Updater Services is into Diversified Other Business Services and is looking raise funds through Fresh Issue and Offer for Sale
Updater Services IPO Update:
Updater Services Limited IPO: Chennai based Updater Services Limited established in the year 2003 and is into Diversified - Other Business Services sector.
Company is promoted by Raghunandana Tangirala and ShanthiTangirala. Pre-Offer Promoter and Promoter group stake in the company is 81.2%.
Updater Services Limited has filed Red Herring Prospectus (RHP) for proposed initial public offer (IPO). Total issue size is INR 640 Crores calculated on upper price band (face value of INR 10 per share) via initial public offering.
Initial Public Offer comprising of a Fresh Issue aggregating up to Rs. 400 crores and an Offer for Sale up to 13,300,000 Equity Shares.. IIFL Securities, Motilal Oswal Investment Advisors, SBI Capital Markets have been appointed as lead merchant bankers for the proposed IPO. It has appointed Link Intime India Pvt. Ltd. as Registrar and Share transfer Agent.
Details about upcoming IPO:
As per the details available in RHP, Price band is Rs 280 to Rs 300 with lot size of 50 shares and in multiples thereof. Objects of the issue is 1) Repayment / prepayment of borrowings amounting to Rs. 133 cr', 2) Funding working capital requirements amounting to Rs. 115 cr., 3) Pursuing inorganic initiatives for which envisaged Rs. 80 cr.., and 4) General corporate purposes.
IPO Dates:
IPO will open on September 25, 2023 and close on September 25, 2023. Tentative date of listing on stock exchanges is October 09, 2023
About Industry:
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 3rdparty companies. (Source: F&S Report)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%. (Source: F&S Report)The outsourced IFM market is expected to grow at a CAGR of 16.9% from the Financial Year ended March 31, 2022 –the Financial Year ended March 31, 2027 and reach ₹75,478 crore.(Source: F&S Report)The market for BSS is valued at ₹5,230 crore in the Financial Year ended March 31, 2022. (Source: F&S Report)The market recorded a CAGR of 1.9% from the Financial Year ended March 31, 2018 to the Financial Year ended March 31, 2022. (Source: F&S Report)The BSS market is expected to grow at a CAGR of 16.8% from the Financial Year ended March 31, 2022 –the Financial Year ended March 31, 2027 and reach ₹ 11,354 crore.(Source: F&S Report)
Want to know more details about the IPO, please visit here Updater Services Limited
Source: SEBI, BSE, NSE, DRHP, Updater Services, Industry Data
Disclaimer: Above article only publishes details about the IPO and for educational purpose only. It doesn't solicit or invite any interest to invest in any kind of securities. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.
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