Urban Company's IPO oversubscribed 5.5 times
Urban Company's IPO has been oversubscribed 5.5 times, thanks mostly to strong interest from everyday investors.
The ₹1,900 crore issue is open until Thursday, with shares set to be allotted on September 15 and expected to list on September 17.
What does Urban Company do?
Urban Company runs an app-based platform for home and beauty services—think cleaning, beauty, appliance repair, pest control, plumbing, electrical work, and wellness—across 51 cities (47 in India, plus the UAE and Singapore).
In FY24, they pulled in ₹1,144 crore revenue (up 38% from last year) and finally turned profitable.
Money from the IPO will go into technology upgrades, cloud infrastructure, lease payments, marketing, and general corporate purposes.
Grey market premium at ₹39 per share
The IPO's gray market premium was ₹39 per share on Wednesday, hinting at a possible listing price of around ₹142 (about 38% above the top issue price).
Big names like SBI Life and ICICI Prudential Life Insurance put in ₹854 crore before the IPO opened.
Existing shareholders also sold shares worth ₹1,428 crore through an offer for sale.