Chennai-based Updater Services IPO opens on September 25, price band awaited | Mint
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Business News/ Markets / Ipo/  Chennai-based Updater Services IPO opens on September 25, price band awaited
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Chennai-based Updater Services IPO opens on September 25, price band awaited

Chennai-based Updater Services IPO opens on September 25, with a price band yet to be announced. The IPO includes a fresh issue of shares worth up to ₹400 crore and an offer for sale by the promoter and private equity funds.

Updater Services IPO opens for subscription on Monday, September 25, and closes on Wednesday, September 27.Premium
Updater Services IPO opens for subscription on Monday, September 25, and closes on Wednesday, September 27.

Chennai-based Integrated facilities management, Updater Services IPO opens for subscription on Monday, September 25, and closes on Wednesday, September 27. The allocation to anchor investors for Updater Services IPO is scheduled to take place on Friday, September 22. Updater Services IPO's price band is awaited.

Updater Services IPO comprises a fresh issue of shares of up to 400 crore and an offer for sale (OFS) of up 8,000,000 equity shares of face value of 10 each by a promoter and others.

Promoter Tangi Facility Solutions Private Ltd will offload 40 lakh shares in the IPO and two private equity funds, India Business Excellence Fund-II and India Business Excellence Fund–IIA, will sell 8 lakh and 32 lakh shares, respectively.

According to the red herring prospectus (RHP), net proceeds from the IPO to pay off some borrowings it has taken out, support working capital needs, pursue inorganic activities, and for general corporate purposes.

IIFL Securities Ltd, Motilal Oswal Investment Advisors Ltd, and SBI Capital Markets Ltd, are the book running lead managers to the issue, and the registrar is Link Intime India Private Ltd.

The company's listed industry peers are Quess Corp Ltd(with P/E ratio of 28.38), SIS Ltd (with P/E ratio of 19.74), and TeamLease Services Ltd (with P/E ratio of 40.96)

Last week, Updater Services Ltd received approval from the Securities and Exchange Board of India (SEBI) for IPO.

Updater Services Ltd offers integrated facilities management (IFM) services and business support services (BSS). It was founded in 1990 by Raghunandana Tangirala, who has over 30 years of experience in the integrated business services industry. Updater Services Ltd has since grown to become one of the leading providers of business services in India, with over 1,300 customers across the country.

Within the IFM & other services segment, the company operates across service lines such as soft services, production support services, engineering services, warehousing management, pest control and horticulture that have been added by us organically, over a period of time.

For FY22, the firm reported revenue of 1,483.55 crore as against 1,210.03 crore in FY21. Net profit for the period stood at 57.4 crore as against 47.5 crore last year.

Also Read: Updater Services gets Sebi nod to raise funds via IPO

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Published: 20 Sep 2023, 04:29 PM IST
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