The Updater Services IPO date has been confirmed from September 25 and ended on September 27, 2023 .
The IPO of Updater Services is a book built issue worth Rs 640.00 crores. It consists of a fresh issue of 1.33 crore shares, amounting to Rs 400.00 crores, and an offer for sale of 0.8 crore shares, totaling Rs 240.00 crores. The bidding for the Updater Services IPO commenced on September 25, 2023, and concluded on September 27, 2023. The allotment for the IPO was finalized on Thursday, September 28, 2023. The shares were subsequently listed on both the BSE and NSE on October 4, 2023.
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Bidding Dates
Sep 25 – 27, 2023
Price Range
₹280 to ₹300 per share
Face Value
₹10 per share
GMP
₹0
Updater Services IPO GMP
The Updater Services IPO GMP is ₹[0].
IPO Overview
The price range for the Updater Services IPO has been established at ₹280 to ₹300 per share. Retail investors are required to invest a minimum amount of ₹15,000 and the minimum lot size for their application is 50 shares. As for sNII, the minimum lot size investment is 14 lots (700 shares), totaling ₹210,000. On the other hand, bNII has a minimum lot size investment of 67 lots (3,350 shares), totaling ₹1,005,000. Updater Services is a focused, and integrated business services platform in India, with a pan-India presence, providing integrated facilities management (“IFM“) services and business support services (“BSS“) to our customers. F&S Report (Source). They are the second largest player in India’s IFM market and have the industry’s broadest service offering, making us a unique and differentiated participant in the market. F&S Report (Source). Updater Services operates in the Business-to-Business (“B2B“)
Updater Services IPO Date & Price Band Details
| IPO Date | September 25, 2023 to September 27, 2023 |
| Listing Date | October 4, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹280 to ₹300 per share |
| Lot Size | 50 Shares |
| Total Issue Size | 21,333,333 shares (aggregating up to ₹640.00 Cr) |
| Fresh Issue | 13,333,333 shares (aggregating up to ₹400.00 Cr) |
| Offer for Sale | 8,000,000 shares of ₹10 (aggregating up to ₹240.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 53,369,355 |
| Share holding post issue | 66,702,688 |
Updater Services IPO Market Lot
Investors have the opportunity to place bids for a minimum of 50 shares, and they can increase their bids in multiples of this amount. The table provided below illustrates the minimum and maximum investment limits for both retail investors and high net worth individuals (HNIs) in terms of shares and monetary value.
| Application | Lot Size | Shares | Amount |
| Retail (Min) | 1 | 50 | ₹15,000 |
| Retail (Max) | 13 | 650 | ₹195,000 |
| S-HNI (Min) | 14 | 700 | ₹210,000 |
| S-HNI (Max) | 66 | 3,300 | ₹990,000 |
| B-HNI (Min) | 67 | 3,350 | ₹1,005,000 |
Updater Services IPO Allotment and Listing Dates
The IPO for Updater Services will start on September 25, 2023, and close on September 27, 2023.
| IPO Open Date | Monday, September 25, 2023 |
| IPO Close Date | Wednesday, September 27, 2023 |
| Basis of Allotment | Thursday, September 28, 2023 |
| Initiation of Refunds | Friday, September 29, 2023 |
| Credit of Shares to Demat | Tuesday, October 3, 2023 |
| Listing Date | Wednesday, October 4, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 27, 2023 |
Updater Services IPO Company Financial Report
| IPO Open: | September 25, 2023 |
| IPO Close: | September 27, 2023 |
| IPO Size: | Approx ₹[.] Crores |
| Fresh Issue: | Approx ₹400 Crores |
| Offer for Sale: | Approx 8,000,000 Shares |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹[.] to ₹[.] Per Share |
| IPO Listing on: | BSE & NSE |
| Retail Quota: | 10% |
| QIB Quota: | 75% |
| NII Quota: | 15% |
| Discount: | N/A |
Company Profile
Established in 1984, Updater Services IPO Limited is a Non-Banking Finance Company (NBFC-ND-SI) that specializes in providing secured business loans to micro-entrepreneurs and self-employed individuals. With a vast network of 311 branches across eight states and one union territory, as well as approximately 150 districts throughout India, the company has established a strong presence in Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka. Updater Services IPO Limited has developed a unique business model that revolves around identifying an appropriate risk framework and determining the
ideal instalment-to-income ratio. This approach ensures that customers have the necessary resources to repay their loans while fulfilling their regular obligations and addressing any event-based capital requirements. Headquartered in Chennai, Tamil Nadu, the company holds a prominent position in the southern region of India. As of September 30, 2021, Updater Services IPO Limited boasted a workforce of 4,306 dedicated employees.
Registrar Info
| Name | LINK INTIME INDIA PRIVATE LIMITED |
| Phone number | +91-22-4918 6270 |
| Email ID | uds.ipo@linkintime.co.in |
| Website | https://linkintime.co.in/mipo/ipoallotment.html |
Contact Details
| Name | Updater Services IPO Limited |
| Phone number | +91 44 24963234 / 0333 |
| Email ID | compliance.officer@uds.in |
| Website | https://fivestargroup.in |
IPO Strenghts
- Experienced promoters and a competent management team.
- Well-established relationships with a loyal customer base.
- Access to markets worldwide, enabling global reach.
IPO Weakness
- Heavy reliance on customers based in the United States.
- Need to adhere to multiple laws and regulations in these countries to ensure compliance.
- Competition from other players in the market.
