₹ 15000 / 50 shares

IPO Details

Issue Date



₹ 15000

Price Range


Lot Size


IPO Size

₹ 640.00 Cr

IPO Listing Details

Listing On

4 Oct'23

Issue Price


Listed Price

₹ 285

Retail Gain/Listing Gain


Start date

End date

Allotment of bids

Refund Initiation

Listing on exchange

Updater Services Limited is a leading business services platform in India offering integrated facilities management (IFM) services and business support services (BSS), with a pan-India presence. The company is the second largest player in the IFM market in India and has the widest service offering in the industry, making it a unique and differentiated market player (Source: F&S Report).

Within the BSS segment, they offer Audit and Assurance services through their subsidiary, Matrix. According to the F&S Report, Matrix is a leading Audit and Assurance company for dealer/distributor audits, with a market share of 19.2% in the Financial Year ended 31st March 2023.

In addition, the company also provides employee background verification services through Matrix, which ranks as the third-largest company in India, holding a market share of 5.4% in FY'23 (Source: F&S Report). Furthermore, the company delivers sales enablement services through its other subsidiaries, namely, Denave and Athena. Updater Services also extends mailroom management services through its subsidiary, Avon, which is the market leader in India, commanding an 11.1% share in the mailroom management services market in FY'23 (Source: F&S Report).

With that, let's take a look at the competitive strengths and risk factors for Updater Services Limited:

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Leading integrated business services platform, operating across diverse segments
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Track record of successful acquisition and integration of high-margin business segments
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Longstanding relationship with customers across diverse sectors
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  • The company will not receive any proceeds from the offer for sale.
  • The company faces significant employee-related regulatory risks, and significant disputes with employees and/or concerned regulators may adversely affect business prospects, cash flows, results of operations and financial condition.
  • Operational risks are present in the business, as it includes providing services in different business environments.
  • Retain, strengthen and grow customer base.
  • Grow market share in key segments.
  • Introduce new products and services catering to existing and new customer segments.

Here are the key financials for Updater Services Limited

Particulars (in Rs. million)

Particulars (in Rs. million)

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Updater Services Ltd IPO FAQs

Updater Services Ltd will list on 2023-10-04.

640.00 is the issue size of Updater Services Ltd IPO.

The minimum lot size is 50 shares and the investment required is ₹15000.

The price band of Updater Services Ltd IPO is ₹300 to ₹0.

The Updater Services Limited IPO has an issue size of Rs. 640 crores. The IPO opens for subscription on 25th September and closes on 27th September 2023.

Link Intime India Private Limited is the registrar for this IPO.

You may read more about Updater Services Limited and its IPO from the company’s red herring prospectus (RHP) here:

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