Updater Services IPO: Updater Services opens for public subscription today and will close on Wednesday, September 27, 2023. The bidding for anchor investors concluded on Friday, wherein the company collected Rs 288 crore. The price band for its public issue at Rs 280-300 per equity share of face value Rs 10 each. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 640 crore from the IPO.
The IPO comprises a fresh issue of 13,333,333 shares aggregating up to Rs 400 crore and an offer-for-sale (OFS), with promoters offloading 8,000,000 shares of Rs 10 aggregating up to Rs 240 crore. The lot size of the Updater Services IPO is 50 shares.
Also Read
Delta Corp shares tank 20%, hits 52-week low; gets GST notice for Rs 16800 crore
The company intends to use the net proceeds from the IPO for repayment and/or prepayment of certain borrowings availed by the company, funding the working capital requirements, pursuing inorganic initiatives, and general corporate purposes. The allotment for the Updater Services IPO is expected to be finalised on Wednesday, October 4, 2023. Updater Services IPO will list on the bourses with a tentative listing date fixed as Monday, October 9, 2023.
Founded by Raghunandana Tangirala, Updater Services company is India’s leading, focused, integrated business services platform. It offers its customers integrated facilities management (IFM) and business support services (BSS) with a pan-India presence. Updater is India’s second-largest player in the IFM market. In its BSS segment, the company offers Audit and Assurance services through its Subsidiary, Matrix.
Also Read
JSW Infrastructure opens, price band at Rs 113-119; should you subscribe to the issue?
Should you apply for the Updater Services IPO?
Anand Rathi recommends Subscribe: “Through the marque clients, past acquisitions and operational efficiency, the company has successfully created a niche place in services. Moreover, the company has aimed for high margin through value-added services with the support of latest technology in its portfolio. On the valuation front, we believe that the company is fairly priced. Thus, we recommend an “Subscribe – Long Term” rating to the IPO.”
Stoxbox recommends Avoid: “The company’s widespread network enables it to service many customers and render customised services across India, where they are required to provide services per the customer’s specific needs through a combination of workforce, materials, supervision, technology and economic models. Their contracts with most of its customers are for at least one year, which subsequently gets renewed on an ongoing basis. As a result, their business is on an annuity-based model where a customer, once secured, generates revenue over a long period. If we attribute FY23 earnings to the post-IPO fully diluted paid-up equity capital of the company, the asking price is at a P/E of 44.8x, and we believe it to be priced aggressively. We, therefore, recommend an ‘Avoid’ rating for the issue. However, we would reassess the company on improvement in financial metrics over a sustained period.”
Related Posts
The inaugural standalone edition of the Virtual Reality Developers Conference kicks off this November, and today we'd like to quickly highlight of the cutting-edge tech companies who have already signed on to exhibit on the VRDC show floor.
Often VR/AR tech and experiences are best understood by actually trying them for yourself, and VRDC is shaping up to be a great place for exploring the future of VR/AR development.
Among the exhibitors already expected to showcase their cutting-edge work at VRDC are Microsoft (makers of the augmented-reality HoloLens headset), Google (which recently expanded its mobile VR offerings with its Daydream platform) and HTC, which built the cutting-edge Vive VR headset in col…
As you're getting ready for the Game Developers Conference in March, organizers want to be sure you know about some of the great sessions taking place at the event that are all about the art of great level design.
Each of these talks is part of the Level Design Workshop, one of many focused, insightful Bootcamps and Tutorials scheduled during the first two days of GDC — that's Monday and Tuesday, March 19th and 20th this year!
The Level Design Workshop returns for the eighth consecutive year bringing together another all-new docket of talks spanning a variety of topics that will interest working and aspiring level design…
The Lord of the Rings fans can save big on some of the best editions of J.R.R. Tolkien’s legendary fantasy novel, The Hobbit, and other books about Middle-earth thanks to the latest Buy Two, Get One Free Book Sales at Amazon and Target. These early Black Friday promotions include all three Tolkien Illustrated Editions, which are unique hardcover versions of the author’s three best-known books: The Lord of the Rings, The Hobbit, and The Silmarillion. If you add all three to your cart, you’ll only wind up paying $86 ($225) total, which breaks down to $28.66 ($75) per book.
Plenty of other Tolkien books and box sets are featured in the B2G1 Free Book Sale at Amazon, including The…
The PlayStation 5’s latest firmware update, 24.06-10.00.00, introduced several new features, but may have introduced some unintended side effects as well. Users are reporting graphical issues in various titles after the update, with Square Enix confirming the update is affecting Final Fantasy 16 on Sony’s console.
Players on Reddit have reported cases of Final Fantasy 16 crashing when loading a save or fast-traveling post-update, as well as the screen occasionally disappearing in a swarm of black squares. In a post on the official Final Fantasy 16 X account, Square Enix confirmed the reports and said it is currently working with Sony to investigate the issues. Come from bangladesh online casino
Aaron Pierre has already had a banner 2024 after Netflix’s Rebel Ridge established him as an action star. Now, Pierre is set to rise to even greater heights as Green Lantern John Stewart in HBO’s upcoming series Lanterns.
According to Deadline, Pierre edged out Stephen James to land his new leading role as Stewart, who will be portrayed as a rookie Green Lantern in the series. Pierre previously starred as Malcom X in National Geographic’s MLK/X, and he had prominent roles in Foe and The Underground Railroad. The actor is also lending his voice to Disney’s upcoming Lion King prequel, Mufasa, as the title character. Come from online casino bangladesh
Earlier this month, word emerged that Kyle Chandler is in negotiations to pl…
After Disney+ did a company-wide budget cut and canceled more than a handful of shows, one of them has found a new home. Variety has reported that The Captain Nemo origin story series Nautilus, named after his fantastical submarine, will sail with AMC Networks.
The 10-episode show was originally slated to air on Disney+, but it was announced back in August that the show was not going forward. Inspired by Jules Vernes’ “20,000 Leagues Under the Sea,” the show will focus on the early life of Captain Nemo, played by Shazad Latif (Star Trek: Discovery). The character is described as “an Indian Prince robbed of his birthright and family, a prisoner of the East India Mercantile Company, and a man bent on revenge against the forces that have taken everything from him.” It’s unclear if it…