Updater Services
Book Building issueMainboard₹640 Cr issue
-0.03%
Listing gain over issue price
Issue size
₹640 Cr
1 lot at cut-off
₹15,000
Lot size
50shares
Open
25 Sep 2023
Close
27 Sep 2023
Allotment
28 Sep 2023
Listing
04 Oct 2023
Listing performance
Issue price
₹300
Listed at
₹299.90
Listing-day close
₹283.90
Latest price
₹195.22
Close on 23 Oct 2026
Listing gain
-0.03%
Return since issue
-34.93%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Sep 2023 – 27 Sep 2023
- Listing date
- 04 Oct 2023
- Face value
- ₹10 per share
- Issue price
- ₹300 per share
- Lot size
- 50 shares
- Issue type
- Book Building issue
- Total issue size
- ₹640 Cr
- Market cap at offer price
- ₹2,001 Cr
- Promoter holding
- 80.58% → 58.46% pre-issue → post-issue
- ISIN
- INE851I01011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- IIFL Capital Services Ltd.
- Registered office
- No.2/302-A, UDS Salai, Off Old Mahabalipuram Road, Thoraipakkam, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 96,00,000 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 50 shares per lot, in multiples, at ₹300
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 50 | ₹15,000 |
| Retail (max) | 13 | 650 | ₹1,95,000 |
| S-HNI (min) | 14 | 700 | ₹2,10,000 |
| S-HNI (max) | 66 | 3,300 | ₹9,90,000 |
| B-HNI (min) | 67 | 3,350 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
96,00,000
Anchor portion
₹288 Cr
at ₹300 per share
Valuation and performance
Valuation at offer price
₹300 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.77 | — |
| P/E (×) | 44.31 | — |
| Market cap | — | ₹2,001 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 9.34%
- ROCE
- 14.17%
- Debt / equity
- 0.46
- PAT margin
- 1.64%
- NAV per share
- ₹71.93
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Updater Services
Updater Services Limited is incorporated as a public limited company in Chennai, Tamil Nadu. The Company was originally incorporated as 'Updater Services Private Limited' on November 13, 2003, and converted to a public limited company on March 24, 2022. The Company is a focused, integrated business services platform offering integrated facilities management (IFM) services and business support services (BSS) with a pan-India presence. It is the second largest player in the IFM market in India with the widest service offering. The Company generates revenue by providing IFM services to customers across diverse sectors including FMCG, manufacturing and engineering, BFSI, healthcare, IT/ITeS, automobiles, logistics and warehousing, airports, ports, infrastructure and retail. Additionally, through subsidiaries, it offers audit and assurance services, employee background verification, sales enablement services, and mailroom management services. The Company has a large workforce of 65,627 employees as of June 30, 2023.
Company Analysis
from RHPUpdater Services Limited is a leading integrated facilities management and business support services platform in India serving diverse customer segments across FMCG, manufacturing, BFSI, healthcare, IT/ITeS, and other sectors.
Updater Services Limited is incorporated as a public limited company in Chennai, Tamil Nadu. The Company was originally incorporated as 'Updater Services Private Limited' on November 13, 2003, and converted to a public limited company on March 24, 2022. The Company is a focused, integrated business services platform offering integrated facilities management (IFM) services and business support services (BSS) with a pan-India presence. It is the second largest player in the IFM market in India with the widest service offering. The Company generates revenue by providing IFM services to customers across diverse sectors including FMCG, manufacturing and engineering, BFSI, healthcare, IT/ITeS, automobiles, logistics and warehousing, airports, ports, infrastructure and retail. Additionally, through subsidiaries, it offers audit and assurance services, employee background verification, sales enablement services, and mailroom management services. The Company has a large workforce of 65,627 employees as of June 30, 2023.
Integrated Facilities ManagementBusiness Support ServicesAudit and AssuranceBackground VerificationSales EnablementMailroom Management
Objects of the Issue
- Repayment and/or prepayment of certain borrowings availed by our Company ₹ 1,330.00 million p.26
- Funding our working capital requirements ₹ 1,150.00 million p.26
- Pursuing inorganic initiatives ₹ 800.00 million p.26
- General corporate purposes p.26
- Repayment and/or prepayment of certain borrowings availed by our Company ₹1,330.00 million p.77
- Funding working capital requirements ₹1,150.00 million p.53
- Pursuing inorganic initiatives (acquisitions) ₹800.00 million p.48
- General corporate purposes p.63
- Repayment and/or prepayment of certain borrowings availed by our Company ₹1,330.00 million p.133
- Funding our working capital requirements ₹1,150.00 million p.136
- Pursuing inorganic initiatives ₹800.00 million p.139
- General corporate purposes p.141
- Funding acquisitions and expansion of service portfolio p.235
- Not disclosed in this document section
- Fresh Issue of Equity Shares for general corporate purposes ₹4,000.00 million p.515
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹ 4,000.00 million
- Offer for Sale
- Up to 8,000,000 Equity Shares aggregating up to ₹ [●] million
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10 each
Business Model
The Company earns revenue from providing integrated facilities management services and business support services. IFM services include facility management across customer locations. BSS includes audit and assurance services through subsidiary Matrix, employee background verification services through Matrix, sales enablement services through subsidiaries Denave and Athena, and mailroom management services through subsidiary Avon. The Company operates on a service delivery model serving corporate customers across multiple sectors.
Business Segments
Provides facility management services across multiple customer locations for diverse sectors including FMCG, manufacturing and engineering, BFSI, healthcare, IT/ITeS, automobiles, logistics and warehousing, airports, ports, infrastructure and retail.
Includes audit and assurance services through Matrix, employee background verification services through Matrix, sales enablement services through Denave and Athena, and mailroom management services through Avon.
Integrated facilities management services including soft services, production support services, engineering services, washroom and feminine hygiene solutions, warehouse management, general staffing, and institutional catering
Sales enablement services, employee background verification services, audit and assurance services, airport ground handling services, and mailroom management & niche logistics solutions
Provides mailroom management, logistics consulting, asset movement, specialized cleaning services, catering and food services, washroom hygiene, and related facilities management services
Offers baggage and cargo loading/unloading, passenger movement, aircraft clean-ups, in-flight meals loading, aircraft marshalling and ancillary support services
Provides employee background verification, audit and assurance services including product and process audits, claims processing, merchandising audits, display audits, and market hygiene audits
Provides demand generation, lead management, inside sales, database management, digital marketing, sales and retail analytics, customer outreach, field force management and field marketing services
Provides telesales and related business process outsourcing services
Provides integrated facilities management services including soft services (housekeeping, cleaning, disinfection, pest control, horticulture), production support services (material handling, warehouse management for manufacturing), engineering services (HVAC, MEP maintenance, fire safety systems), washroom and feminine hygiene solutions, warehouse management, general staffing, and institutional catering
Provides specialized business services including sales enablement services, employee background verification services, audit & assurance services (through Matrix subsidiary), airport ground handling services, and mailroom management & niche logistics solutions (through Avon subsidiary)
Comprises Soft Services (housekeeping, cleaning, disinfecting, pest control, horticulture, facade cleaning), Production Support Services (material handling, stores management, production support, equipment maintenance), Engineering Services (HVAC, power equipment, fire safety systems, elevators), and Washroom and Feminine Hygiene Care Solutions.
Comprises Sales Enablement Services (demand generation, lead management, inside sales, digital marketing through Denave and Athena), Employee Background Verification Check Services (address, identity, educational qualifications, employment history verification through Matrix), Audit and Assurance Services (supply chain audit, warehouse depot audit, distributor audit, retail point audit through Matrix), Airport Ground Handling Services (baggage/cargo handling, passenger movement, aircraft turnaround through Global Flight Handling), and Mailroom Management and Niche Logistics Solutions (document/package management, office supplies through Avon).
Deployment of people, equipment and processes to manage customer warehouses including material handling, stock keeping, grading and sorting, breaking bulk, repacking, inward and outward dispatches, return logistics.
Provides general staffing solutions enabling customers to optimally manage workforce requirements through recruitment, payroll and human resource services offered through Company and Integrated Technical Staffing and Solutions subsidiary.
Comprises corporate and industrial catering services including breakfast, lunch, dinners, snack items, and custom-built menus for employees, meetings and conferences at commercial and industrial facilities through subsidiary Fusion Foods.
Provision of housekeeping, janitorial, garden management, pest control, waste management, vendor management, cleaning, mail room services, mechanical and electrical services, water management, hygiene management, plumbing, energy/safety audit, design erection, installation, testing and commissioning and catering solutions
Mailroom management Services, Employee background verification Services, Retail/Channel/Trade Audits & Assurance Services, Sales Enablement Services and Airports Ground Handling Services
Provides integrated facility management services including housekeeping and related support services
Provides business support and related staffing services
Comprises supply of Soft services, Production support services, Engineering Services, Washroom and Feminine Hygiene Care Solutions, Warehouse management, General staffing, Institutional Catering and other related services to various industries
Primarily comprises of Sales Enablement services, Employee Background Verification Check Services, Audits and Assurance Services, Airport Ground Handling Services, Mailroom Management, Niche Logistics Solutions and Business Process Outsourcing services
Supplies manpower for facility management including cleaning, security, pantry management, washroom hygiene solutions, and other hard and soft services across commercial, industrial and infrastructure segments
Provides sales enablement, employee background verification, audit and assurance services, airport ground handling, manpower supply and other support services
Provides integrated facility management services including security, housekeeping, catering, pest control, electrical installation work, food catering business, contract labour services, and ticketing and cash management services at infrastructure facilities.
SWOT Analysis
Strengths
- • Second largest player in IFM market with widest service offering(p.26)
- • Market leader in audit and assurance services with 19.2% market share(p.26)
- • Largest player in sales enablement services with 20.1% market share(p.26)
- • Market leader in mailroom management services with 11.1% market share(p.26)
- • Pan-India presence across diverse customer segments(p.26)
- • Revenue growth from ₹12,100 million to ₹20,989 million over two years(p.27)
- • Acquisition track record with value creation(p.56)
- • Low tangible asset requirements relative to revenue(p.48)
- • Revenue and customer base growth(p.59)
- • Strong customer retention in top customer segment(p.76)
- • Integrated service platform across diverse segments(p.147)
- • Long-standing customer relationships ensuring recurring business(p.147)
- • Proven track record of successful acquisitions(p.147)
- • Pan-India presence with large efficient workforce(p.147)
- • Experienced management team supported by PE investors(p.147)
- • Leading market position in IFM services(p.219)
- • Market leadership in Production Support Services(p.220)
- • Widest service offering across IFM and BSS(p.219)
- • Pan-India presence(p.219)
- • Strong profitability metrics vs peers(p.149)
- • Market leadership in key BSS segments(p.219)
- • Leading integrated business services platform with pan-India presence and second-largest player in IFM(p.225)
- • Dominant market positions in multiple service segments including audit & assurance, sales enablement, and mailroom management(p.226)
- • Diversified customer base across sectors with long-standing relationships reducing economic cycle vulnerability(p.227)
- • Successful track record of strategic acquisitions integrating high-margin businesses and expanding market reach(p.228)
- • Pan-India workforce of 65,627 employees deployed across 4,667 locations with efficient in-house recruitment capabilities(p.230)
- • Technology integration and innovation driving efficiency and new revenue streams(p.231)
- • Experienced management team with 30+ years of industry leadership and support from marquee PE investors(p.232)
- • Strong revenue growth trajectory with BSS segment CAGR of 96.87% and overall income growth from ₹12.16bn to ₹21.12bn(p.226)
- • Second largest IFM player with widest service offering in industry(p.421)
- • Market leadership in multiple BSS segments(p.421)
- • Pan-India presence with extensive network infrastructure(p.425)
- • Diversified customer base across multiple sectors(p.425)
- • Strong revenue growth trajectory post-COVID(p.425)
- • Experienced founder with 30+ years in industry(p.422)
- • Strategic acquisitions expanding service portfolio and margins(p.425)
- • Diversified customer base reduces vulnerability to economic cycles and customer concentration(p.428)
- • Strong market position and brand equity enabling customer retention and cross-selling(p.428)
- • Track record of successful acquisitions adding complementary services and geographies(p.429)
- • Widest service offering in business support services positioning company uniquely(p.432)
- • Large customer base spanning 1,556 IFM and 1,241 BSS customers across diverse sectors(p.428)
Weaknesses
- • Profit decline to ₹346 million in FY2023 from ₹574 million in FY2022(p.27)
- • Significant increase in total borrowings to ₹1,765 million in FY2023(p.27)
- • Statutory auditor qualifications regarding internal controls and revenue recognition(p.41)
- • Auditor qualifications on GST credit recognition and compliance(p.41)
- • Large workforce creating employment-related risks(p.46)
- • Qualification regarding irregularities in salary disbursements at subsidiary(p.40)
- • Significant goodwill and intangible asset impairment risk(p.48)
- • Profit decline despite revenue growth(p.49)
- • Very high employee attrition rates(p.55)
- • Significant dependence on limited customer base(p.80)
- • Internal control weaknesses and fraud incidents(p.57)
- • Low EBITDA margins below 6%(p.79)
- • Geographic concentration in southern India(p.57)
- • Significant outstanding legal proceedings and contingent liabilities(p.49)
- • Material liabilities contingent on acquisition conditions(p.60)
- • High material costs and cost of services growth(p.49)
- • Significant goodwill and intangible assets subject to impairment risk(p.44)
- • High leverage with substantial borrowings(p.134)
- • Working capital intensive business requiring continuous financing(p.137)
- • Dependence on multiple financing arrangements with restrictive covenants(p.47)
- • Declining profitability trend(p.149)
- • Rising leverage(p.149)
- • Declining return metrics(p.149)
- • EBITDA margin compression(p.149)
- • High employee attrition rate of 77.60% indicating workforce instability(p.230)
- • BSS segment showing concentration risk with top 10 customers accounting for 54.95% of segment income(p.227)
- • Declining profitability with segment profit margin dropping from 4.74% to 2.52% and restated profit declining(p.226)
- • Negative financial performance in some acquired subsidiaries including Global Flight Handling and Wynwy with accumulated losses(p.229)
- • Avon subsidiary showing declining performance with ROCE dropping from 70.56% to 29.24%(p.229)
- • Finance costs increasing significantly from ₹29.71mn to ₹145.67mn indicating rising debt burden(p.226)
- • Dependency on a few major customers with top 20 customers representing approximately 49% of total income(p.245)
- • Breach in financial covenants with lenders(p.354)
- • Significant differences in quarterly bank statements(p.355)
- • High impairment on financial instruments(p.363)
- • Substantial liability from acquisition put options(p.359)
- • Dependence on large customer concentration(p.381)
- • Material internal control weaknesses identified by auditors(p.417)
- • Prior period errors and restatements required(p.407)
- • Subsidiary irregularities in employee payments(p.408)
- • GST credit uncertainty creating financial provision(p.407)
- • Losses in key subsidiary Global Flight Handling(p.399)
- • Increased total debt burden(p.395)
- • High employee benefit costs and wage inflation pressure on profitability(p.430)
- • Dependence on manpower requiring continuous hiring and attrition management(p.430)
- • Internal control weaknesses identified in auditor reports including revenue recognition and GST compliance(p.468)
- • Fraud incidents and whistle-blower complaints in subsidiary requiring investigation(p.469)
- • Inability to pass on increased labour costs to customers timely(p.431)
- • High reliance on few major lenders for financing arrangements(p.475)
- • Substantial outstanding borrowings with complex covenants restricting business flexibility(p.475)
- • Restrictive debt covenants requiring lender consent for key corporate actions(p.476)
- • Significant litigation involving promoters and company related to property transactions and consumer complaints(p.486)
- • Multiple ongoing labor law violations and wage-related litigation(p.479)
- • Tax disputes and potential material tax liabilities under assessment(p.484)
- • Provident fund fraud allegations and regulatory scrutiny from EPFO(p.480)
Opportunities
- • IFM market expected to grow at 17.0% CAGR from FY2023-FY2028(p.26)
- • BSS market expected to grow at 15.3% CAGR from FY2023-FY2028(p.26)
- • Pursuing inorganic growth initiatives with ₹800 million allocated(p.26)
- • Outsourced IFM market represents only 39.3% penetration(p.26)
- • Expansion through inorganic growth initiatives(p.48)
- • Working capital funding for expansion(p.53)
- • High-margin business segment development(p.79)
- • Technology investments for operational efficiency(p.59)
- • International market expansion(p.61)
- • Emerging business verticals diversification(p.74)
- • Strategic expansion through inorganic growth initiatives(p.140)
- • Geographic expansion into new markets(p.139)
- • Expansion of service offerings to existing customer base(p.139)
- • Benefits from public listing and enhanced market visibility(p.132)
- • High growth forecasted in IFM market(p.185)
- • Shift towards organized sector(p.195)
- • Soft Services segment expansion(p.196)
- • Growing BSS market opportunity(p.205)
- • Strong government support and infrastructure development(p.186)
- • Growing demand for mechanized and integrated services(p.186)
- • India transitioning towards formal economy with GST growth and EPFO expansion driving demand for organized IFM services(p.223)
- • Real estate sector growth with office leasing at highest post-pandemic levels and 25mn sq ft of mall space expected over 4-5 years(p.224)
- • IFM market expected to grow at 17% CAGR to reach ₹86,442 crore by FY2028 driven by commercial, retail and industrial sectors(p.234)
- • China Plus One strategy creating supply chain diversification opportunities for India with government PLI schemes supporting industrialization(p.224)
- • Digital infrastructure initiatives including Aadhar, UPI, ONDC and BharatNet expanding digitalization adoption and building management system opportunities(p.224)
- • Outsourcing of revenue-generating activities growing with companies outsourcing employee background verification and sales enablement(p.225)
- • Market consolidation opportunity as organized IFM companies gain share from fragmented market with 270-300 operators(p.250)
- • New service development opportunity across BPO, building infrastructure design, specialized staffing, and emerging technologies(p.234)
- • Expansion in high-margin BSS segments with market leadership(p.425)
- • Growing IFM market in India with consolidation opportunities(p.423)
- • International expansion through Denave subsidiaries(p.423)
- • Cross-selling and deepening customer relationships(p.425)
- • India's transition to formal economy driving organized IFM services demand long-term(p.426)
- • Significant growth in real estate stock across commercial, residential and retail segments(p.426)
- • Office real estate recovery with highest gross leasing volume post-pandemic(p.426)
- • Residential real estate surge with premium segment shift driving IFM demand(p.426)
- • Retail mall expansion with 25 million sq ft expected to be added over next 4-5 years(p.426)
- • Government initiatives supporting industrial growth including PLI Schemes and Industry 4.0(p.426)
- • China Plus One Strategy creating manufacturing diversification opportunity for India(p.427)
- • Increasing outsourcing of non-core and revenue-generating activities as global trend(p.427)
- • Market consolidation driven by organized players gaining prominence through M&A(p.429)
Threats
- • Regulatory risks regarding private security agency services and FDI(p.48)
- • Labour law compliance risks and employee unionization(p.46)
- • Operational hazards including chemical handling and safety risks(p.47)
- • Service delivery failures and reputational damage risk(p.47)
- • IPO pricing uncertainties and market price volatility(p.40)
- • Intense competition and pricing pressure(p.55)
- • Significant customer payment collection risk(p.50)
- • Customer contract termination risk without penalties(p.59)
- • Vendor dependency risks(p.62)
- • Interest rate fluctuation exposure(p.62)
- • Macroeconomic downturn risk(p.83)
- • COVID-19 pandemic and public health threats(p.68)
- • Regulatory and licensing compliance risks(p.73)
- • Labour law compliance and cost escalation risks(p.79)
- • Inflation and cost pass-through challenges(p.86)
- • Seasonal variations in demand(p.74)
- • Debt covenant restrictions limiting business flexibility(p.51)
- • Fixed price contract cost estimation risk(p.73)
- • Market price volatility and trading liquidity risks for new public shares(p.89)
- • Foreign exchange rate fluctuation risks(p.90)
- • Regulatory and tax risks affecting shareholders and dividends(p.89)
- • Limited shareholder rights under Indian law versus other jurisdictions(p.89)
- • Potential shareholder dilution from future share issuances(p.86)
- • Highly fragmented and competitive market(p.191)
- • Labor cost inflation and workforce retention challenges(p.195)
- • Price sensitivity and competition from non-compliant players(p.196)
- • Market perception challenges(p.196)
- • Stiff competition from large domestic and international players(p.195)
- • Labor cost pressures and regulatory compliance requirements(p.183)
- • Highly competitive IFM market with presence of large domestic and international companies including BVG, Quess Corp, Sodexo, and ISS(p.250)
- • Low barriers to entry in certain segments enabling new competition and pricing pressure(p.250)
- • Labor cost inflation and employee welfare compliance pressures under multiple labor codes being implemented(p.252)
- • COVID-19 pandemic demonstrating vulnerability of operations to public health disruptions with revenue decline in FY2021(p.237)
- • Regulatory restrictions in ground handling with 50% foreign ownership limit and security clearance requirements(p.254)
- • Dependence on private security services with FDI automatic route exclusion creating regulatory risk(p.245)
- • Insurance coverage limitations may not adequately protect against all material hazards and operational losses(p.249)
- • High dependence on single large customer(p.381)
- • Highly fragmented and competitive IFM market(p.423)
- • Foreign currency exposure risks(p.395)
- • GST regulatory uncertainties and compliance risks(p.379)
- • Pending income tax demands and litigation(p.379)
- • Labour law compliance and statutory dues risks(p.379)
- • Highly competitive and fragmented IFM market with 270-300 companies operating(p.431)
- • Presence of large international and domestic competitors with greater resources(p.432)
- • Customer risk of switching to internal workforce or unorganized service providers(p.432)
- • Pricing pressure and competitive acquisition and retention challenges(p.432)
- • Complex and changing labour regulations in different states affecting compliance costs(p.431)
- • Risk of labour unrest and strikes impacting service delivery to customers(p.430)
- • COVID-19 resurgence risk causing economic disruption and service demand reduction(p.432)
- • Dependence on customer demand cycles with seasonal variations affecting revenue(p.474)
- • Regulatory risk from foreign direct investment restrictions on private security services(p.43)
- • Risk of regulatory action for non-compliance with minimum wages and labor laws(p.480)
- • Ongoing disputes with Airport Authority of India over royalty fee claims affecting subsidiary operations(p.485)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Raghunandana Tangirala | Promoter | 29.21% | — |
| Shanthi Tangirala | Promoter | 30.43% | — |
| Tangi Facility Solutions Private Limited | Promoter | 20.94% | — |
| Raghunandana Tangirala | Promoter | — | — |
| Raghunandana Tangirala | Promoter | 29.21% | — |
| Shanthi Tangirala | Promoter | 30.43% | — |
| Tangi Facility Solutions Private Limited | Promoter | 20.94% | — |
| Raghunandana Tangirala | Promoter | — | — |
| Rammohan Tangirala | Promoter | — | — |
| Raghunandana Tangirala | Promoter | — | — |
| Raghunandana Tangirala | Promoter | 29.21% | — |
| Shanthi Tangirala | Promoter | 30.43% | — |
| Tangi Facility Solutions Private Limited | Corporate Promoter | 20.94% | — |
| Raghunandana Tangirala | Promoter | 31.01% | 29.44% |
| Shanthi Tangirala | Promoter | 30.74% | 30.66% |
| Tangi Facility Solutions Private Limited | Promoter Group | 21.15% | 21.10% |
| Raghunandana Tangirala | Promoter | — | — |
| Not specified in this document section | Promoter/Promoter Group | — | — |
| Tangi Facility Solutions Private Limited | Promoter Selling Shareholder | — | — |
Leadership
Raghunandana Tangirala · Managing Director
Balaji Swaminathan · CFO
Ravishankar B · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Updater Services IPO FAQs
What is the lot size of Updater Services IPO?
The minimum lot size of Updater Services IPO is 50 shares. One lot costs ₹15,000 at the cut-off price.
When does Updater Services IPO open and close?
Updater Services IPO opened for subscription on 25 Sep 2023 and closed on 27 Sep 2023.
What is the listing date of Updater Services IPO?
Updater Services IPO listed on 04 Oct 2023.