Incorporated in 1990, Updater Services Limited offers facility management services and business support services ("BSS"). The company operates in the Business-to-Business ("B2B") services space offering a spectrum of business services, which are broadly classified into the two following segments: 1. IFM & Other Services Segment; and 2. BSS Segment.
In FM & Other Services Segment; Production Support Services, Soft Services, Engineering Services, Washroom and Femmenine Hygiene, Warehouse management, General Staffing and more.
In the BSS segment, the company offers Audit and Assurance services through the Subsidiary, Matrix. UDS also offer employee background verification check services, airport ground handling services, sales enablement services and more through its subsidiaries.
As of June 30, 2023, UDS served 2,797 customers across various sectors, including certain global and Indian customers such as Procter & Gamble Home Products Limited ("P&G"), Aditya Birla Fashion and Retail Limited ("ABFRL"), Microsoft, Hyundai Motor India Limited ("Hyundai"), Saint-Gobain India Private Limited and more.
Updater Services Limited is a pan India player, with a widespread network consisting of 4,331 locations (excluding staffing locations) managed from 129 points of presence with 116 offices situated in India and 13 offices situated overseas, as of June 30, 2023.
| Purpose | Amount (₹ Cr) |
|---|---|
| 1. Repayment and /or prepayment of certain borrowings availed by the Company. | — |
| 2. Funding the working capital requirements. | — |
| 3. Pursuing inorganic initiatives. | — |
| 4. General corporate purposes. | — |
| Metric | 31 Mar 2021 | 31 Mar 2022 | 31 Mar 2023 |
|---|---|---|---|
| Total Assets | 579 | 875 | 1,217 |
| Revenue | 1,216 | 1,498 | 2,112 |
| PAT | 48 | 57 | 35 |
| Net Worth | 285 | 340 | 381 |
| Total Borrowing | 12 | 59 | 177 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 16,000,001 (75%) | — |
| NII / HNI | — | 3,199,999 (15%) | — |
| Retail (RII) | — | 2,133,333 (10%) | — |
| Total | — | 21,333,333 (100%) | — |
* Amount calculated at upper price band (₹300) · ** Total includes all investor categories
- 1 Initiation of Refund 29 Sep 2023
- 2 Credit of Shares to Demat 03 Oct 2023
- 3 Lock-in Period (30%) October 28, 2023
- 4 Lock-in Period (50%) December 27, 2023
- Retail allocation is weak at 10% of the total offering.
- HNI/NII demand is good at 15%.
- Institutional (QIB) interest is strong at 75%.
- The IPO P/E of 58x reflects a weak valuation relative to typical market ranges.
- Pre-issue EPS of ₹7.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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