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Complete IPO details, including price band, financials, subscription status, and key insights.
Participate in the Updater Services Ltd IPO with full transparency. Review issue details, company fundamentals, and financial performance, and apply securely through Alice Blue.
Key metrics and details at a glance.
Price Band
₹300
Per ShareLot Size
50 Shares
Minimum Investment
₹15,000
Issue Size
₹640 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
Important dates for your applying strategy.
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
80.58%
Promoter Holding (Post-Issue)
58.47%
Issue Type
Book Building
ISIN
INE851I01011
Updater Services Limited is a leading, focused, and integrated business services platform in India offering integrated facilities management ("IFM") services and business support services ("BSS") to its customers, with a pan-India presence. The Company is the second largest player in the IFM market in India and have the widest service offering in the industry, making us a unique and differentiated player in the market. Its portfolio of services has 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. Within its BSS segment, the company offers Audit and Assurance services through its Subsidiary, Matrix and according to F&S Report, Matrix is a leading Audit and Assurance company for dealer / distributor audits, and retail audits and its strong branch reach and field associate reach has driven the company to reach the top spot in India, with a market share of 19.2% in the Financial Year ended March 31, 2023. We also offer employee background verification check services through Matrix and in this segment, Matrix is the third largest company in India in this segment with a share of 5.4% in the Financial Year ended March 31, 2023. In addition, the company provides sales enablement services through its Subsidiaries Denave and Athena and as per the F&S Report, Denave is the largest player in this segment with a market share of 20.1% in India in the Financial Year ended March 31, 2023. In addition, the company offers mailroom management services through its Subsidiary, Avon which is a market leader in India with a share of 11.1% in the mailroom management services market in the Financial Year ended March 31, 2023.
Revenue, profit after tax and total assets across the last 3 reported financial years.
Amount in ₹ crore
How the company plans to utilize IPO proceeds.
The funds raised through this IPO will be used for:
Initial public offering of 21,333,333^ equity shares of face value of Rs. 10 each ("Equity Shares") of Updater Services Limited ("The Company" or the "Issuer") for cash at a price of Rs. 300 per equity share (including a share premium of Rs. 290 per equity share) ("Offer Price") aggregating Rs. 640.00^ crores (the "Offer"). The offer comprises of a fresh issue of 13,333,333^ equity shares aggregating Rs. 400.00^ crores ("Fresh Issue") and an offer for sale of 8,000,000^ equity shares ("Offered Shares") aggregating Rs. 240.00^ crores ("Offer for Sale"), comprising 4,000,000^ equity shares aggregating Rs. 120.00^ crores by Tangi Facility Solutions Private Limited (the "Promoter Selling Shareholder"), 800,000^ equity shares aggregating Rs. 24.00^ crores by India Business Excellence Fund - ii and 3,200,000^ equity shares aggregating Rs. 96.00^ crores by India Business Excellence Fund - iia (together, the "Investor Selling Shareholders", and along with the promoter selling shareholder, the "Selling Shareholders"). The offer will constitute 31.98% of the post-offer paid-up equity share capital. The face value of the equity share is Rs. 10 each and the offer price is 30 times the face value of the equity shares. ^Subject to finalisation of basis of allotment.
*Subject to approvals and market conditions.
Key competitive advantages and factors to consider before investing.
Live demand across investor categories.
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*Real-time data subject to exchange updates
The total IFM market in India in the Financial Year ended March 31, 2023 is valued at Rs. 100,386.70 crore and around 39.3% of this is outsourced to 3rd party companies. In the Financial Year ended March 31, 2023, the outsourced IFM market was estimated to be worth Rs. 39,480.00 crore. Between the Financial Year ended March 31, 2018 and the Financial Year ended March 31, 2023, the outsourced Indian IFM market grew at a CAGR of 9.5%. The outsourced IFM market is expected to grow at a CAGR of 17.0% from the Financial Year ended March 31, 2023 - the Financial Year ended March 31, 2028 and reach Rs. 86,442.0 crore. The market for BSS is valued at Rs.7,115 crores in the Financial Year ended March 31, 2023. The market recorded a CAGR of 8.0% from the Financial Year ended March 31, 2018 to the Financial Year ended March 31, 2023. The BSS market is expected to grow at a CAGR of 15.3% from the Financial Year ended March 31, 2022 - the Financial Year ended March 31, 2028 and reach Rs. 14,477.6 crores.
Updater Services Limited was incorporated in Chennai, Tamil Nadu as 'Updater Services Private Limited' pursuant to a certificate of incorporation dated November 13, 2003 issued by the RoC, upon the conversion of 'Updater Services', a partnership firm, into a private limited company, in accordance with the provisions of Part IX of the Companies Act, 1956. Thereafter, the Company was converted from a private limited company to a public limited company, pursuant to a resolution passed in the extraordinary general meeting of its Shareholders held on February 22, 2022, and consequently, the name of the Company was changed to 'Updater Services Limited', and a fresh certificate of incorporation dated March 24, 2022 was issued to the Company by the RoC.
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Amount in ₹ crore
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.