE | 9.40% |
| ROCE | 14.17% |
| Debt/Equity | 0.46 |
| RoNW | 9.34% |
| PAT Margin | 1.64% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.77 | |
| P/E (x) | 44.31 | 57.8 |
| Promoter Holding | 80.58% | 58.47% |
| Market Cap | ₹2,001.00 Cr. |
The Updater Services IPO is subscribed 2.96 times on September 27, 2023 7:02:00 PM (Day 3). The public issue subscribed 1.45 times in the retail category, 4.5 times in the QIB category, and 0.89 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 4.5 | 64,00,000 | 2,88,14,400 |
| NII | 0.89 | 32,00,000 | 28,40,800 |
| bNII (bids above ₹10L) | 1.07 | 21,33,333 | 22,76,500 |
| sNII (bids below ₹10L) | 0.53 | 10,66,666 | 5,64,300 |
| Retail | 1.45 | 21,33,333 | 30,90,050 |
| Total | 2.96 | 1,17,33,333 | 3,47,45,250 |
Total Application : 49,623
Updater Services Limited IPO: Adjusted P/E on Post-Money Basis works out to 25x
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the Book Running Lead Managers and commissions (including underwriting commission, brokerage and selling commission) | 17.71 |
| 2 | Selling commission payable to SCSBs for Bids directly procured by them and processing fees payable to SCSBs for Bids (other than Bids submitted by UPI Bidders using the UPI Mechanism) procured by the members of the Syndicate (including their Sub-Syndicate Members), the Registered Brokers, RTAs or CDPs and submitted to SCSBs for blocking, Bankers to the Offer, processing fees payable to the Sponsor Banks for Bids made by RIBs (2)(3)(4)(5) | 0.83 |
| 3 | Printing and stationery expenses | 1.35 |
| 4 | Advertising and marketing expenses | 3.90 |
| 5 | Listing fees, SEBI fees, BSE and NSE processing fees, book-building software fees, and other regulatory expenses | 2.52 |
| 6 | Fees payable to legal counsel | 3.78 |
| 7 | Miscellaneous, including but not limited to, fees payable to the industry agency, the auditor, the registrar | 5.33 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹300.00 | ₹300.00 |
| Open | ₹299.90 | ₹285.00 |
| Low | ₹282.00 | ₹282.00 |
| High | ₹299.90 | ₹298.65 |
| Last Trade | ₹283.85 | ₹283.90 |
Updater IPO is a main-board IPO of 2,13,33,333 equity shares of the face value of ₹10 aggregating up to ₹640 Crores. The issue is priced at ₹300 per share. The minimum order quantity is 50.
The IPO opens on Mon, Sep 25, 2023, and closes on Wed, Sep 27, 2023.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Updater IPO using UPI as a payment gateway. Zerodha customers can apply in Updater IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Updater IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Updater IPO opens on Mon, Sep 25, 2023 and closes on Wed, Sep 27, 2023.
Updater IPO lot size is 50, and the minimum amount required for application is ₹15,000.
You can apply in Updater IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Updater IPO will be done on Thursday, September 28, 2023, and the allotted shares will be credited to your demat account by Tue, Oct 3, 2023. Check the Updater IPO allotment status.
The Updater IPO listing date is on Wed, Oct 4, 2023.
