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Updater Services IPO to open on September 25. Here are 10 things to know about the offer
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- What is the business overview of Updater Services?
The company offers integrated facilities management (IFM) services and business support services to its customers, with a pan-India presence. Its portfolio of services evolved over the years to cater to diverse customer segments across sectors including FMCG, manufacturing and engineering, BFSI, healthcare, IT / IteS, automobiles, logistics and warehousing, airports, ports, infrastructure, and retail, among others. - What is the industry overview of Updater Services?
The total integrated facilities market in India in FY23 is valued at Rs 1 lakh crore and around 39.3% of this is outsourced to third-party companies. In the same period, the outsourced IFM market is around Rs 39,480 crore. The outsourced IFM market is expected to grow at a CAGR of 17% from FY23-28 and reach Rs 86,442 crore. - What is the size of Updater Services IPO?
The issue comprises fresh equity of Rs 400 crore and an offer for sale (OFS) of 80 lakh shares by promoter and other selling shareholders. - Who are the selling shareholders under OFS?
Under the OFS, promoter Tangi Facility will offload 40 lakh shares, and the rest will be sold by the India Business Excellence Fund. - What is the price band for Updater Services IPO?
The company has fixed a price band of Rs 280-300 per share and investors can bid for a minimum of 50 shares in one lot and in multiples thereafter. - What is the structure of Updater Services IPO?
About 75% of the offer is set aside for qualified institutional buyers, 15% is reserved for non-institutional investors, and 10% for retail investors. - How is the financial performance of Updater Services?
Its revenue from operations jumped 42% year-on-year to Rs 2,099 crore for the year ended March 2023.
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