Updater Services IPO opens on September 25, price band set at ₹280-300 per share

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₹280 to ₹300 per equity share of face value of ₹10. Updater Services IPO floor price is 28 times the face value of the equity shares and the cap price is 30 times the face value of the equity shares.

The price to earnings (P/E) ratio based on diluted Earnings per share (EPS) for Financial Year 2023 for the company at the higher end of the price band is as high as 44.78 times at the lower end of the price band is 41.79 times. Updater Services IPO lot size is 50 equity shares and in multiples of 50 equity shares thereafter.

Also Read:Chennai-based Updater Services IPO opens on September 25, price band awaited Updater Services IPO has reserved not less than 75% of the shares in the public issue for Qualified Institutional Buyers (QIB), not more than 15% for Non Institutional Investors (NII), and not more than 10% of the offer is reserved for Retail Investors. 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