Updater Services IPO Opens on September 25 with Price Band of Rs 280-300
Mumbai-based facility management company Updater Services is launching its initial public offering (IPO) on September 25, 2023, with a price band of Rs 280-300 per share.
The IPO comprises a fresh issue of shares worth Rs 400 crore and an offer-for-sale (OFS) of 80 lakh shares worth Rs 240 crore by three shareholders.
The company plans to use the fresh issue proceeds to repay debt, meet working capital requirements, and fund inorganic initiatives.
The IPO is open for subscription to retail investors, high networth individuals (HNIs), and qualified institutional buyers (QIBs).
Retail investors can bid for a minimum of 50 shares and in multiples of 50 shares thereafter.
The issue will close on September 27, 2023, and the shares are expected to list on the BSE and NSE on October 9, 2023.
- Updater Services is the second-largest player in the integrated facilities management market in India.
- The company recorded a net profit of Rs 34.6 crore for the year ended March 2023, with revenue of Rs 2,104.9 crore.
- The IPO is priced at a price-to-book value (P/BV) of 101.05 based on the company’s net asset value (NAV) of Rs 3.81.
- The company has a strong track record of profitability and growth.
- The IPO is open to all categories of investors, with a minimum lot size of 50 shares.
Investors should carefully consider their risk appetite and investment objectives before investing in the IPO
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