Updater Services Limited files drhp with SEBI
Updater Services Ltd has submitted a primary red herring prospectus to the Securities Exchange Board of India, with the end of securing finances through an original public immolation. The original public immolation (IPO) will include a fresh issue of Rs 400 crore and an offer for trade of over to 13.30 million shares by its current shareholders and promoters.
The offer for trade will correspond of over to 6.65 million shares by Tangi Facility results Pvt Ltd, over to 1.33 million shares by India Business Excellence Fund- II, and over to 5.32 million shares by India Business Excellence Fund- IIA. The Rs 133 crore raised from the fresh allocation will be allocated towards debt prepayment. As of December 2022, Updater Services Ltd had a consolidated borrowing of Rs194.17 crore.
Also, Rs 115 crore will be employed to cover working capital conditions, as the company had a consolidated outstanding debt of Rs134.48 crore with respect to working capital installations as of December 2022. Eventually, the company intends to allocate Rs 80 crore of the fresh issue towards pursuing inorganic enterprise with a focus on expanding its operations.
IIFL Securities, Motilal Oswal Investment counsels and SBI Capital requests are the lead directors to the issue. Updater Services Ltd is a preeminent and intertwined business services platform grounded in India that provides comprehensive Integrated installations Management (IFM) services and Business Support Services (BSS) to its guests across the country.
The company stands as the second largest player in the IFM request in India, with an extensive service immolation that sets it piecemeal in the assiduity. It also offers Audit and Assurance services through its attachment, Matrix, which is a leading provider of dealer/ distributor checkups and retail checkups, boasting a vast branch and field associate reach that has placed it at the van of the Indian request. Likewise, Updater Services Ltd provides hand background verification check services through Matrix.
In addition, the company offers deals enablement services through its accessories, Denave and Athena. Also, it’s a request leader in India’s mailroom operation services through its attachment, Avon. For FY22, the establishment reported profit of Rs1483.55 crore versus Rs1210.03 crore a time ago. Net profit for the period stood at Rs57.37 crore against Rs47.56 crore last time. EBITDA periphery remained flat at 5.8 percent from 5.78 percent last time.
About Updater Services Ltd
Creating smart and sustainable spaces through automated technologies
UDS is a leading, focused, and integrated business services platform in India offering integrated facilities management services and other services to our customers with a pan India presence. Our portfolio of services has also evolved over the years to cater to the needs of diverse customer segments across a range of sectors including FMCG, manufacturing and engineering, banking, financial services, and insurance (BFSI), healthcare, information technology / information technology enabled services (IT / ITeS), automobiles, logistics and warehousing, airports, ports, infrastructure and retail, among others.
We believe our ability to offer customized services to fit the needs of our customers across various business verticals allows us to deepen our relationships with our customers and enables us to target a greater share of their requirements thereby leading to recurring business. Our pan India presence, the ability to hire, train and deploy people across the country and the capability to deliver services that satisfy the needs of our customers, have enabled us to retain them for long periods of time. We believe that our effort to develop a consultative, long-term partnership model of service delivery has enabled us to effectively capitalize on our customers’ increasing service requirements.
Our business growth is attributable to our strong management culture fostered by an entrepreneurial spirit and an ownership mindset. We are supported by a robust management and operations team of individuals who are well-qualified and experienced in their respective areas and who have demonstrated their ability not only to manage and grow our operations organically, but also to assist in acquiring and integrating other businesses. This team has also been instrumental in establishing and maintaining enduring relationships with our customers