Chennai-based Updater Services IPO opens on September 25, price band awaited
₹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
. Read more on livemint.com
